At This Point, Bitcoin Is Just A Red Herring
And there is a MUCH bigger fish out there
Despite what Satoshi Nakamato claims to have intended (Don’t @ me, yes I’ve read the white paper) two facts are irrefutable:
First, it’s clear by now that Bitcoin is not going to become the money of the future. The whole premise behind blockchain-based currency was that the ledger was incorruptible, and removed the need for a trust-based system backed by world governments. Over the past decade, however, the cryptocurrency arena has shown itself to be just as beholden to the whims of markets and financial power players as fiat currency. I’m sorry, but you cannot base global finance on a currency that can swing 30–40% in value in a matter of hours. That’s Economics 101. The only difference is that Bitcoin and the hundreds of other “currencies” that have sprung up in its wake have been hijacked by predatory crypto-bros and snake oil salesman in ways that government-backed currencies have not. Bitcoin has become the financial “opiate of the masses” as desperate men and women try to devise some way (any way) out of the self-sustaining economic death-spiral that so many of us are living in.
Second, it’s also clear by now that Bitcoin will never supplant fiat currency, for the simple reason that world governments are run by powerful people, and powerful…
