(4,0) WATER WILL BE REPLACED WITH SPRITE (4,0) 4 minutes reading from Bitcoin

We Plebs Don’t Play in the Casino

unpopular opinion: BTC has already succeeded. it's a megacap with ~30b in daily volume. it's daily ADR is < 6% and it's volatility is decreasing. ppl need magical internet money to 10x and 100x. they can't get rich off of BTC anymore.

Dylan LeClair 🟠 on Twitter

bitcoiners telling us to not play in the casino is like warren buffett telling you to stay away from these growth stocks that don't make any sense and instead buy real companies that are tied to the real world with a real business and real revenues and earnings.

yeah no shit, that's the right thing to do. but all the smart money has already bought 10 years ago. the trade is already crowded out and what we plebs get is what breadcrumbs the boomers have left over.

also it's very easy to say 'buy the real stuff and wait for the thesis to play itself out' if you're already rich and have no pressure to make money now. we plebs don't have the time nor the patience to wait for the thesis to play out.

everybody who trades shitcoins in the casino implicitly agrees that they are all worthless scams. but it doesn't matter really. the goal is not to hodl them anyway, but to sell them at a higher price to the next sucker or before they collapse and compound our money.

unfortunately, there is no better way to create value out of nothing than through magic internet money and unregulated ponzis. whether it's forked coins, ICOs, food tokens, dog money, governance token scams, meme coins or layer 1 dogshit. it doesn't matter.

today, the derivatives market is many orders of magnitude bigger than the real economy and if you want to make money you have to be where the money is and play the game.

nowadays it's EV+ to learn everything you can about options and then gamble away on deep-OTM-calls or puts instead of learning a real trade bc in the casino you might strike gold, whereas in the real economy you most likely won't be able to make it.

it's not our fault that the game is rigged or that society is built on top of a giant ponzi & that the financial economy is bigger than the real economy or that the cost of capital is fucked up & that we move into 🤡🌎we don't make the rules, we are just here to surf these waves.

and bitcoiners will never be able to change the game no matter how hard they try. crypto is just the latest iteration of the ponzi game that goes as far back as the mississippi scheme.

there will always be stupidity and fallibility because that is the human condition and there will always be bullshit and narratives and nonsense and memes and pipe dreams because that's what the people want.

they don't want restriction & discipline they want excess and exuberance. ppl don't want real money that is tied to the real world through energy and PoW they want imaginary internet ponzi scam money that can be printed out of thin air and make them rich.

This post is based on this twitter thread.


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