Funny Thing About Crypto

It was always a Ponzi scheme structurally designed to explode

Over a decade ago, I remember people trying to sell me Bitcoin on Facebook for under a dollar. I wouldn’t touch “cryptocurrency” then and I wouldn’t touch it now.

It has always been clear what it is:

Cryptocurrency Is a Chaos Op

But today’s news about FTX, the “exchange” that people like Steph Curry did ads for may be the actual end of this ridiculous chapter in Tulip Mania history.

SBF @SBF_FTX

1) Hi all: Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.

The size of this catastrophe is being talked about on the same scale as Enron, which wiped out $23 billion overnight. And that’s just this one company.

Brian Sullivan @SullyCNBC

FTX bankruptcy shows the company had 134 affiliates spread across the globe and may have liabilities of up to $50 billion. Enron had liabilities of $23 billion. FTX may be worse than Enron.

Of course they thought this guy was Warren Buffett:

The reality is the entire multi-trillion dollar crypto industry is a bunch of ill-fitting technologies mashed together that no one understands. It was cooked up in a laboratory nearly 20 years ago by the PayPal Mafia to try to destroy the U.S. economy and the dollar — while simultaneously giving themselves an artificial market to manipulate in order to make themselves rich and launder other people’s money.

eDOGE @edogeco

Elon Musk will expand this market for us. Everybody get ready, we're going to take off.🚀🚀 #elonmusktwitter #DOGE #DOGEARMY

PayPal was their first effort to replace the dollar. It didn’t work but it gave them all a financial war chest to work from when they sold it to Pierre Omidyar at Ebay.

“Satoshi Nakamoto” was a LARP, a “live action role play” character who showed up a few years after PayPal was sold. “Satoshi” didn’t exist but remains an “influential figure.”

In much the same way Mike Flynn is “Q” — he didn’t write Q drops but he controlled the narrative, I believe that the “inventor of Bitcoin” aka “Satoshi” was Peter Thiel with the help of Musk and others. They didn’t program the code or write the papers, but they controlled the operatives who did. Thiel has been hinting at it for many years.

Of course, the other “benefit” of crypto beyond damaging financial markets was its use as a way to accelerate climate change.

The entire “crypto mining” industry is a rocketship to burning up the earth. “Mining” requires a massive amount of energy that is already consuming the equivalent power of several large nations. What you get from all this energy is a special number that you believe someone else will pay real money for. That’s it. 🤷‍♂️

https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact-sheet-climate-and-energy-implications-of-crypto-assets-in-the-united-states/

So, forgive me for celebrating the demise of a large financial market, I know it’s going to cause pain, but it was always inevitable.

Speaking of Warren Buffett, the best piece of advice he ever gave was, paraphrasing:

“If I don’t understand it, I don’t buy it.”

#PFT