‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
Crypto is a greater-fool investment, hence the cultfest. You require someone else to come with their money in order for you to exit successfully.<p>The difference with say stock market is that theoretically you&#x27;re buying future cashflows. Similarly can never exist for crypto.<p>The interesting thing is that it&#x27;s a bad comparison. You should compare crypto not to stocks but rather fiat currency. Fiat currency is a greater fool investment but worse. The central bank goes and prints oodles of new money effectively taking purchasing power from you. Even worse than that. They like to pretend to give you 0.1% in your savings account. You are only losing slightly slower.<p>Being inflationary is bad for you personally; good for the economy; and great for central banks who can print money to fund deficit spending.<p>What is crypto even anyone? It&#x27;s really just minting your own currency with a clear set of rules and letting transactions happen. What is a &#x27;99 Mclaren F1? It&#x27;s also a deflationary currency with unusual set of rules to let transactions happen for the rich. What difference is a Picasso or other painting from crypto? Certainly deflationary.<p>Fundamentally the rich have been playing the deflationary currency game for a long time using paintings, hypercars, antique coins, stocks, etc.<p>Pick your poison to avoid the central bank inflation game. Stop paying for the government&#x27;s deficits by holding fiat currency.