2008 – The deception begins, “The steady addition of a constant amount of new coins is analogous to gold miners expending resources to add gold to circulation.” Satoshi Nakamoto 2008.
Fact – Bitcoin mining has no similarities to gold or mining gold, but plenty of similarities to the deceptive glitter of fool’s gold (iron pyrite, chemical formula (FeS2)).
The deception continues, introducing the term “Gold 2.0” to reinforce the deception of similarity to gold. The “valuation” of Gold 2.0 switches from sunk cost to a price discovery basis.
The deception continues, with the “real-world value” of Bitcoin being deduced from entirely speculative trading on Bitcoin exchanges subject to price manipulation, together with the introduction of futures markets.
Next step, SEC approval of Bitcoin ETFs, followed by triple leveraged ETFs, and the Bitcoin scheme is poised to wreak financial havoc and contagion leading to GFC 2.0.
Eulogy made by Robert Honeywill