by Chris Black
A long time ago everyone in a certain country quit their jobs and started trading something. They all thought they’d get rich and the value of the item skyrocketed. Often trading for more than a real house.
When the common variety started selling for more than what most people could afford, enterprising entrepreneurs starting cross breeding and making new varieties. Which quickly became the new favorites and skyrocketed in price. Soon the value of trade in the item surpassed the volume of trade in physical goods that were actually needed for a functioning society.
Instead of working as a baker, blacksmith, or anything else requiring a lot of physical labor, you could just buy the item and quickly sell it for more, often within hours of buying it. Utopia was close. Nobody would need to work, everyone would be rich.
The problem is that the whole time, nobody really needed the item and nobody was using them for their intended purpose. The entire purpose for the trade of the item was speculation and to turn what money you had into more money.
Does anyone really think crypto is different?
If you think otherwise, you are just as much of a fool as those Dutch people selling their house to buy a few tulip bulbs.
Rabobank: Our System Can Fall Apart If Every Peasant Quits The Physical Economy And Starts Trading Crypto t.co/cm52j1ueni
— zerohedge (@zerohedge) November 8, 2021