How I Learned to Stop Worrying and Love the Blockchain
Chris Umbach
1.3K10

I love a few gems here:

I’m neither a crypto expert, nor an expert on investing. I’m simply a crypto enthusiast” Carnies had other names, like ‘mark’ or ‘rube.’

“ some articles with sensationalist titles extolling the virtues of a certain cryptoasset…or conversely, why Bitcoin is a bubble… blockchain technology will change the world” Fantasmagorical proclamations about Futureland.

“ networks without a central authority… the ability to transact between parties without requiring trust between those two parties….most people can’t even begin to fathom.” You mean, wise people?

“ …in January 2014, I was robbed of all of my Bitcoin.” But you’re tech savvy and superior now.

“ I still think that Bitcoin has a long term potential …as a way for criminals and government officials to launder money. Bitcoin is currently the preferred method of transacting on “dark” web sites to let people buy guns and drugs sent through the mail… As an alternative to transacting between parties, Bitcoin has a lot of shortcomings… can not and will not replace traditional banking, PayPal.” Again, if you do not deal in guns or drugs, why bother?

For some irrational reason, too many humans become enamored by The New- All Change is Wonderful. MBAs leave school with beguiling tricks that tap into the inchoate yearnings of modern folks yearning for something special; checking accounts were once marketed as symbols of status and social mobility. Know that when the advertisements for perfume, cars, and banks show the same smiling people enraptured in pleasurable activities, they are not selling the product at all. Geeks are won over by different strategies, but it is still marketing 101.

The hipster affectation of paying for that double espresso with an app clouds the mind; the two plus percent add-on is the cost of being authentic, a Virtual Radical. Enter Bitcoin. Penny stocks were exercises is fluffing, but mostly at least had an actual company with assets, and a physical location. Global speculation in currencies is risky enough, but when that currency has neither a nominal value or physical analogue, nor any backing institution, regulatory agencies, legal position establishing rights of property, etc, one has to question the sanity of investing in it. Using a risky currency is perhaps an unavoidable cost for doing business as a criminal; I suspect, however, the criminals convert their bitcoin transactions into stashes of more mundane things like dollars and gold, as quickly as possible. Only the suckers at the end of the game will be left holding the bag of worthless tokens no one will exchange back into ordinary money. Perhaps they can be redeemed for a ‘virtual house’ (‘Virtual/Augmented Realty’ being a former activity of yours). Do you have your Virtual Real Estate license?

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