Let me repeat that again.
People are morons.
Just look at the primary belief of Skeptical Deism. Everyone should have that belief, but most people not only believe in the Holocaust, they believe those who don’t believe in the Holocaust are evil incarnate.
But it’s more than that. Even when presented with clear evidence the Holocaust did not occur, people will still believe in the Holocaust. Reality be damned! The Holocaust must be true for them.
Moronic behavior is everywhere – including finance. People are buying Bitcoin. Bitcoin is literally a decentralized Ponzi scheme. The early adopters of Bitcoin convinced other people that bitcoin was valuable. They then convince other people to purchase Bitcoin at increasingly higher prices. The early adopters get rich quick while everyone else will get rich more slowly.
So, Bitcoin must be useful as a currency . . . nope. First it takes 1.4 kW just to do a single transaction. At the moment, transaction fees are $1.15 per transaction.
So, I go into my local store and buy a hotdog, chips, and a 44 ounce soda for $3.17 but I decide to use Bitcoin. My price has now jumped to $4.32. Ok, but it’s quick and secure, right?
Umm . . . well . . . I now have to wait for an hour for my transaction to go through. I can pay more to speed it up to like 15 minutes.
Over time, all of this will get worse. Let’s not mention the nightmare of living next to a Bitcoin processing center.
But safety! Surely Bitcoin is secure! I must admit the encryption is pretty solid. However, if your identification information is stolen, the transactions cannot be reversed and good luck in convincing the law enforcement to help you. You just lose it all. Better make sure the security on your computing and phone devices are 100%. You want to keep it all in your noggin? If you forget it, it’s all gone.
And then Bitcoin has started the rise of kidnapping and torture rackets. After all, criminals only have to torture you until you reveal your Bitcoin account information. Yes, the money can be tracked . . . if you’re still alive and can provide your account information. Your account doesn’t have your name on it, so you’re hoping the police who are usually hired for their lack of intelligence will figure out your killers were after your Bitcoin money . . . and then figure out which Bitcoin account was yours . . . etc.
And then there is a lack of privacy. Anyone who does decide to spend some time to identify you as a holder of a Bitcoin account will get to see everything you do with it. If you still think Bitcoin is awesome, please send your banking account and credit card statements to deaththreats@skepticaldeism.com so I can post it for everyone to see.
Bitcoin is absolute crap, yet people value it so highly, they will sink their life savings into it. Insane moronic stupidity! But people believe the Holocaust too . . . so I’m guessing Bitcoin will keep going up. Don’t trust my judgement though, I’m not a good judge of how morons behave.