Monday, February 15, 2021

The New Gold — Brian Romanchuk

BTC is a pyramid scheme, not a currency. The driving economic force is for existing holders to proselytise new members into the scheme. The new members in turn hope to recruit other members. The large existing holders have the financial capacity and incentive to bankroll conferences, researchers, etc. In order to take part in the gravy train, you just need to stick to the narrative....
Bond Economics
The New Gold
Brian Romanchuk

An opposing view.

Guns, Goats 'N Gold
Market Weekly: Still Don’t Think Bitcoin is #Winning? You’re a Loser.
Tom Luongo


Peter Pan said...

Just another fad. The psychological reasons for it may be more interesting.

Ahmed Fares said...

No joke: KFC Canada starts accepting Bitcoin for a bucket of chicken, immediately sells out

That was in 2018.

For a Bitcoin payment worth the equivalent of $20, a customer could order a bucket of 10 chicken tenders, with waffle fries, a side dish, gravy and two dips. The post provides a link to a digital ordering hub that allowed users to make a payment using the Bitcoin payment service provider BitPay.

...the cost of the bucket would come out to about $40 due to a $20 transaction fee.

source: No joke: KFC Canada starts accepting Bitcoin for a bucket of chicken, immediately sells out

Also here: KFC Canada's 'bitcoin bucket' attempts to cash in on cryptocurrency craze

Paid $40 for a bucket of chicken instead of $20, so they could stick it to the man.

Mike Norman said...

Bitcoin is an outgrowth of US policy to weaponize the dollar. With the dollar-based global financial system under attack through sanctions, limiting, curtailing or impeding the use of dollar transactions, asset confiscation, etc, alternatives are being sought. It's not a fad. It may be a transitional thing, but it's not a fad.

Matt Franko said...

I think MAGA libertarians have been the latest advocates and are responsible for its increase in USD value of late..

iow MAGA people aren’t saying “I’m moving to Canada!” they are saying “I’m moving into Bitcoin!”...

TDS people are plowing into equities...