The Marketing Ponzification of Bitcoin ($BTC)
The BTC version of Bitcoin is today just a ghost of its glorious and revolutionary past. There are just rare discussions today on the concepts of empowering self-ownership and individual finance. Most investors are just about the number going up in exchanges and will never move coins.
It was all about the price for the part of Bitcoin that followed the path of Blockstream’s BTC and decided that scaling Bitcoin was not an option. In this sense, it succeeded, but at which cost? The long-term adoption potential of Bitcoin was crippled. Bitcoin became a shadow of its former self, a monetary unit representing speculation and a vague “store of value” argument.
Bitcoin, in its Blockstream version of BTC, is getting closer to competing in marketing terms with some of the top Ponzi’s of The Cryptoverse: Onecoin and Bitconnect.
We should congratulate the BTC community, the developers, Blockstream that runs this show, and all the BTC advocates. The part that is left supporting BTC was always about its price and its privileges.
In this article, I don’t justify that BTC is a Ponzi or Pyramid scheme. Instead, I explain how the narratives of the BTC community have very little substance and resemble the promotional activities of Ponzi Schemes.
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Michael Saylor: The “Ponzi Lord”
Saylor here is completely off from the beginning. He tells miners to mine selling nothing, something that is not financially logical, and when it especially comes from a business executive it is quite an absurd thing to say.
This is another one of the famous Saylor rants. It has many similarities to Ponzi promotional activities and how all these schemes are advertised.
“Some people think that Bitcoin is not going to succeed, but they are not with us, right?”
It is with “us” or against “us” with Ponzi’s too. As with all criminals, they will be on the offense as the last act of defiance, and their arguments will be more irrational than ever when the end is approaching.
This is always a red flag. They often use similar quotes in Ponzi conventions to create or enhance the identity of belonging.
“You don’t think Bitcoin is going to succeed? Go do something else.
Mind your own business! Don’t bother with “us”.
Saylor took the revolutionary spirit of Bitcoin and trashed it into the garbage bin.
There is no mention by Saylor of the features of Bitcoin that helped it to reach high popularity. Although, it is not just Saylor in this. Two more prominent personalities having prime influence in the business world and followed by millions are Elon Musk (CEO of Tesla & SpaceX, ex PayPal’s exec) and Jack Dorsey (CEO of Twitter).
The WORLD is not anymore the way it used to be
These popular figures have taken control of the narrative.
The top highlight of the year was, however, the infamous Bitcoin Miami Conference 2021, and had its moment of Ponzification madness when Michael Saylor and Max Keiser entered the stage.
While watching the Bitcoin Miami Conference, we were all reminded of the previous glorious Bitconnect conference with scenes of extreme enthusiasm and praise towards the qualities of the related cryptocurrency.
Legendary Ponzi promoter Carlos Matos paved the way for modern cryptocurrency influencers and thousands of fresh BTC shills unleashed into the wild west of crypto social media.
Saylor was in Bitcoin since early days, at least since 2013, when he tweeted how it was turning out to be a casino, and would find the same fate as online gambling did.
He often asks for more regulations and oversight of Bitcoin wallets by the US government.
Michael Saylor is there with a plan, and he is not alone in this. He found a dead blockchain that has no meaning to exist but also found a vast marketing network being laid by ex-bankers. The road was empty, so he took the government aid for Covid and gambled with it.
Six years later, Saylor understood the game better than anyone else. What I can’t understand is where was Saylor in the 2017 bull run. Probably he didn’t believe in the effect the halving would have and didn’t invest early in 2016. So he skipped the whole bull run, not having any idea how this could unfold. He seemed to be more ready in 2020, although the speculation risk kept increasing as Microstrategy kept buying throughout the bull run and even at prices of $60,000 for BTC.
Also, important to mention that Saylor was also part of the Dot-com bubble and he was even charged by the SEC for fraudulently manipulating profit reports of Microstrategy to boost the stock price of his company ( source).
Saylor, and the rest advocates, are often using every Ponzi textbook red flag quote for their promotion of BTC:
- No discussion on the technology: This is a major red flag. An investor and executive of a technology business that never looks into how BTC works.
- Promises of extreme returns: Bitcoin at 1/10/100 million USD!, “to the Moon!”
- The pressure to act now: “Buy before it is too late” Now it is the best time to buy. I’m buying and hodl for the next 10/20/300 years.
- The financial instability argument: Have fun staying poor (a.k.a. HFSP…)
- The need for more investors: Baiting “banana republic” governments
- Pressure to reinvest: The “buy more and hodl” notion. While many profited from this earlier there is no guarantee that BTC will keep rising, especially when everyone knows the network is not working (high fees, low speed), or when the price of the asset is 50,000 times higher than 10 years ago. There is an finite number of fools. ( The Greater Fool Theory)
Saylor is trying to push an agenda that will make BTC an institutional asset with vague terms and conditions. He came up with this idea during one of his nirvana moments that someone else would only reach with the use of hallucinogenic substances.
It is all about the number going up, and this requires a religious devotion to BTC.
It is a very similar approach, at least with the marketing part, with Bitconnect, OneCoin, and all other Ponzi or similar pyramid schemes we often encounter.
This is all about making more money, while instantaneously accusing that money as an excuse to keep investors coming in. The higher the price, the more the noise and the spam.
The narrative is no more about the qualities of the Bitcoin blockchain since the news will instantly invalidate this claim as once again BTC fees will reach $50 and higher.
BTC has a higher purpose today. To make everybody rich! It doesn’t need to have any utility, any product, any purpose. There is one purpose, though, to make everyone filthy rich! This is what qualified institutions and financially sophisticated billionaires have lately discovered. That BTC, for some undefined reason, is a brilliant investment.
Bitcoin wasn’t such a great investment back in 2012 when it was trading at $5 and had a revolutionary concept of actually changing the world for the better. For the billionaires, only the number matters, so today that BTC is at $50,000, it started looking like a solid investment! Right. Maybe the US is giving far more opportunities than it was supposed to.
There is no responsibility and nothing substantial for BTC advocates to hang on, just a mindless push with narratives focused on a few words that only try to attract the attention and play with the psychology of the masses. All is about the numbers and this can never end well.
I didn’t write this post to claim BTC is a Ponzi, but to explain how the marketing for BTC is infested with people that act as it is one.
Although when there is an urge to explain why this is not a Ponzi, this would instantly make us skeptical.
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Originally published at https://read.cash.
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