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
Excited to share our 2020 #Bitcoin review.
2020 will be remembered as the year the long fabled institutions finally arrived and #Bitcoin became a bonafide macroeconomic asset.
Below are the top highlights of each month for Bitcoin’s historic year.
1/
Bitcoin is now at all-time highs capping off an extremely successful year.
But it was by no means stable ride up.
2020 was a historically volatile year.
@YoungCryptoPM and I provided a detailed overview of every month of 2020 in all its
Jan.
3 days into the new year the US assassinated Iran’s top general Soleimani.
BTC surprisingly reacted to the events behaving like a safe haven as the risk of war increased.
The events provided the first hints of BTC potentially having graduated to a legitimate macro asset.
Feb.
COVID-19 reached a tipping point causing markets to crash.
BTC’s correlation with the S&P 500 reached an ATH in the following weeks.
This is when everyone learned BTC was not a recession hedge, it was a hedge against inflation and loss of confidence in fiat currencies. https://t.co/JB7dJ3qp6M
Mar.
Financial markets in free fall.
The liquidity crisis was so severe BTC experienced one of it’s worst days ever.
Now known as Black Thursday, on March 12, BTC plummeted as much as 50% to below $4,000 at its lowest point on the day.
BTC closed the day down 40%
2020 will be remembered as the year the long fabled institutions finally arrived and #Bitcoin became a bonafide macroeconomic asset.
Below are the top highlights of each month for Bitcoin’s historic year.
1/
Bitcoin is now at all-time highs capping off an extremely successful year.
But it was by no means stable ride up.
2020 was a historically volatile year.
@YoungCryptoPM and I provided a detailed overview of every month of 2020 in all its
Jan.
3 days into the new year the US assassinated Iran’s top general Soleimani.
BTC surprisingly reacted to the events behaving like a safe haven as the risk of war increased.
The events provided the first hints of BTC potentially having graduated to a legitimate macro asset.
Feb.
COVID-19 reached a tipping point causing markets to crash.
BTC’s correlation with the S&P 500 reached an ATH in the following weeks.
This is when everyone learned BTC was not a recession hedge, it was a hedge against inflation and loss of confidence in fiat currencies. https://t.co/JB7dJ3qp6M
1/ Figure I should get out ahead of this issue:
— Dan McArdle (@robustus) June 22, 2018
Bitcoin is a hedge against inflation & loss of confidence in fiat, NOT a hedge against a typical recession.
Mar.
Financial markets in free fall.
The liquidity crisis was so severe BTC experienced one of it’s worst days ever.
Now known as Black Thursday, on March 12, BTC plummeted as much as 50% to below $4,000 at its lowest point on the day.
BTC closed the day down 40%
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
