by Chris Black
The mainstream view on cryptocurrencies and blockchain technology is that it will bring you freedom. However, the truth is obviously the exact opposite of what’s advertised.
So freedom is owning a tiny portion of something that a small minority owns the majority of? I don’t think people understand the concept of freedom.
If the same people that own the banks, hold the majority of mined Bitcoin/whatever token, then you are in the same position as you are with dollars.
You using Bitcoin/crypto actually just makes those who hold the majority, even more powerful and wealthy.
Bitcoin is a virtual Multi Level Marketing scam. The more you split Bitcoin, the greater the value of a single full unit.
If a Satoshi doubles from $.02 to $.04, a person holding a single Satoshi doubled their money. However, they only made two cents. Heading up the pyramid though, a person holding a single Bitcoin also doubled their money, but instead of a couple cents, they made tens of thousands of dollars.
All you have to do to massively inflate your Crypto fortune is to convince someone to pay a little more for a tiny portion you break off. That is how a small amount of fraudulently printed Tether can move a trillion dollar market. You don’t need to focus on the whole, just the fraction.
Which is also why brokerages came up with the idea of stock slices. You can’t actually own a fraction of a share. That doesn’t stop the brokerage from telling 100 people they own 1/100th of that share. If the share is worth $100 and you get each person to pay $1.10 for the slice, you just instantly made one share worth an extra $10.
If the brokerage holds a million shares, that just made that million shares a lot more valuable.
Bitcoin has always been about getting more people to pay more money for an ever smaller slice of the pie, making those that hold the most, wealthier.
It was never about freedom.