Bitcoin Frenzy: We’re All Wolfs of Wall Street Now
BTC Price Insanity Continues
Bitcoin was meant to be: A Peer-to-Peer Electronic Cash System, not an insanely inflated digital asset bubble. Until it pops, today or at $10K or at $100K, enjoy the ride. But beware, if you’re buying BTC on margin one day you might wake up totally cleaned up of your assets and of your dreams.
Over the last year the Bitcoin’s price went up for $6,650.83 or a fantastic 945.84% (at the time of writing, November 4th, 2017, 1:25 PM, one BTC was at $7,330.51) and everyone, and their grannies, have collectively lost their marbles and expect another 10 fold increase over another 12 months. We’re all high on gains but I am afraid we’ve also lost a perspective a tiny little bit. Nothing but the quick profit matters any more. The dreams seems to be gone and the “Greed is good” clutches the crypto world as a new / old mantra as it proudly displays its avarice.
Where have you gone, Joe Di Maggio?
What matters nowadays? Will we, as the community:
— “help the unbanked?” We will my ass, given what everyone knows what Jonald Fyookball explained in his Medium article, “the average fee spiked as high as $9 recently!!” (it went up to an average of $10.17 on November 4th, 2017, Eric Voorhees claimed in his tweet. Even more so, Stacey Herbert paid a 0.003 BTC fee, which is $21.99 as of now) is an entirely speculative asset at the moment. We do not give a damn about it and this is beyond scary.
Will we, as the community:
— “change the world?” Not yet it seems. “Are Fraudulent Tethers being used for margin lending on Bitfinex,” asks BitCrypto’ed but we do not seem to worry anymore. Now is our turn to make a profit out of thin air. What the Wall Street used to do so efficiently, create money out of thin air, is now being done in several Chinese (sic!!) mining pools, and we profit from it. God Bless the commies. How sustainable is this? Yes, during the frenzy, the price goes up ballistic, but the higher it goes harder the crash would be. Once it happens, it might destroy once a wonderful idea.
Do we, as the community:
— care at all that the blockchain sucks? It’s the worst case of deliberate inefficiency since some Egyptians said, “Our king died. What’s the best way to bury him?” wrote Savvepro in his Steemit post. We collectively shrug it off.
Bitcoin fees are, as we’ve seen, out of control. Scalability is an issue no one seems to be able to fix. Forking forks and forks’s forks endlessly forking previous forks, all in order to multiply our funny-money is the only way to go. We do not give a damn about fake Tethers, we do not care about margin debt that is out of control and that would, once it pops, destroy fortunes and bring many a valid crypto businesses down with it.
It does not seem that we care about polluting the environment, about the insane price Bitcoin requires in order to keep humming in all those mining farms, nothing seems to matter. Our eyes are glued to the ticker price and we calculate — and this is quite a ridiculous paradox — we calculate our new “wealth” in FIAT money, in the same flawed, outdated, corrupted fiat store of value / money Bitcoin was supposed to replace. Who in the sane mind would use BTC to buy ANYTHING in the real economy if its value goes up daily? How is it going to power the said economy? The question is rhetorical.
We think and honestly believe that today’s MC of $122,059,776,692 would soon be $1,154,490,191,863.61. (over a trillion dollars, based on that fantastic 945.84% growth we religiously expect to continue) Than what, with another 945.84%, do we expect a market capitalization of $10,919,630,030,722.80? We’ve reached the world of magical thinking in which, unless we make a 10% a day profit, we’re getting anxious.
Those mere $10,919,630,030,722.80 after meager 900% ++ on 900% ++ profit that’s given because we’re all Gordon Gekkos of the crypto era, are more than half of the U.S. GDP in 2016 (it was $18.57 trillion USD) and we truly believe this is possible?
Say it is and so what? Now our beloved, un-scalable, bloated crypto-tulip with its fees of over $1,000.00 per a $10.00 transaction rules the world and we’re all billionaires. Move over, poor billionaires of today and your real companies, a Newer New World Order with us as its rulers has arrived. Work’s not needed anymore, we just keep on forking the forks and all is going to be hunky-dory for as long as we live.
Instead of blowing coke and producing nothing, that has been the Wall Street Financial Crime Cartel’s privilege for ages, are we now going to replace them by doing the same, being leeches on the back of the world’s economy? We with our idiotic forks, kindergarten quibbles, Lambos we endlessly blather about, we with our ICO scams, we with our crypto greed, we our new arrogance, we with our margins, we with our fake Tethers, are we’re going to be the “new rulers of the Universe,” untouchables as we fly high, next to the Sun of glorious financial freedoms?
Who cares that one statement from the Federal Reserve or whomever has the power of the pen, outlawing BTC, all those Coinbases, Krakens, Bitfinexes etc., could pop the bubble and let us in the world of shit. Who cares that one little war could throw us in the world of shit. Try using your bitcoin to buy bread during a blackout.
We’re all drunk for well too long.
The party has been fantastic thus far and the profits have been staggering. Good for us. It’s pleasing to see the Wall Street and VC are not the only game in town anymore. But I fear we have lost the focus indeed. There are so many dangers lurking beneath the Bitcoin’s shiny but fragile ecosystem no one seems to care anymore. Unless we’re careful in how we proceed with Bitcoin development, we might end up not as the Wolfs of Wall Street, but rather as sheep that had their fun for a while and than utterly screwed up once in a lifetime chance of a generation.
Now go and pop that fork. It was fun while it lasted.