by Dexter K White at Gold Goats ‘N Guns
(Usage herein unless otherwise noted: bitcoin = bitcoin; crypto = everything else)
A lot of people think crypto is worth something.
A lot of people think bitcoin is worth something.
Most people in each community think fiat currency has major problems.
And they all believe in the cross fungibility of cryptocurrency and fiat.
Which is why they are missing a huge point about FTX.
The broad crypto community can’t even imagine the perspective of someone who thinks all of crypto (and BTC) is a bunch of bullshit.
And it is from that perspective where our story is told. First, a little background.
Dramatis Personae
For lots of reasons, the concept of cryptocurrency always pissed off the old white collar on a blue striped shirt finance guys.
Those guys cut their teeth in the go-go 80s and dot-com 90s and now zoomer & millennial crypto “traders” want to tell them how markets work.
The old guys know what a mania looks like. They know what people investing in bullshit looks like. They traded pets.com, for God’s sake.
So when the rapscallions of crypto refused to come get their entry analyst jobs and instead wanted to build an alternative financial system, the old guard took notice.
The wrong people started getting rich. And even if most of their “wealth” was still locked in the land of magic beans (crypto tokens), they were still pulling out enough dollars to make a splash.
“They are buying all the Lambos, Mortimer! This shit is getting out of hand. Time to kill the baby.”