Bitcoin has not yet promised anything, let alone delivered, except the capacity to be hidebound about your illicit activities, your ill gotten wealth, and your wish to speculate out of thin air on the back of the greater fool principle…
Bitcoin’s bits & pieces are an eager-beaver market bubble ready for the next bubble tea explorer.
Explorer of the pyramid climbing-sucker variety that is.
Not to worry though. There is no shortage of thumb sucking internet bubble explorers. AKA Fools. After all, one or more are born every second. All ready, suited, booted, and kitted, for a spectacular tumble.
What started as a bit con has grown to be a con of large proportions. If you can say Bitcoin — you can surely say Bitcoin-bubble.
If you can trade and transact in the thing — then you can surely feel it’s intrinsic value for infantile criminality. Bitcoins’ desire for traction through the underdog lovers – is further evidence of that.
However if you believe in it’s world saving internal value and hope it will revolutionize the world of Finance, Banking, and/or transacting in the web — then You’ve got another thing coming: Massive disappointment.
And if you want to built equity through Bitcoin’s modern day tulip mania — I’ve got some cool internet stocks to sell to you:
It’s been lining my drawers since 1999… when they gave it to me in exchange for agreeing to show up in a naked chicks and topless models party. Perceived scarcity of breast coverings [AKA Bras] leads one to invest in the genius of Bratopia. Bratopia back in the day was the famous Internet Bra Exchange offering breast related products and other interesting services.
Bratopia shares anyone?
Bitcoin much like Bratopia, is a beautiful example of what the psychoanalyst David Tuckett calls a “fantastic object” – unreal but immensely attractive.
Like the fake oversized Boobs that Bratopia founders used to promote the Internet Bra exchange for the brazier & sex crazed Tech crowd of yesteryear…
In a similar fashion the Bitcoin experience is a mirage of horniness for the young, the restless, and the unsexed. It is a porn currency. True to form it is Sex, Drugs, and Rock N Roll. Bitcoins are used for porn and paid sex along with drug buying, more than anything else. And because it allows you to reach your porn destination without using your credit card and so your account remains clean and the little wife doesn’t found out — it also gives you visions of exceptionalism, untouchability, grandeur, and all such heady notions. Still pride, sloth, avarice, and ideas of stateless money, peer-to-peer exchange, and of course, no regulation or financial intermediation — rarely pay in the long run. Bitcoin is no different that that on the long run. And if you have a stash and have hoarded the stuff and you feel like a modern day Robber Baron indeed, keep looking behind you and observe your shadow. Because you might look like a hunchback holding the bag. Or a smuck holding a dick. You pick your own choice of fantasy…
The Superheroes creating the Bitcoin make for an interesting origin story… It is part Techy, Mystic, clever, and cute, and just hard enough to understand that it makes fast reading. Yet it is easily seen as cooked up. A bad Hollywood script. A smoke screen to hide all things and simply used in order to induce a belief in the ever present SCARCITY. Scarcity beheld by the stability of the supply of the bitcoins. This in turn it is leading to a rush for the crypto-coin now, as opposed to later…
Pure marketing hog wash and PR cheerleading screams.
Bitcoin’s value is dependent entirely on what you, the buyer, are willing to pay for it. If there were no users, there wouldn’t be any value.
Because it has no real use value, only exchange value — Bitcoins can have literally any assigned price, and so the market for Bitcoins is permanently in a bubble.
Add to it the fact that the Bitcoin scarcity is manipulated by the Neo-Masters behind the curtain, all the time — and you have the scenario for nightmares or giant belly laughs — depending on what position you hold in the game. Buyer or Seller?
Methinks: Nor a lender nor a Borrower Be in this Bitcoin fools’ errand token thingy. Nor a Buyer – Nor a Seller either.
This bubble will form and burst many times over, making and losing many fortunes in the process, and adding Drama to otherwise colourless lives. Enjoy the soap opera folks.
But don’t think it’s anything more…
I’m no Spring chick. I know exactly what crazy bubbles look like. and I further know who founded this shit and what ends it serves.
And explaining the fools that have taken to it like ducks in the pond — I have this to say: The Bitcoin phenomenon is the purest manifestation of what Charles McKay described in his 1841 book Extraordinary Popular Delusions and the Madness of Crowds. Because at the psychological level of the investor, there’s no difference between bitcoins, tulips, railways, or the stock market bubbles of the 1920, 1990, 1999, or the mid 2000 and more coming along now like the Bitcoin and crypto currency 2013 Craze.
In this case of the 2013 bubble of Bitcoin and related currencies, a lot of people are deciding unthinkingly, that a string of electrons made up remotely, are worth something — as opposed to nothing — and want to unload it to the next guy as soon as possible.
As long as you pass your Bitcoins on to the next guy, all the while extracting a profit, you’ll be happy.
There is always a greater fool. Right up until the moment there isn’t one.
And when the music stops there will not be a chair to sit on…
To begin with there is no chair, no music, and no game either. It’s all make believe…
Because economically, Bitcoin is nothing but a mirage.
It’s simply a speculative and imaginary asset people are buying in order to flip over onto someone else. That’s the Raison D’ Etre of the Bitcoin manufacture, and it’s crazy allure. Its like the Tamagotchi allure… A lifeless digital pet can be perceived as alive if enough people believe into it. And it can ”die off” if you don’t take care of it. That’s kind like the Bitcoins. They die off on You if you don’t trade them on. You forget the passcode, or where you stored them, or even they tend to disappear altogether simply left up to their own devices.
Just like the pet Rock craze, or the Tamagotchi dead thingy, and the Furby craze, the Bitcoin madness will subside when people realize that not only there is no scarcity but that there is no value. Zilch, nothing, nada, not even hot air, … period.
The coolness factor, the techy exchanges and all the “money 2.0″ stuff is just marketing, and has been tried before many times. Remember Bratopia revolutionizing the brazier business. Or the sex for money delivery mechanism via the web or via the Bra exchange, or via rigged internet Casino gambling, or avatar porn, or the Crazy Money in the US in the 1850s during the free banking period, and all other such examples.
Now follow me here in order to give you a cool parallel: Please tell me, what is furry, has got big ears and a bird beak, and can supposedly speak English?
If you said a computer programming hipster with unshaved face, and didn’t guess the less popular one today, the Furby, you are not alone. And still no one will hold this faux pass against you, because the two creatures look very much alike.
The hottest toy on the market in the late 1990s — The Furby, is today little more than a memory, the subject of Internet snark, and an Urban Dictionary entry. Still, for all that, The Furby is a legend amongst the Digerati Bitcoin creators. It’s so important as if it were a worshiped deity for the Bitcoin community, that they all have started to look like the Furby.
The Furby was originally invented by a Tokyo patchinko machine designer, and was later further engineered by two others, and was promoted by a toy marketing guy. Furby was acquired, manufactured, and released in 1998 by Tiger Electronics. Furby was crappy, ugly, 6 inches (15.2 centimeters) tall, covered in colorful fur, and could play games and wiggle its body. Tiger marketed the computerized critter as one of the first widely available ‘artificial intelligence’ toys. That pretty much also sums up the Bitcoin creation story.
Ah… the Furby could also speak.
One of Furby’s tricks was to ‘learn’ English, thereby easing relations with those many owners not fluent in Furbish. Furby was actually, simply programmed to speak less of its gibberish language over time, replacing it with English. When one Furby was brought together with another, the two would engage in gibberish conversations, much the way some humans do when they get together to talk Crypto Currencies. Find a pair of Furbys and listen to them talk… If this doesn’t sound like a Bitcoin religious dogma meeting — please let me know…
The hideous, hirsute critters debuted with a $40 price tag, but in the tradition of holiday fad toys, manufactured scarcity, monkey see – monkey do people’s frivolity, and crazy demand driven prices, — the Furbys’ transaction value moved into the high hundreds and in many cases into the Thousands of Dollars per furry idiocy. For a brief moment in History there was a Furby mania in full swing…
To the record keepers out there: In just five years, more than 400 million freakish furballs that trash talked were manufactured by many knock off factories, in both unofficial and official licenses, and then flew off the shelves, in a menagerie of shapes, sizes and themes, including an embryo furby, a Barby furby, a doll, a Christmas Furby, Halloween Furby, wedding furbys, and even a 2000 Presidential Election Furby…
Go Figure. You could even adopt a furby provided that you hired a Furby Attorney, completed and filed some interesting papers, and waited for your new Furby to arrive from the Stork…
Cool Stuff Eh ?
Inevitably, the popularity of the Furby faded and their price crashed down to a few pennies per pet… They remain available on the garbage dumb of the Internet, in the giant Furby filled landfills, and in garage boxes everywhere. Yet Furbys are now rather scarce in store shelves and the only known concentration can be found in the ocean, because plenty of them have been seen in the floating trash heap island, sloshing around in the middle of the Pacific.
Apparently the Great Tsunami of Fukushima was the biggest Furby extinction event ever.
But they persist… in a crazy topsy turvy world rocking back and forth, by the big fat waves of the Pacific Ocean.
Yet now and especially for Bitcoin — I hear – things are DIFFERENT.
No Bitcoin extinction event on sight.
Or so they tell me…
Keep in mind that’s what they all say.
Yet as I’ve said before, this time really isn’t any different at all.
I KNOW, You disagree.
So keep trading your bits, and you can talk about how it’s all different this time around…
Tweet, twitch, or bitch, all You want, and still it won’t change a thing.
The fact Bitcoin isn’t regulated is no accident.
No reasonable government body, no state, and no agency wants to regulate a known ghost — and thus add legitimacy to it’s shenannigans. This is of course a big plus for some and a definite handicap for most. No regulation doesn’t mean there is nobody watching and knowing fully what’s going on. They are just watching and waiting to pounce… Like the cat watching the pigeons. Or better yet, the canary. Remember Silk Road’s Founder and Master Mind?
Do you know what his current address is?
It’s in the Big House.
As one Bitcoin promoter boasted to me recently that he did this himself – you can move $1m worth of Bitcoin across a border on a Zip Drive and not be detected.
He thinks he is smart…
Of course the authorities won’t allow this to last for too long. They just want to bag the greatest number of fools when it all spills over and are counting their breaths.
But who cares about the Yahoos trashing value and transacting drugs and porn?
After All Bitcoin’s biggest boosters are also unsurprisingly, the ones holding the largest amounts of the stuff…
Bitcoin bubble may simply be blown out of existence by it’s very own attavistic nature and the police.
Still like Furby people are want to assign great value to valueless things. At the height of it’s popularity Furby had the world abuzz: The main reason for their popularity was because of apparent “intelligence”, reflected in their ability to develop language skills. Bitcoins too are touted for their intelligence and their buyers are seen as some kind of hacker pioneers, tech savvy, hipsters, metrosexuals, with lots of facial hair… The trendy Lot indeed.
By the way, Furbies [unlike bitcoins] can communicate with one another via an infrared port located between their eyes — same like Bitcoin owners. Furbies start out speaking entirely Furbish, a language with short words, simple syllables, and various other sounds — same like Bitcoiners. Furbies however are programmed to speak less and less Furbish and more and more English as they “grow”. With Bitcoiners, the opposite is true…
You can see in the photograph above the obvious cross species pollination.
Please observe for Anthropological reasons how Bitcoiners resemble Furbies in their choice of hipster facial hair gone untended and untamed and in the vacant stare of mindless computer screen daze.
This malady is seen also in the neo-Tecno punk crowd… that punked the world with this bit of fakery, Bitcoin represents.
And as with Furbies there was a common misconception that they repeated words that were said around them — the Bitcoiners have taken this as their career objective. Repeat verbatim whatever bollocks they hear about Bitcoins greatness. However the erroneous belief about Furby’s repetition most likely stemmed from the fact that it is possible to have the Furby say certain pre-programmed words or phrases more often by petting it whenever it said these words.
As a result of this myth, several intelligence agencies banned them from their offices. Same as they have banned the Bitcoin from their servers, office computers, and officers’ wallets.
Furbys have a simple electric motor and a system of cams and gears close the Furby’s eyes and mouth, raise its ears, and lift it off the ground in a faux display of mobility. Same like Bitcoins … it’s all make belief life like.
The original Furbys are still popular today with many hackers as they can be dissected and made to do interesting things. In particular, their advanced audio capabilities and various sensory interfaces make them popular with the circuit bending community. Exactly like the Bitcoins…
Bitcoin is sinking, but other services like LiteCoin, TerraCoin, and AllahCoin, or digital bits that are issued by Banks and are regulated by national and international governments will come increasingly into use. Doubtlessly Bitcoin will further fall from grace as it becomes further associated with large scale criminal activity — as all the Silk Road daft druggies, drug queens, and drug lord baggies might tell you. They all used it up till now. They lapped it all up. And they know something about it you don’t. They know because most of them are facing charges after the Silk Road bust-up.
Readers holding Bitcoin will be shaking their heads reading this blog – because the value of their digital bits has skyrocketed. The Bitcoins’ value this year alone, has exploded by thousands of percent. Several thousand percent increases within a single year…
Furby’s thousands of percent increases came in one season. Nifty Gains for some. Easy-peasy. Like having your own money printing press churning out cash at home, in the basement. Exactly what some smart and smarmy Russians are doing now with the Bitcoins…
My question is this:
Where is the scarcity in easily manufactured digital bits ?
Bits of fresh air ? A coin made out of thin air ? Maintained in thin air and holding no intrinsic value ? No weighted interest ?
Anyone savvy enough with elementary digital currency finance knowledge, and the basics of software writing, and a computer, can manufacture loads of the stuff.
But You might ask: Who made this stuff up in the first instance ?
A band of technopunks looking for an easy mark and a cheap laugh with ample time in their hands.
And still succeeding beyond their wildest imagination.
Ask Yourself this:
Is it a Black Box technology?
Who made them in the first place?
Who keeps on making them now?
Who laughs at your expense?
And lastly ask…
Who gets suckered in?
Answer: All of You buying and trading the shitte and a bunch of criminally minded cocksuckers.
Think further who can make it and who does make it regularly for their own illicit purposes:
Technopunks, tech novelists, hackers, anonymous friemdsters, and the slew of spooks from you name it… KGB-FSB, MSS, SAR, DIA, NSA, CIA, C, CSICE, NIS, MI5, SIS/MI6, DEA/ONSI, TFI etc, ad nauseum, and ad infinitum.
They are all doing it now.
Crypto money for crypto covert transactions to finance dirty tricks and secret actions that lead to no good…
If you want you can do this too.
Only it’s not such a good Karma game.
So go ahead get into it.
After all — there is one born every moment…
And you facilitate the dirty games going on too.
And remember that you now finance their unscrupulous trades and evil ways too.
So go ahead. Get into Bitcoin or any other digital crypto-currency if you want to. And then boast about it.
But do it with eyes wide open. Get in it riding high on your rocking horse, spank your folly, and assume your own risk.
Use it as you use the tokens for the rides in an amusement park. Use it as marks, and please try to not overdo the drug thing — simply because it makes you stupid…
Use it and I truly hope it also makes you rich or gives you a crapshot at happiness. Even the fleeting kind for a couple of hours. Dream and dream some more…
Dream but don’t kid yourself that this is anything more than entertainment, drug money allowance, ride tokens for the adolescents, and pure infantile speculation for a quick and shinny buck, and a last laugh — made at your expense.
The messianic stuff and the Creation story from the obscure haunts of Osaka and Tokyo’s Ginza patchinko-hall allure, is nice for techno novelists — but that too will go out the window once the joke collapses.
And by the way — must share a secret with you here: Look around you because there are lots of things in the real economy with real value that you can invest in…
Still as marketed, the Bitcoin is a computerized ”critter” in that it’s one of the first widely available ‘artificial intelligence’ play-money out there, and for that it is worth it’s weight in gold…
Since it weighs exactly nothing — that is it’s real value.
Or it could be the Secret Intelligence toy value that matters.
Who knows and who cares.
The big hairy advantage of Bitcoin is the very same quality that is tooted as: A “stateless money.” Am really glad this merry prankster currency is stateless, because when it collapses, no particular government will have to bail it out.
And the Merry pranksters that founded this coin-bit thingy, will really have the last evil laugh at your expense… sipping Kirin around the Patchinko hall and pushing balls all night long.
Pure Adolescent stuff.
Have fun boys and girls.
Yet, please don’t forget the basics:
Fraud is fraud.
And if you are a budding Conspiracy Theorist consider this:
The fact that Bitcoin was successfully used in shady transactions proved that it is a viable digital currency no doubt, but it also shows it’s one that can be used for legitimate online transactions, or even in brick-and-mortar stores also.
The shutdown of Silk Road that severed some of the more blatant negative ties of Bitcoin — resulted from an FBI action — and it clearly has contributed to its skyrocketing value at present.
But the biggest contributor to Bitcoin’s current runaway success is the Department of Justice and the Securities and Exchange Commission’s endorsement.
This unwarranted endorsement was unsolicited and yet was offered directly to the Senate Financial Committee no less.
It stated unequivocally that the cryptocurrency should be considered as a legitimate financial instrument.
Wonder why ?
Does anyone start thinking of the DaVinci Code about now ?
Or remembering the Manchurian Candidate ?
Happy Thanksgiving Folks.
Consider this knowledge your Gift…