‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
Reposting my comment (which is leaf'd off a dead one):Crypto is "cult by design" in much the way all greater-fool scams are. Namely, since coins are incredibly deflationary, wealth accumulates to a small number of early-stakers whilst the long-tail people buying-in provide their liquidity (/cash) so they can exit at an extreme multiple of buy-in.
Everyone is relying on "more fools" to create a longer-tail from their stating position so they can exit higher. Meaning, whatever position you enter at, you have to evangelise like crazy.I dont think anyone has ever yet explained how this is meant to function as a currency. Indeed, crypto people are dead-set on explaining everything except how this works as a currency. Long-and-short of it: extremely deflationary assets are terrible currencies.One reason they're terrible is they transfer power over the economic system to early-stakers, as they have all the wealth. This is just feudalism where land=coin. So crypto people, sitting on a lot of coins, who urge adoption arent trying to "free" the economy, they're trying to own it.It is just a bigger-fool scam, so it wont work -- at some point the tail won't be long enough, and it'll collapse (but this could take decades, as some scams do keep finding enough people to sustain them). So I dont think there's much danger in it -- but, lets be clear: any corporation which accepts bitcoins is thereby recognising an essentially feudal type of economic power.Most holders of coin-wealth didn't earn it, they are taking it from the fools currently buying-in. Accepting crypto as currency, means giving early-stakes a way of exiting the scam at incredible multiples.