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Bitcoin & Markets

Apr 26, 2022

The second of two episodes this week is on Clown World topics like Ripple's Garlinghouse complaining that Bitcoin Maximalism is working in DC, and the implosion of the NFT delusion. You can see the original content in the newsletter, issue #188 of the Bitcoin Fundamentals Report.

Clown World

Brad Garlinghouse of Ripple infamy, claimed that tribalism in crypto is muddying the messaging in DC. Well, good.

He's making the argument that Bitcoin's expert technical and monetary arguments, and our insistence on showing empirical evidence of the past 10 years in the industry of scam after scam properly diagnosed by these arguments, is turning regulators against altcoins.

Ukraine bans bitcoin 2 months after making it completely legal. Yet another example of Ukraine's government exposing its true nature.

NFTs are Silly

I use the recent event of the failed auction of Jack Dorsey's first tweet, the first tweet ever made, to demonstrate the delusion of NFTs.

The owner of this NFT bought the token for $2.9 million last year and thought he'd be able to get $48 million now. LMAO you can't make this stuff up.

NFTs are nothing more than a digital signature in pseudo-control of a token. A token that is not the object in question, in this case, Jack's tweet. That tweet lives on Twitter's database (and the database of many archive sites), it does not belong to the digital signature or the token. They are two completely separate things. What the token owner has is pseudo-control over a made up concept, a delusion if you will, that the token represents that outside object. I say "pseudo-control" because it can be revoked by the system admins, and has on many occasions in the history of NFTs.