When a person receives rare information, he may utilize it, curate it, arbitrage it, or discard it. Those wishing to arbitrage ignorance about Bitcoin are assuming the role of The Greatest Fool.
The Greatest Fool is racing against the propagation of best-information & understanding in hopes of selling counterfeit opportunities. He is the greatest fool in that he is using insider information to manufacture greater fools by designing and manifesting a facsimile of the truth to relieve the ignorant of their money.
The Pied Pipers with Peter Pan Syndrome
In The Greatest Fool’s ultimate form, he himself is an actual fool, in that he misinterpreted the rare information he received and began a quixotic mission to realize an impossible paradigm.
Each altcoin is an ego-fantasy masquerading as science. Each ICO is a crypto-economic fever dream to justify the conflation of greed and entrepreneurship. Each of these projects were birthed as machines to serve the grand designs of Pied Pipers with Peter Pan Syndrome.
Questioning the Artistic Merit of the Sirens’ Song
The saddest thing for mankind is to sink resources into such performance art. While much of it can be profitable, many people are hurt along the way. The Greatest Fool’s Magnum Opus will always leave a bruise.
Like Sirens tempting sailors, these entertainers design their incantations like an angler baiting his hook. Emotions are their primary communication channel, which helps with fending off conservatives, realists, and other types of people with diminished gullibility.
They require “open-mindedness” while closing you off from the truth. They require “tolerance” while time works against them. They require “belief” while the market does its work. They require reputation for their efforts and affinity for their art, while disrespecting your time and intelligence.
The Business of Ignorance
Multicoiners are peddling products, not innovations. They will often confuse innovations in scamming with evidence of success. “I am rich, therefore worthy of your obedience!” or “I have done more for this industry than any naysayer!”
Small tribes and cults will form around these lies, willing slaves, choosing to deny they have been trapped, and instead role-play as a believer in order to live with the cognitive dissonance required to elevate the people scamming them in order to scam someone new.
The Business of Ignorance is the craft of exploiting information and people to improve one’s own position. It is not cooperative, mutually beneficial, progressive, or virtuous. It is the inefficiency of the market and the friction between the present and the future. It is rent-seeking by sand-castle builders.
The Greatest Fools are in the business of virtue-signaling in the absence of virtue. They are the “lizard people”, impersonating and manipulating human behavior for profit.