I apologize in advance to anyone who thought this was simply the weirdest looking COVID blog you’ve ever seen. It is in fact my personal blog, where today I wish to discuss something entirely unrelated to comrade Xi’s gift to humanity.
There’s a news story I encountered today that illustrates the fundamental irrationality of the modern Western economy. Nothing we’re doing makes sense anymore and most people only recognize parts of it. Blue-haired woke people are blind to a lot of the insanity and angry white males are quiet eager to point that out, but angry white males are themselves quite blind to a lot of the insanity as well.
In many ways, we’ve reached the point where we’re burning down our house now to keep ourselves warm. Woke people often call this phenomenon “late stage capitalism”, angry white males will tend to call it “unprecedented monetary policies” or “hyperinflation” or “crony capitalism” or something along those lines. It’s all just different blind men trying to describe the same pile of bovine excrement.
Please take a look with me at this, as we dig through an article that will look absurd to those who will survive this disaster known as post-industrial civilization:
Stronghold Digital Mining, a company that turns Pennsylvania waste coal into cryptocurrency at a power plant in Venango County, has priced its initial public offering and expects to begin trading on the Nasdaq next week.
The shares are expected to be in the range of $16 to $18 each, with net proceeds around $89.6 million.
So, we have a cryptocurrency, known as Bitcoin. It’s basically an entry in a database that you can have on your computer, to illustrate that you own something. Except the entry in the database doesn’t refer to anything you own in the real world, it’s self-referential: The entry in the database signifies that you own the entry in the database.
This entry in the database has value because together we pretend it has value. To ensure nobody can create new entries out of thin air and dilute our wealth, we make it hard to make new entries in the database. The new entries can only be produced, by proving that you performed some computer calculation that should cost about a dollar worth of expenses for a dollar worth of Bitcoin.
So this is where the real world comes in. Bitcoin doesn’t produce anything in the real world, except waste. That’s its only fundamental contribution to the real world. To own a bitcoin doesn’t entitle you to anything, it’s just a signifier that someone had to waste some electricity to create a new entry in the database.
And this is where our friends from Stronghold Digital Mining come in. The US is littered with piles of coal waste. Mining companies dug up coal, burned it to generate electricity and left the bad coal in big black piles on the surface of the Earth, where they cause nothing but death, sterility and misery. Nothing can grow there and it looks hideous.
However, because our new furnaces are more efficient, we can still get some energy out of these big piles located in bumfuck nowhere! The only problem is, what use is energy? If there are no skilled workers living nearby, you probably can’t use the energy to produce something useful. Well this is the nice part: If you just have an internet connection, you can just burn this pile of coal and generate some Bitcoins!
What’s the result of this? For every hundred ton of coal waste you burn, you’re left with 85 ton of waste coal ash. In other words, you solve nothing. You get rid of one form of junk, pour almost 15 ton of Carbon into the atmosphere (there’s some arsenic and other goodies in there too) and leave humanity (and every non-human lifeform) with 85 tons of coal ash.
In contrast to the waste coal, the coal ash is a mess to store. The waste coal is just going to sit there and do nothing, as long as you make sure it doesn’t start to burn. The coal ash will fly away and pollute your soils, unless you keep it wet. So, coal ash tends to be stored in big piles that are kept wet, as the toxic elements like cadmium and arsenic start to leak out, into your groundwater.
Of course all the angry “self-employed” libertarian/conservative white males love this stuff, because on average they are as retarded as the blue-haired body-positive plus-sized they/them wokies they oppose. The dollar is hyperinflation and statist government tyranny and evil and fiat currency and the whole economy is about to collapse because it is kept alive by quantitative easing etc, but the Bitcoin is fantastic to this crowd -rather than a symptom of a sick economy in which millions see no way to survive except for participating in pyramid schemes- because every numbnut who never accomplished anything substantial in his life other than producing memes on Reddit can now become wealthy overnight!
In addition, climate change is of course a big hoax to implement a global carbon tax by the Illuminati, so it doesn’t matter that Bitcoin pours carbon into the atmosphere! How about ocean acidification, is that a myth too? Joe Sixpack never heard of it, so he doesn’t care. What about the mercury and the arsenic you’re pouring into the atmosphere, poisoning your own soil? Who cares, more globalist hoaxes meant to stop hard-working patriotic Americans from enjoying the fruits of their labor!
So, this company -that turns one pollutant into another version of the same pollutant that is more difficult to safely store- is now going public, at 16-18 dollars a share! Clearly it must be a very profitable endeavor, right? Well no, that seems to be why they’re going public: They’re still making a loss.
As the company settles into its business model, which depends a lot of the value of Bitcoin — Wednesday at noon it was $56,173 per Bitcoin, according to Coinbase — Stronghold warned investors that it may operate at a loss and would need to raise additional capital to grow.
During the first six months of this year, the company reported a net loss of $3.5 million.
It has 50 employees and has requested the ticker symbol SDIG.
So you generate coal ash, to produce a product that has no intrinsic value, a pyramid scheme that angry white men merely buy into because they hope to sell their shares to other angry white men at a higher price. And in the process of polluting the real world, to earn shares in this digital pyramid scheme, you’re losing money. So, because you’re losing money, you decide the solution is to get other people to buy into your sub-pyramid scheme, implicitly promising them that your scheme will eventually become profitable again, provided the bigger pyramid scheme to which it is attached increases in size again. Is this a symptom of a healthy economy?
And you have to keep in mind here, this whole scheme -of angry white American men smearing their own feces on the walls of their own house, because they are convinced that they can sell the pieces of undigested corn stuck in their feces to other angry white American men for a higher price, because said men are convinced that they can sell these pieces of corn to other angry white men at an even higher price ad infinitum- employs real people with the potential to deliver a real contribution to humanity too.
That coal waste burning company will have to employ men who process coal refuse, men who could be spending their days planting beach grass on these piles of coal, to gradually revitalize their landscape and build a new topsoil that gradually allows more and more plants to settle on these barren grounds. That coal waste burning company will need its own HR lady, who could perhaps be working in a nursing home, taking care of elderly people. These are all real people, with real free time, time they could be spending doing something that delivers a real meaningful contribution to humanity.
It’s now spent producing coal ash in flyover country, to lose money by producing shares in a digital scheme that are valued at a lower price than the cost to produce the shares. Oh and of course the shares in this scheme entitle you to no dividends, the only purpose these shares have is for you to hopefully sell them later on to other angry white male doomsday libertarians at a higher price.
Is it any wonder there are employee shortages in almost every real industry, when the world is filled with bullshit of this nature?
The Chinese are smarter than the Americans. The Chinese would participate in America’s new favorite Ponzi scheme, but they would mine the Bitcoins in Xinjiang and Inner Mongolia, in far away places inhabited by ethnic minorities they don’t like. Then the Bitcoins would be sold to Americans, the Chinese retail investors were not allowed to play in this game. The Americans on the other hand, they will happily poison the soil that was nourished by the blood of their own ancestors. Why? To scam other Americans.
The worst part of course is that when you point this stuff out, you’ll have a bunch of young white men with poor career prospects who will show up to explain that Bitcoin is terrible for the environment, but their own variety of ponzi scheme solves this problem. Although Bitcoin is a useless scheme that generates vast amounts of pollution and is intended to benefit early adapters by forcing late adapters to pay a higher price to step into the scheme, my own favorite coin removes the pollution part, so now it’s just a simple scheme intended to benefit early adapters by forcing late adapters to buy coins from us early adapters at a much higher price!
Here’s the difference between investing and coinboiiism. As an investor, I buy a company because it’s looking cheap. I don’t care if someone shows up five years from now who is willing to spend more money buying my share than I did. If nobody wants to do that, the company will buy its own shares off the market, from people like me. If the company won’t buy its own shares, it will use its money to pay me dividends. How does it get the money to pay dividends? BECAUSE IT SELLS AN ACTUAL PRODUCT!
You pay money to buy a Bitcoin, but the money isn’t used to purchase machinery that can produce an actual product. Rather, the money is used to perform a complex computer puzzle, a puzzle that benefits nobody. “But my shitcoin solves this” Yeah, here’s how it solves it: Instead of giving those 500 bucks to some dude who spent 470 bucks of electricity solving a computer puzzle and pockets 30 bucks, now you’re just giving those 500 bucks to some insider involved in starting up your shitcoin.
“No it’s not going to the insider, it’s going to the shitcoin foundation, which will use the money for further development and marketing campaigns.” Yeah so the inventors of your ponzi will pay themselves a salary with the money you spent on their coins and in exchange they will spread the gospel of your ponzi to more victims.
Get this: Any investment scheme that doesn’t have a long-term plan to offer a good or a service to people at a price that allows it to earn a profit is not an actual investment, it’s a fraud. If you can’t see who the victim of the fraud is, it’s probably you.
And even if you explain this, you’re going to have people show up when you discuss cryptocurrency, who will still try to peddle their own cryptocurrency. “Although I agree that every cryptocurrency is a useless pile of junk intended mainly to enrich the people who came up with the scheme by exploiting the naivety of poor young white men with poor career prospects, it’s not true for my own worthless bag! My own worthless bag is going to use blockchain to solve XYZ! We’re going to utilize unused disk space for cloud storage! And coincidentally, it will make me rich without having to do anything real!”
The answer is again no. When people figured out about pyramid schemes, the investors of pyramid schemes started to come up with technicalities that made their schemes different from classical pyramid schemes. When people figure out that cryptocurrencies are fraud -ie after they’ve seen their worthless bags drop 90% in a year a few times- the swindlers started coming up with new bullshit to justify that this is all somehow useful and real.
The great new innovation of blockchain is that you can easily hand out securities to people without having to abide by any regulation. You can circumvent the rules that are intended to protect poor people with little knowledge of investing. “Technically what I’m offering is not a security” is as much of a pillar of every major cryptocurrency as “we’re still early” and “if you don’t like it, it’s because you don’t understand it, but I don’t have time to explain it to you” is.
But here’s my question: When the dust is settled, when your cryptocurrency industry is mature and we can finally see what products and services it can genuinely offer to humanity, what do you think we will see?
I already gave the answer in the question itself: When the dust has settled, the only thing you will have is settled dust. Both physically and figuratively. The only thing that cryptocurrency produces is toxic dust. The dust will sink into your soils and you and any descendants you might have will be forced to eat it, until it disfigures your bodies the way that you disfigured your soul.