Monday, November 14, 2022

Oh No My Apes

I certainly don't know everything about the crypto world, because I long ago decided I knew enough to know I didn't have to worry my beautiful mind about it. It's basically a project to waste immense amounts of energy to make fake money (all money is mostly fake, but that you pay your taxes with it and is legal tender otherwise gives it real value), but then throw layers and layers of even more esoteric bullshit on top to pretend that the fake money has real value, in that you can convert it to real money (and to convince suckers to 'invest').

It's failed as a payment system (except to do crime and tax evasion), and it's even failing as a crime system because the Feds have basically figured out how track the money (a bit above my pay grade) when they try. That leaves the ponzi scheme.

From what I can figure out, the latest flameout basically involves just stealing customer money, leveraging that, and watching it all disappear. The warning signs should have been, "how is what is basically a way for people to trade beanie babies for baseball cards worth $20 billion." Also beanie babies and baseball cards are real, so that would've been better.

Lots of aspects (including that SBF was working fast to set himself up quite the personal PR machine, semafor included  and dabbling in politics in ways transparent and not), but really every time someone figures out how to obtain ridiculous amounts of leverage it is probably going to blow up. And our elites really should recognize they have more responsibility, with more consequences than a few jokes on the internet, when they do shit like this.