They printed money - my #bitcoincash rant

“They print money”

The Cryptowars — my rant

Somewhere this summer, some known names in the crypto space went to a meeting on a big grey boat in the South of France. They discussed the future of the space, and their plans for their own libertarian ‘nation’ or zone.
It’s also from that moment onwards that the likes of them started to work together (nothing wrong with that, lots of people and business with the same goals work together). But there’s something more going on than some random people working together to better the world : manipulation. And when people with lots of power and money come together, it’s usually to get more power and money.

I’m not going to defend Bitcoin Core here, before you think I’m here to say that bitcoin cash is evil. It’s not evil at all; it’s just a scheme, something that will take a lot of energy and power out of the cryptospace and divert it to something else: telling everyone digital cash is a reality and that they can use bitcoin cash as such.
In time, this can be the case for real however… I’m willing to change my mind any time I see real evidence of this, and I’ll do so publicly if necessary.

Bitcoin (core, segwit…) teams have moved very slowly, and done enormous damage by not letting bitcoin grow as it could have — I agree there.
But on the other hand I applaud them for not selling out and go fast as a bunch of cowboys and risk our investment with dodgy projects pushed by a few individuals.
So it’s not ideal, but not catastrophic either. It’s early in crypto and we have to let developers do what they do best, without going head over heels in to so called “progress”.

The like-minded people, surrounding Roger Ver, are well-know, (and some are lesser known but equally important). If you want to know their names, just see who’s in to the freesociety.com organisation, look at whoever all of a sudden changed their narrative on their youtube channels (like a certain someone who went from libertarian bitcoin supporter, to coffee-enema promoting and bitcoin cash pumping in a few months time, without any plausible reason, of course all AFTER he bought in during summer at record low prices).

It’s always the same scenario: some luxurious place houses a few insiders, they discuss… they buy in at low prices… then their marketing and PR machine is set in motion and the sheeple, their “customers” and viewers follow. And they pay the first ones… it’s not a scam, but it’s a manipulative trick done so many times in our real economy, that it’s a bit disgusting that ppl who “fight” for liberty and are anti-state do exactly the same now.

These followers, they buy in at various mid to high prices (thinking they to in early) and get screwed or have a small profit at best.
While the big guys get x100 fold their money back. Which they invest in the next big project.
They are the ones getting in to Bitcoin cash at 170$ or lower. Sold one Bitcoin for 18 bitcoin cash, then pump it to 1900$ and higher and sell off … and guess what? Who pays for all that?
Korean families, everyday normal people, investors, children saving some of their hard earned money from their summer jobs to buy 0.05 BTC or something.

They got F-CKED out of their money.

Not only by the sales pitch, but also by the tactic of using the technological advantages they have to better themselves. They sell the virus, and the anti-virus. They sell you low-fees and you get a non-existing user base with zero adoption and a shabby dev team behind it in return.
Plain and simple what happened since the Bitcoin Cash hard fork in August:
We had 21 million bitcoin at first (in theory), and then these ‘libertarian club’ came along promising low fees, low transaction times and all other things Litecoin and even fiat already has…. and poof … discussion, a triggered ‘incident of the S2X fork and… we had another situation.

42
Basically, they went from 21 to 42 million coins this way… with an unfair distribution, since the “new coin” (which they see as the “real bitcoin” as it fits their narrative) has already their holding locked into it; the ones who had 10000 bitcoin, now have 20000 coins (bitcoin + bitcoin cash) combined.
They got this trick from the central bankers, … it’s called “printing money”. Although they didn’t do it of course… no no, they just caused it and oops.
Printing money, something libertarians fulminate against a lot but like to do themselves whenever they get the chance.
The ones that mined or bought bitcoin before 2013 are rich now. We know. If they held on to it… and they doubled their money.

But who pays? Crypto is not a zero-sum game they always say… but if someone sells one of these coins, and get fiat in return, then someone, somewhere PAYS.
If I bought a bitcoin for 3$ … someone now pays me 6000$ for it, and on top of that they also pay me 1300$ for it on the BCH side of this 42 mil. coins (I see it as one pool, with a divider in between).

If you tell them this, they answer with “But no, it’s another chain, another coin”.
While a bit later the same people yell “No, Bitcoin Cash is bitcoin, it’s the same code, we are the original vision of Satoshi” — You can’t be something new, and the same, at the same time.
You did change the code, you did push the the block size up and you did cause a hard fork. Be it that the bitcoin core side had something to do with that as well. They didn’t want to play cowboy basically.
The ‘new money’ that comes in this way, goes directly to pay of the investments of the old holders. They do sell, they do take profit, I asure you they don’t HODL all the way; HODL’ing is a trap, a way to keep people holding, because that’s the only way these ups and down in price always guarantee that the old guys get the best prices and can dump it whenever it profits them the most.

In the end they up the ante and get more bitcoin, bitcoin cash or fiat… they will ALWAYS win as long as new money flows in…. And that money keeps flowing in if the current normal level holders keep “HODL’ing” — too scared to miss out, too scared to move coins… Even when the price goes down, or up, or stays the same… they are conditioned to hold. Like good little monkeys expecting their rewarding banana after doing a trick in a circus.

The cure

There is no remedy… face it: this crypto space is already taken over by banks, criminals, sharks, broken minds, would-be prohets, Steve Jobs-wanabees, economic geniuses and marketing guru’s… if you want to take part, be ready to pay for their dinners, their hookers, their yachts, gambling addictions and their nifty side-projects.
Just like in the real economy we see this happen every single day.
We’re fckd. There is not peer-to-peer money Valhalla.

Not anytime soon anyway.
If you believe that, you’re naive.
What can you do (if you feel the need to do something)?
Well simple: money is consensus. And since the BCH people think of their coin as “digital cash”: you can end consensus on it yourself, just don’t accept it as money.
Simple. Someone wants to pay in bitcoin cash? don’t accept it.
And yes, they can do the same, and they actively do so, (try to buy mining equipment without bitcoin cash for example, they don’t accept it).

And such is a war built: someone will get hurt, and probably we all will share the pain.
That’s how humans work: they invent something beautiful and then some greedy individuals destroy it for everyone. And yes, these individuals can be found anywhere by now, on the bitcoin core, bitcoin segwit, bitcoin gold, bitcoin cash and bitcoin whatever side… (and don’t get me started on the Ethereum ICO side… greed is an understatement there, although I see the devs and the real believers being rather idealistic still).
Be vigilant, YOU as a consumer / investor have ALL the real power: not buying in, not accepting is more powerful than trying to chase a rocket by buying in to bitcoin cash in a hurry and try to jump on the train you don’t know the direction of and is controlled by some fat ass on a luxury boat.

For me personally, … I’m out. Except for the long term savings I can’t touch and are out of my control on purpose for situations like this, I’m out: sold all for dirty old fiat Euros.
If you don’t know what to do: try informing yourself on some viable altcoin alternatives, things like #litecoin, ARK.io, gbyte are worth a look. So is gold, silver and s&p500 index funds.
Getting 3000% returns will not last in crypto. Not for the ordinary people at least. Because the sharks are out.
My conclusion is simple: They printed money.

They mined 1 bitcoin years ago, and now poof that’s 2 coins… one on the bitcoin chain and one on the bitcoin cash chain… and yes, we need to believe that the higher settings on the blocksize makes this “real” bitcoin… and solves all problems bitcoin has (and yes, it has many problems).

The big block people as they call themselves, are overlooking one important thing: money is consensus, and pushing your coin in our faces is only chasing people away. The low transaction fees and higher speeds in transactions are interesting of course, but that’s nothing new. Anyone can name at least 20 coins that do this better, faster and cheaper (and I’m even not including the current electronic fiat payment systems here, here locally we have a series of banks all using the same QR-code scanning app to transact fiat money, it works fast, free and with a guarantee).

So what did they do to print money?

They get your old mined coins, double them with a hardfork, change one setting and then go on selling BOTH new coins to investors. The same investors you claim to protect from evil banks, the same investors that scraped together 1000$ to buy into your ICOs, or buy a bitcoin,… the same investors YOU actually should THANK to even accept your bitcoin (cash) in the first place.

We all convinced ourselves that this was the future and that we needed to build concuss in accepting this. Money is consensus… and you broke it; I don’t accept bitcoin cash. I don’t accept your coin, since it’s nothing more than a copy, of a copy of a copy.

The power of bitcoin and any crypto lies in the acceptance… we had such a thing in bitcoin, at least it was building up towards that goal. And yes, it failed to be peer-to-peer money. Maybe that’s the reason Satoshi left in the first place, he saw where this was going… infighting, discussions and free market game tactics.
So yeah, here we are; 42 million coins… most of them in the hands of ‘those guys’ and soon, the banks.
You printed money, and that was the ONE MAIN REASON to believe in bitcoin. And now that’s gone. I’m not accepting it anymore.

We have half of the ‘money of the future’ on a slow, expensive store of value chain, and half of it on a big-block higher inflation chain with unpredictable retargeting for miners and a dev team that botched the hard fork’s main reason: the difficulty adjustment algo.

Have fun drinking each other’s milkshake. The little people will suffer and pay for their shizzle and drizzle — I’m sure.
That’s what they always did, because they think they’re going to be free,… they sold them freedom in an electronic wallet.

kim0raku