The Beatles - Revolution
The Beatles
One of the flaws in the revolutionary mindset is a tendency towards overconfidence. Combine absolute belief in a new idea with a couple of early wins and you get an absurd level of cockiness. This leads the would-be revolutionary to underestimate the challenges involved in getting from there to ultimate victory.Why? Because those early successes happened when hardly anyone was paying attention. Once the threat is recognized, the Empire usually strikes back with intent, and the revolution turns out to be a lot harder, and a lot less certain, than it seemed.History is littered with examples of this principle, from 20th-century geopolitics (where the Nazis and Communists, at various times, each thought they had world domination in the bag) to investing, where the 1990s dot-coms were going to grow forever – until they collapsed under the weight of their own hubris — and 2006 home flippers thought they could build real estate empires without bothering to learn the business.Which brings us to bitcoin. Its early success has been spectacular …
Then he continues talking about how this applies to bitcoin. Bitcoin is too flakey for my taste, besides which it's built on bullshit. I mean, we've got zillions of computers grinding away night and day to calculate the magic check sums that the block chain requires. How much power and money is being consumed simply to maintain what is basically an accounting ledger? It's ridiculous, and I won't even mention the Mt. Gox fiasco, or the zillions of dollars worth of bitcoin locked up in cryptocurrency wallets that will never be recovered because the owners forgot the password. Can you spell idiocy in boldface, capital letters?
I sent $100 to a crypto mining firm in Iceland a couple of years ago. I should check on it, see if there is anything there. Probably should pull my money out before the giant volcano hiding under the cryptofactory erupts and destroys the whole island.
P.S. The Beatles song Revolution came out in 1968. Hoo boy. I was in high school and the Vietnam war was looming in everyone's future.
Via ZeroHedge
1 comment:
Bitcoin in its inflated state Google says is .4% of worlds currency.
And all the worlds covid virus is said to fit into a Coke can.
I don’t like a currency where a missed digit can erase a lifetime of earnings.
I bought ETFs in 7 strongest worlds currencies, they move in unison with USD.
Media has to sensationalize something.....what better than bitcoin? “The looming threat to your wealth”
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