FUD
Fear Uncertainty Doubt
A Thought Terminating Cliche, also coined a stop-sign; is basically getting you to stop using your intellect to reason; it's a simple psychological technique used to cease your questioning and get you to go along with the program.
Bitcoin, among others I have no doubt, is the new “land grab” of elites from those less “read-in,” less connected, less capitalized, and desperately trying to find that “magic bullet ride” to wealth or at least some financial security.
With the emergence of Cryptocurrency as a replacement for cash, I do not doubt that Central Bank Digital Currency (CBDC), when the dust settles, will be the actual digital currency that is used. I also do not doubt that the Crypto Elite Whales will be allowed to exchange Bitcoins for these “newly regulated” CBDCs. Once we, the people, move to digital money over cash and allow laws that let merchants refuse cash, I fear that our “bondage” begins. Losing the autonomy of cash will narrow our choices. Further, I fear that depending on who is in power at that moment, the digital bandits and their legislators will probably steal what is left of our democracy. To what degree will depend on the morals, ethics, and philosophy of the personality in charge. I fear with an administration like 45, we will see more maniacal, Orwellian laws and regulations. History and the Stoics tell us this is the probability.
How soon do we forget that cash is freedom?
My only uncertainty is in the timing of when the elite crypto whales will decide to “run” Bitcoin and cash out. Trust me, and they will want good old USD or new CBDCs for payment. My only doubt is that platforms that crypto is traded on (Coinbase, etc.) can be trusted to be equally transparent to all the “little fish” with satoshis to sell; it’s more likely they will halt selling for all but the whales; for at least a few minutes. More than enough to run the asset. What would stop them? Regulation? What regulation?
Sure the feds will act after the run but by then the elites will have already moved their windfalls; and further most of the whales are Chinese or Eastern Europeans, so good luck with that claw back or taxation.
My only uncertainty is when will a nation-state like China break the sliding widow encryption via quantum hacking and, like a black hole, suck it “all in” in a matter (pun intended) of milliseconds; oh, and most likely while you sleep.
Who is really running the ledger? Why do we accept that it is some ghost? There is a legal case right now where one of the founders suing to unlock his coins; ask yourself this question; if someone other than the keyholder can could unlock his coins, then who really has access to the keys?
All programs are written with backdoors you think a distributed ledger is different, please!
While discussing backdoors, I have asked many in crypto to explain what happens to the “lost coins,” which investors lose the keys to? So far silence from the cheap seats. Think about that, suspect IMHO.
My only fear is digital mining will be the final straw that will send our climate into a spiral CO2 flywheel or, as scientists call a C02 feedback loop. You don’t believe it’s already happening. Look and see how many elites have built self-containing compounds. Yeah, it’s coming.
All of it, our financial systems and social contracts survive by one precarious fragile reality; trust.
Do you trust any institution anymore, outside of your marriage or your family? Do you even trust them?
Every moment since social media launched, the geniuses behind its evolution have been purposefully collecting all of our fears, our desires to build one large data pool. You think the Scientologists with their “audits” are scary. The real zeitgeist of our times is the destruction of trust in each other, but that’s ok; we will make great pets. This unregulated “Monster” called big tech feeds on us, optimizes our fear, and sends it back to us over and over again. Now, these same people are into the disruption of our monetary system, and governments are on board quietly; that's the real con. We are leaving cash for regulated crypto.
Fake, it's all fake unless we trust each other.
Unfortunately, it will not stop till we pull the plug, but I fear we don't have it in us. Our nature, our survival have always been about the stories we tell each other. Those stories now proliferate without rest, 24/7. There is no time to breathe to verify, assimilate or filter all that is pointed at us. Even the calmest among us are frustrated and confused. So we won't stop till the lights are out; tell me I am wrong, tell me there is hope because I don't see humans cooperating on anything anymore unless we go fascist. We have lost the will to compromise.
I doubt we can stop social media or crypto as an investment because our desire for confirmation outweighs the instinct to protect the rest of the herd. We have given up on the herd in the next field. I fear the grazing grass is almost gone in both fields.
Cryptocurrency today is speculation, and when it corrects, it will be the last nail in the coffin of trust. It creates nothing; it only takes from retail investors and the environment. You could argue it creates wealth, but that is how we almost crashed in 2008, financial smoke and mirrors. It will fail for the majority of us.
For a good read on why Bitcion could fail look at Mr. Whale article here on medium. https://cryptowhale.medium.com/5-reasons-why-bitcoin-could-fail-and-soon-witness-a-99-correction-c0e594483711
It doesn't elude me that Cryotocurrecny has adopted the libertarian model of “Fkuc you” I am gonna get mine — this is about scaling a land grab by disrupting the land grab model and then killing off the weaker. When it happens, you will hear many “thought-terminating cliches” like:
“They should have known better” “buyer beware” pull yourself up by your boots” “all is fair in love and war”
Those in power who are read in, in the know, connected at a high level get it; this is a resource grab before the decline—Climate, Financial, societal, and finally, humanity.
FUD, yeah, I have FUD that homo-sapiens will survive as the greed monkeys we have become.
FUD is a Thought Terminating Cliche designed to cease your skepticism of a Ponzi scheme.
P.S I apologize for the darkness of this read, the pessimistic tone, the nihilism embedded, and the anger; honestly, I am fine. I wish we could all be fine, fucking liberal that I am.
Reading “Cultish” right now by Amanda Montell if you would like to know more about thought-terminating cliches, take a read here https://g.co/kgs/4KhXXE
Ending on a positive note. Make cryptos a utility- one for one, fiat- that is tied to the operating cost of such a utility, and I would accept it as legitimate. Solve the environmental issues that surround decentralized mining, and I would engage it. Never allow laws that would make cash illegal or allow sellers to decline cash payment, and I would become an advocate.
Until then, it is suspect in my mind. This will be my last rant on this subject. May Space forgive us greed monkeys 🐒😊
