Thread by @kryptofsky

"It's the future of money because it's censorship resistant, deflationary and decentralized, so the da gov't can't print it! Sooo your savings are safe from inflation... OMG STORE OFF VAULEEE!!1 NOO REGULATIOOON"

Yeah. Tether.

But more importantly ... /1

Ya can take a boulder, paint some wheels on it, and call it "a futuristic automobile". Your newly invented "car", will be outside traffic laws, hence out of gov't control. GREAT! More power to you! ... /2

You've now become the weirdo pretending to drive on the interstate, while sitting on a painted boulder and screaming to everyone passing by: "Hey ignorant no-coiner! come and see the amazing future of unhindered driving!"

To understand where it all went downhill for you ... /3

Let's talk about cigarettes... For some reason, it's always cigarettes.

#Crypto #cryptocurrency #bitcoin

... /4

Bitcoin is not the first currency without a central bank or administrator. Where black markets emerge, they usually come with their own currency. Post WWII Germany, during a time of fixed prices and wages, had american cigarettes ... it's always cigarettes ... /5

New currency adoption starts with small transactions, avoiding the risks for early adopters of getting stuck with a worthless bag. A pound of chicken or a small favor for a pack of Luckies, much like a few bitcoins for a gram of hash. So far so good ... /6

We'll call our new, central bank-less, administrator-less, cigarettes based currency $CIGG.

"Fixed supply currencies, like bitcoin, are the answer to evil gov printing money!"

Mnah ... /7

When the $CIGG economy grows, demand for $CIGG grows, much like in bitcoins case. But with $CIGGs, the supply soon follows, whereas with bitcoin's inelastic supply, it all goes into the price. "You want how many steam games for a fraction of a bitcoin?? Bye!" ... /8

Couple that with the fees cluster f*ck, and you've got yourself a failed currency. Remember, there's no or little intrinsic value in currencies, with no or little adoption (hey! deflationary adoption 😂), so what are you gonna do with all that "stored value" ... /9

"But with higher demand (hence prices), more miners join in, making the network more secure. Yer stored value is moar secure!"

Nobody cares you gullible butt muncher. When gold spikes, nobody wants more secure gold, they want *more gold* and the miners provide ... /10