To be transparent, I don’t own any Bitcoin, I’ve never owned any Bitcoin, and I am way past the point of ever consider buying Bitcoin. Neither am I an expert in crypto/blockchain technology, so feel free to label me a Bitcoin hater that doesn’t “get it”. But if that is your attitude, have an open mind while reading – but this is really for the people like my dad who asked me ‘what is bitcoin?’.
I first heard of Bitcoin through a friend who buying goods on Silkroad. He mentioned how the price had nearly doubled despite it’s loss in obvious utility when the site shut down. I was confused why people were paying $100 for something with no intrinsic value and no use case. Looking back on it, I have huge regrets about not buying a few tokens on speculation, but my initial assessment of its value proposition has only gotten more negative. Yet in 2020, its staggering price, the endless superior competition, and its failure as a currency should make it a worthless asset. However, Bitcoin-mania is stronger than ever. So what’s hell is going on?
The majority of credit of Bitcoin’s “value” is owed to a fervent evangelist community that extolls Bitcoin’s virtues – most of which are falsehoods that purposefully conflate the novel utility of advanced cryptos – on every social media platform available to them. Like other successful pyramid schemes, they have been successful in pushing these lies on the stupid and willingly ignorant who succumb the false narrative. Leading the vanguard of the propaganda is Anthony “Pomp” Pompliano. His Twitter feed is a modern-day boiler room that elevates the creation of BTC as a bigger deal than the second coming of Christ. Looking through his feed I don’t know whether to laugh at his absurd claims or cry that people actually believe his garbage. His most common trope is mythologizing Bitcoin as the antidote to money-supply manipulation by the evil “Fed”. This is a bullshit sentiment broadly echoed online community. In reality, BTC is extremely volatile asset making it a HORRIBLE safe haven investment. Bitcoin as an inflation hedge is just as bad since there is zero relationship with it, and Pomp’s argument blatantly ignores of the countless real assets that make excellent safeguards.
The next tier of his lies is that Bitcoin is the “Apex predator” of the crypto markets and the financial markets. This is like Pomp considering the Blackberry 7290 the Apex predator of the smartphone market (maybe he does), but the pronouncement exposes Pomp as a shameless multi-level marketing barker. While Bitcoin might be a household name, anyone with a novice-level understanding of blockchain technology recognizes it’s a first-gen tech that is slow, limited, expensive, and inefficient by modern standards. While the innovation for faster, more secure, and highly functional blockchain technology is not stopping, Pomp declares that the immutable BTC at $50K is incredibly undervalued. He even conservatively forecasts the future price to be $1M a coin, which is roughly the size of the USA’s GDP 🙄. The sad truth of Pomp’s bullshit is that he would NEVER cede Bitcoin to being of “fair value” – even if it jumped to $10M a token he would be tweeting that it’s still a “bargain + rocketship emoji”.
Bitcoin’s return this year (163%) is more than gold (72%) and the S&P (75%) have returned over the last 5 years combined.
Bitcoin is the apex predator of financial markets.
I hear many of Pomp’s lame and laughable arguments from other HODLers regurgiating his easily disproven talking points (even have friends have shared his nonsense). He’s a cunning charlatan who understands the law of propoganda that if you repeat a lie often enough it becomes the truth. There are many Bitcoin pumpers, but Pomp is the Russell Westbrook: he is a high-volume shooter regardless of score, and he ignores the better options around him. I think I’ve wasted enough time on the 🤡 – I have much more to say about he Bitcoin phantasm, some even of the good, that I will post in the future.