Multi-year bull and an ATH surprising even to the biggest bulls as the infinite Cantillon "wealth" is pumped into crypto
Crypto becomes the ultimate Cantillon insider circle-jerk.
0/ The Great Crypto Reversal
Key difference between the '17 and roaring 20s in crypto is that back then everyone was aping a16z and Naval.
Today everyone apes 3AC wanting to be the next Degen.
'17 was an idealistic *saving the world* kind of thing
20s is *me against the world*
Multi-year bull and an ATH surprising even to the biggest bulls as the infinite Cantillon "wealth" is pumped into crypto
Crypto becomes the ultimate Cantillon insider circle-jerk.
The regime transition allowed the communist party elite to benefit from the wild west form of "capitalism" that ensued, transferring (and multiplying) their wealth into the new regime.
https://t.co/6VxcNUiXeA
At "forever" Cantillon insiders are infinitely wealthy. Everybody else lives in pods & eats what the livestock eats, or joins the harem or household staff of an infinitaire.
— Nick Szabo (@NickSzabo4) January 21, 2020
Solving the problems of "the little people" is but a pipe dream.
Crypto will not help to solve inequality. It will create generational wealth for people with particular set of skills.
It is a ridiculous meme and a red herring.
Retail and normies are irrelevant.
Insider/Cantillon wealth is what makes the green candle that buys @kyled116 breakfast cereals.
(mine too but I do not eat breakfast)
He is the truth hiding behind the troll. He is both an extreme insider (skills+capital) and extreme outsider (anon).
Degen is a manifestation of our shadow self. Some understand but few are willing to admit.
More from Crypto
Michael Pettis @michaelxpettis argues that it is not always obvious who (China or the U.S.) adjusts best to "turbulent changes."
Bitcoin answers that question.
Thread:
World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5
Bitcoin answers that question.
Thread:
1/11
— Michael Pettis (@michaelxpettis) January 11, 2021
An article worth thinking about: \u201cAs changes to the world structure accelerate, China\u2019s rule is in sharp contrast with the turmoil in the West,\u201d says Beijing.
I agree, but I draw a different conclusion. The world is certainly currently going...https://t.co/ugha7ygqqx
World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5
Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon
Short version:
The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.
Oh, and that URL is not the media. That URL is a JSON metadata file
Here's an example. This artwork is by Beeple and sold via Nifty:
https://t.co/TlJKH8kAew
The NFT token is for this JSON file hosted directly on Nifty's servers:
https://t.co/GQUaCnObvX
THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.
So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.
"But you said some use IPFS!"
Let's look at the $65m Beeple, sold by Christies. Fancy.
https://t.co/1G9nCAdetk
That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:
https://t.co/CoML7psBhF
Short version:
The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.
Oh, and that URL is not the media. That URL is a JSON metadata file
Here's an example. This artwork is by Beeple and sold via Nifty:
https://t.co/TlJKH8kAew
The NFT token is for this JSON file hosted directly on Nifty's servers:
https://t.co/GQUaCnObvX
THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.
So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.
"But you said some use IPFS!"
Let's look at the $65m Beeple, sold by Christies. Fancy.
https://t.co/1G9nCAdetk
That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:
https://t.co/CoML7psBhF
