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A special thanks to "@HaileyLennonBTC" for making the cryptocurrency world a better place by sharing this tweet.
Assistant Director, International Monetary Institute, Renmin University of China, when asked what happens if Bitcoin becomes widely used in China and around the world: "We're all gonna die. This is no joke".
When aligned with Lee's genius in his WSJ article I ripped a new one prior, one must realize it's time for the parents of 2021 to self-examine and realize they are total idiots if they continue sending their kids to University. First Duke, now this.
There is not an Economist on planet earth I can take seriously right now if they are top faculty in a major university institution. MAYBE MIT, where I spent 40 hours learning from Gensler online as prompted by Michael Saylor, and 2 hours from Gensler's doppelganger, okay and I'm sure a lot of other genius economic input from our dear friends in the crypto community! Yes, there are brilliant economists... just not on TV or in the papers apparently.
My best to quote somewhat-talking-head: "Because Bitcoin has a limited amount, it will not grow it's amount alongside with the gross of the human-nomic development. That means we're going to see society going on the death-spiral of deflation, the business sector will withdrawal, and we're going to see people job wither away, and then whole society's gonna shrink, and then self explode."
We have a guarantee from a Professor of Money... it happened with silver in the Ming Dynasty... therefore Bitcoin!
You better watch it, folks, too much, not enough Bitcoin, will cause spontaneous combustion and there is nothing we can do about it!
Lock your doors!
Bar your windows!
Hide ye kids, Bitcoin is coming!
21 million... the number that killed 8 billion people... one sat at a time.
Just when I thought there was no lower level of dumb for information to ride the course of pseudo-English, I am gifted with this most wonderful, beautiful present, wrapped in a bow, delivered by our benevolent Hailey. Thank you for capturing the TV in-progress! The world is SO much a better place getting to share in this bouquet of absurdity.
I really have to pinch myself 30 times/day on this planet where we live. Between the politics and the willing reapers of mercenary propaganda, in the health sector and finance, the doomsday rhetoric of tyrant regimes at home and abroad is so staggering as to cause laughter, tears, or simply numbness from the neck upwards. One has to find the means to live with the utter lunacy of the human race.
A little perspective. If you dig deep enough, and you have the patience for intelligent documentaries, you will find wonderful examples of what the world's governments are actually like. In the case of China, a true journalist spends months filling out papers, aligning their pre-plotted itinerary with the CCP, providing a list of names of every driver, film-maker, trip coordinator, getting all communications approved ahead of time, and that still comes with on-spot-banning of information, banning cleared interviews with people, government spies, being tailed to and from assignments, government handlers lingering outside hotel rooms, lying about who they are, why they are there. It is a miracle facts ever survive people who attempt to bring us the truth about things that happen under the CCP's attempted control lorded over their population.
When we laugh at their bi-weekly ban-hammer episodes from the outside looking in, we really shouldn't take too much humor how tightly the noose gathers around our own necks in the hands of Jack and Zuck, compared to China's Sesame Credit system, now launched in beta, banning travel to those who post a negative bias about their government on Chinese social media. Gee, prior to the green passport most people simply denied the social credit score existed. Now, it even makes it's way to NPR on occasion. But really, what's the difference?
So, this gem of economic wisdom presents an important point: Bitcoin is coming, it is growing, it will be held by institutions, wealthy clients of the world's most well-funded financial advisor groups, and will gain in regulatory clarity as fast as you can say "turtle will eventually arrive".
Us plebs will be allowed to partake, but only under extreme manipulation that is designed to lure in the public with leveraged liquidations and pump-group apocalypse. Meanwhile, the Elon's place the mask of "I'm one of yew guyz" while absolutely obliterating the markets with their careless rhetoric, be it intentional or a byproduct of "I'm autistic, you maybe shouldn't take financial advice from the following tweet" antics. In truth, talking heads take many forms, and every last drip of them are there to do the bidding of whomever writes the check... in this case subsidizes their future-pointing businesses.
Back to the crazy economic genius on the dummy box. I am ever so grateful for this sound bite, thus it must be memorialized and commemorative plaque placed next to the bust of Peter Schiff and Dario among the brilliant financial minds of the millennium, who literally couldn't call a market without first fixing it.
Now, let's actually consider the ramifications if this economic model were actually true. If there is an item of value, premise one, and... premise two, it is scarce, then people who see value in it will try to acquire it. If enough people want it, we will all die.
Literally, it happened in the time of the Mings, it must be true! Everyone is simply going to drop out of the economy when they realize they cannot have one of the 21 million Bitcoins. It is just... that... simple.
1 BTC= 1 DEAD x 380... is that right?
Wait a second, I hear rumors that there is a mathematical invention they like to call... a decimal. What if we divide that Bitcoin into smaller pieces. Can we do that? Hey, if THAT works... we could take this wacky Dollar thing I keep hearing folks talk about, and we could break it down into smaller amounts too! Like, 1/10th of a dollar could be called a dime. That way, if something were worth more than a dollar, but not enough for 2 dollars, you could add some dimes... and if something was only worth 1 dime, you wouldn't have to waste a whole dollar on it! I think I am on to something! We could make 4 quarters of a dollar worth something in... hmmm.. we could call them, quarters! I AM on to something! I think I remember learning about fractions, decimals. Can the fact checkers jump in? I'm feelin' lucky here!!!!!
See, Satoshi, even if he were to end up being the loathsome masked sue-er CSW, had the vision of a time where someone might come along and say "if we all use Bitcoin, we will die", and suggested that a single unit would be a "Sat". There are 8........ EIGHT.... E I G H T units after the decimal in a Bitcoin. What's more, popular stablecoins issued on the Ethereum network utilize all of these units as well, meaning that technically if a person needed to do so, they could literally buy items worth one-three-hundredth of a cent if they so chose to do so. Is that about right? So, if I divide 380 to the 21th power of dead people by 1 300th of a penny, how much Bitcoin would need to support a $300 Trillion economy, which mostly consists of government generated debt?
Now, one truly has to ask, should the Chinese public stop working to get that compulsory education and start focusing on e-sports? I mean, if the best the CCP can provide is "make good money and you will die", you really might as well climb back inside the World of Warcraft and starting mining fake gold for the CCP again. It's likely the best outcome at this point- lol.
Seriously, I'm having too much fun with this. I feel bad for the guy. Propaganda doesn't tend to always leave a trail of the most confident folks used as patsies. But, we must bath in the luxury of such humors, while too often the time passed between absurdities are too vast and far between.
Once again, thank you Hailey for being at the right place at the right time, and providing us with the best journalism we've had in 2021. This wins my vote for top moments that should be featured at the Miami conference. It's... just... too... good.
And on that note of absolute appreciation, a very satisfied if not jaded crypto Gordon Freeman, for now... out.
