On 5/27/2021 4:59 PM, Michael Meeropol wrote:
... I would guess that the reason people are "playing at" investing in these things is because it LOOKS like another one of those get rich quick schemes --- and as with ponzi schemes, the first ones through the door make out like bandits (that was the idea behind the CHAIN LETTERS that were "popular" in the 1960s!)
With you on the critique Michael. But there's more to it, including a dematerialized "hedge" function for this bogus money, which is relatively unique as far as I can tell: c/yber-currencies as vehicles for international capital flight/.
We got a sense of how serious this can be in November 2017 when in Harare, Zimbabwe, Robert Mugabe was overthrown in a coup. Bitcoin activity soared <https://www.independent.co.uk/news/business/news/zimbabwe-bitcoin-coup-us-dollar-currency-robert-mugabe-exchange-rate-money-a8056286.html> as the local rich folk (very nervous as many had gotten wealthy through his patronage corruption) took record amounts of their local funding into the ether - and out of Harare.
Here in South Africa - considered in 2019 to be the world's main cybercurrency casino <https://news.bitcoin.com/survey-ranks-south-africa-top-for-cryptocurrency-ownership/> - we have one of the world's most corrupt <https://www.pwc.co.za/en/publications/global-economic-crime-survey.html>, unpatriotic <https://www.dailymaverick.co.za/article/2020-03-04-trade-misinvoicing-is-costing-sa-billions-in-tax-revenue/> bourgeoisies, with profound deep-racist/patriarchal sources of profit such as the migrant labor system, running an incredibly carbon-addicted economy (behind only Kazakhstan and the Czech Republic in emissions/GDP/person). So none of these elites give a damn about the terrible ecological implications of cyber-currency gambling, given how much energy is utilised in Bitcoin mining and blockchain computations.
There is, though, the notable recent case of Elon Musk - raised in Johannesburg - becoming aware of the hypocrisy of the CO2-guzzling Bitcoin paying for Teslas, so he canceled that offer, crashing the Bitcoin price by more than a third. Ah, I see that two days ago he tried to rescue <https://edition.cnn.com/2021/05/25/investing/elon-musk-michael-saylor-bitcoin-miners/index.html> his dogecoin by pretending it's ok to keep the mining going but with a bit more renewable power.
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