Bill “The Farmer” vs. “Crypto Fools”
Is crypto age (generation) related?
I don’t think so. I already wrote about it. So, we have the best “old school” representative, Warren Buffett, who said that “if you … owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it.” Nuff said. Then, we have the “icon” of the “younger generation” of entrepreneurs who has his fun with Dogecoin. Nuff done. Elon Musk warned us all: “don’t bet the farm on crypto!”
Talking about farms and farming, Bill Gates is convinced that the whole crypto-mania is “ 100% based on greater fool theory.” Now, I know what is fool’s gold. My wife thinks that Matthew McConaughey is pure gold in that movie. She isn’t referring to his acting, obviously. Honestly, I had to Google the theory Bill mentioned at his TechCrunch talk on climate change.
In finance, the greater fool theory suggests that one can sometimes make money through the purchase of overvalued assets — items with a purchase price drastically exceeding the intrinsic value — if those assets can later be resold at an even higher price.
So, in plain English, you’re a fool if you buy something “stupid,” but you are a “smart fool” if you can find even a “greater fool” to sell what you bought at a higher price, which will/would be worth nothing, eventually and inevitably.
Bill doubled down by making a “joke” about NFTs.
“Inside the Cult of Crypto”
You know how it goes. One tweet leads to another.
Was that “cult quote” pulled out from THE “Financial Times,” for real? I had to check. And, that illustration for the article speaks volumes, doesn’t it?
Most groups identified as cults feature a single charismatic leader, something that the crypto world lacks. But many other classic hallmarks of culthood — apocalypticism, the promise of utopia for worthy believers, shunning of external critics and vitriolic denouncement of heretical insiders — are increasingly dominant.
So, crypto is an “atypical cult,” but still a cult because “another major way in which crypto-cultism differs from traditional cults is the lack of physical gatherings. Beyond events such as Bitcoin Miami and “crypto cruises”, or scattered communities like El Salvador’s bitcoin beach, cryptocurrency advocates communicate online.”
And, let’s keep in mind that “the biggest difference to traditional cults is the lack of a single leader figure.”
So, it’s not all that bad. My crypto buddies and the crypto community still have a choice. They can either be “crypto fools” or “crypto cult members.”
And You, Crypto-Kill-Bill, What Have You Been Up To?
According to The Land Report, a magazine of the proud American landowners, Bill is officially the Top Gun of the USA farmland owners.
In total, Gates owns approximately 242,000 acres of farmland with assets totaling more than $690m.
But hey, it’s all about the perspective. “To put that into perspective, that’s nearly the size of Hong Kong.”
The old and wise have spoken, crypto as the future of finance is broken!
“And isn’t it ironic… don’t you think?” Yes, it is, my dear Alanis Morissette. We still haven’t figured out how to decentralize the Internet, not to mention the finances, decentralization of the farmland has already become the (next) problem.
So, investing in crypto is foolish and cultish, but buying land the size of Honk Kong is … the least you can do for the “global green revolution.” OK Bill, if you say so.
Originally published at https://hackernoon.com on June 16, 2022.
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