FTX AND Titanic

November 27, 2022 ~ archercrosley

Why did FTX collapse?

Arrogance.

Forget about wash trades. Forget about creating token value out of thin air. Those are the operational reasons.

The reason FTX collapsed is because it’s leaders, Sam Bankman-Fried and Carolyn Ellison were young punks from the new Ivy League, who felt that the rules of humanity did not apply to them.

Amphetamines are for demigods like them, they reasoned. The rest of the chumps can’t handle such drugs.

Bankman-Fried graduated from MIT. Ellison graduated from Stanford.

Their parents were connected into the power structure.

It must be a heady experience to have so many people swoon before you as you casually let them know that you graduated from such an elite institution.

Why should we be surprised that Fried and Ellison engaged in wash trades?

Why should we be surprised that they created a token out of thin air, and then artificially pumped up its value?

Why should we be surprised that there were no accounting controls?

Why should we be surprised that they threw investors money around so carelessly?

Why should we be surprised that they used customer funds for purposes that are frowned upon?

Rules don’t apply to them.

They are demigods

It’s true.

In the Kim Jong-un society that we have created people who graduate from MIT, Stanford, Harvard, and the rest of the Ivy League are fucking geniuses.

Of course they can do amphetamines and work without being compromised.

Of course they don’t need any accounting controls.

They walk on water

At least they believe they can.

And quite frankly, so do many other people.

Sequoia Capital had no problem doling over $210 million of other people’s hard earned money.

They – and many others – did so, because they looked at Fried and Ellison, and said to themselves: Why, they are the elites. They are the princes of the city. They can do no wrong.

But, as we have learned since the FTX collapse, they are sorry.

They are truly sorry.

Sorry won’t do it, Bub.

Nor will your half assed explanations of why FTX collapsed.

FTX collapsed for the same reason that Titanic foundered: Unbridled arrogance.

This ship can’t sink, Fried and Ellison proclaimed to the world.

But it did sink.

And now it’s dragging everybody down with it in its wake.

Do you want to do something about it?

Do you want to prevent this in the future?

You have to reform the culture. You have to get off this superstar culture kick.

SEC regulations won’t cut the mustard.

It’s the individual that counts not the institution.

You have to stop voting for people who come from these elite institutions. Many of them don’t have the right stuff.

They don’t have the right stuff because they sit back on their asses, do drugs and get by on their connections.

Just like Fried and Ellison.

Sincerely,

Archer Crosley

Canceling Student Debt

August 27, 2022December 21, 2022 ~ archercrosley

The recent proposal to alleviate student debt up to $20,000 per student is a good deal for students and for the United States of America.

It was a long time coming.

Conservatives, and I am one of them, shouldn’t oppose this deal simply to oppose it.

That’s what people like Sean Hannity want you to do.

How is it a bad deal to give a break to young people saddled with student debt?

It’s what Trump should’ve done.

To begin with the student’s tuitions were jacked up by the crooks at the schools and the banks.

They made out like bandits on this unholy alliance.

That’s one reason why schools were able to fund all these building projects on their campuses.

You’ve heard of Girls Gone Wild. Welcome to Buildings Gone Wild.

It was the students who got screwed.

You don’t need expensive buildings to educate students. Furthermore the problem with expensive buildings is that they require expensive maintenance.

Wise sages in Greece didn’t need expensive event centers in order to teach their students. Teaching under a tree was good enough.

What happened in our country though was that schools got addicted to money. So they increased tuition costs unnecessarily in order to feed their addiction.

Much of that money went into building unnecessary gymnasiums, media event centers, and fancy administration buildings.

The students got screwed.

Printing up money to help these poor students out is a good thing.

Conservatives would have you believe that ultimately we the American taxpayers are going to pay the debt.

That’s not true at all.

In reality, nobody’s going to pay this debt.

The money will be fabricated out of thin air by the Treasury Department and Federal Reserve in order to pay off this student loan debt.

The national debt will increase, but so what?

The national debt is not like the debt that you owe for your house or your car.

In the case of your house and car, that’s a debt that you need to pay back.

In contrast the national debt is a debt that is never going to be paid back.

The national debt never needs to be paid back because it’s never meant to be paid back.

The national debt is a giant Ponzi scheme, only in this case the Ponzi scheme artists are us.

If the national debt rises to $30 trillion, all we need do is print up $30 quadrillion in order to make that debt more insignificant.

Then in 50 to 75 years, when the national debt is equal to 30 quadrillion dollars, people in the future will print up $30 quintillion to make that debt more insignificant.

The national debt, something that the media obsesses over, is something you should never be worried about.

What you should be worried about is where the money goes.

Printing up money to alleviate student debt is a good thing because it puts more money in the hands of regular people.

I’ve written this explanation before, and it bears repeating.

If there is a net $100 in society, and you have $50, and I have $50, then we both have an equal share in society.

If I print up $100 and give it all to myself then there’s a net $200 in society. Yet I now have $150 where is you have $50. I win.

Do you get it?

It doesn’t matter how much money we print; what counts is where it goes.

If I print up $100 trillion and give it to the rich, then regular people lose. On the other hand if we print print up $100 trillion and give it to the poor, then the rich lose.

Consequently, alleviating student debt, which effectively puts money in regular people’s hands, benefits regular people, not the rich.

Why would we oppose that?

Please, please, please, please, get out of this mindset of just listening to either Fox News or CNN, whose job is to create a mindless sporting match out of politics.

You won’t learn anything there.

Think through the issue yourself.

Alleviation of student debt is a good thing.

It would’ve been a better thing had Biden canceled it all.

Yes, I know, what about the people who already paid?

I agree with you. For that reason, I would recommend giving an equal amount of money in cash payments to those people who already did pay.

Short of that, it’s better that we alleviate student debt.

It’s a good move for regular people.

Sincerely,

Archer Crosley

Robinhood and the New Reality

May 3, 2022May 3, 2022 ~ archercrosley ~ Leave a comment

When Charles Munger isn’t busy bashing Bitcoin, he’s bashing other new methodologies such as Robinhood.

He Is delighted that the share price of Robinhood is crashing.

Clearly Charles Munger doesn’t like Robinhood.

Why?

Is it because the members of Robinhood can communicate in order to put the kibosh on a scam that they see developing on Wall Street?

For example, when regular people thought that Wall Street hucksters were shorting GameStop, they got together and started buying up GameStop in order to drive the price up.

Many of these short sellers were forced to cash in and take their lumps.

In other words they lost a lot of money.

This bothered Charles Munger.

Apparently it still does.

Never mind the fact that Charles Munger‘s friends found a way to stop Robinhood investors from continuing their game.

You see, in Charlie’s world, it’s heads he wins, and tails you lose.

After all, he’s a Harvard graduate. His partner, Warren Buffett, is a Wharton School graduate. This is the natural order of the world. They must win.

The Robinhood investors upended that world order.

After Charlie gloated about the falling price of Robinhood, his partner, Warren Buffett, chimed in and said that Wall Street was a casino.

Are you kidding me?

Wall Street has been a casino for a long time, nearly the entire time that Warren Buffett and Charles Munger made their billions.

I get it though.

Warren Buffett thinks that people should invest and make money the way he and Charlie did.

They call it value investing. Instead of playing the roulette wheel, you do research in a company in order to ferret out an undervalued company, invest, and hold.

Here’s the problem with their argument.

Regular people don’t get the same information that Warren Buffett and Charles Munger do.

By virtue of their Ivy League connections, Warren and Charlie receive information that other people don’t have the opportunity to access.

Warren and Charlie can know either directly or indirectly if a particular CEO is physically ailing.

They can also know if one of the top five accounting firms is getting ready to audit another company.

They hear about irregularities at the cocktail parties.

Because they own large companies, they may have members on their Board of Directors who also sit on the boards of other companies. Therefore they can receive information even though they are not supposed to receive that information.

People talk.

I’m not saying that what they are doing is wrong. I am only stating a reality.

In essence, Warren and Charlie get inside information that other people do not.

This gives them a huge advantage.

Additionally, when Warren and Charlie buy a piece of a company it usually gives them the opportunity to control that company.

When you or I buy a stock, we are along for the ride.

Consequently, the average investor is looking for a way to have more control than his share would normally permit.

This entails shareholders communicating with each other so as to effectively vote as a block much like a union would do.

Robinhood and the Internet facilitated such block voting.

Thus, we live in a world where your average investor can team together with other average investors to exercise much power.

This is what bothers Charles Munger.

Just as your corporate boss from the 1950s feared unions, Charles Munger and Warren Buffett fear the unionized investor.

In the case of GameStop, the unionized investors weren’t gambling so much as they were sending a message to Wall Street which was: “We like this company. We think this company deserves the opportunity to restructure itself.”

You see, it was the institutional investors, the hucksters on Wall Street who were gambling by selling short on GameStop.

They were the cowboys in the wild west sitting at the poker table. And on that particular day, they lost.

That’s what Charles Munger doesn’t like.

He and his kind aren’t supposed to lose.

But he did.

Sincerely,

Archer Crosley

My Retirement Plan

March 16, 2022 ~ archercrosley ~ Leave a comment

What is your retirement plan?

Are you a 401(k) person?

I will tell you right now that I’m a lousy planner. When I was young I put money in a simplified employee pension plan, but then took it out.

Twice.

Why did I take it out?

Because I had needs.

I paid a penalty on that early withdrawal and so I decided that I was not going to invest in a retirement plan ever again.

And I haven’t.

I don’t understand these retirement plans.

They’re too confusing for me. Additionally, I’m not that kind of person.

It seems like they have too many rules.

Are you that kind of person also?

I suspect that there are many types of retirement plans.

I read once where someone asked a taxi driver what his retirement plan was.

The taxi driver put his finger to his head and pretended to shoot a bullet. He said: That’s my retirement plan.

I don’t wanna go down that route, but I don’t wanna go down the route of a 401(k).

I don’t trust the government, and so I don’t trust anything that they set up.

Usually what they set up turns out to be a rip off for me.

Maybe they’re not, but that’s the way I feel about them.

So here is my retirement plan.

I’m going to trust the process and do the best I can for the benefit of my patients and my employees.

I’m going to trust in the principles of Jesus Christ.

That may sound like a crazy plan to you, but I don’t know any other plan that works for me.

And if Jesus should decide that I live my golden years as a pauper, I will have to accept that.

I don’t trust the plans of men.

In the past, I’ve tried thinking of things ahead of time, and none of those things have ever worked.

To tell you the truth, thinking about retirement gives me unhappiness and anguish.

My plan right now is to work until I drop dead at work.

I want to drop dead at work. Why wouldn’t I want to die in a place where I feel comfortable?

That’s my retirement plan.

Sincerely,

Archer Crosley

The Harlequin in the Corner

December 17, 2021August 20, 2022 ~ archercrosley ~ Leave a comment

The latest laugher on Bitcoin comes from the Bank of England. I’m going to print two excerpts first, then comment.

“The market capitalisation of crypto assets has grown tenfold since early 2020 to about $2.6tn, representing about 1% of global financial assets. About 0.1% of UK households’ wealth is in Bitcoin and similar crypto assets, such as Ethereum and Binance coin. As many as 2.3 million people hold crypto assets, at an average amount of about £300 each.”

And …

“The Bank of England has said that Bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything.”

In a related article …

“A senior Bank of England policymaker has warned that digital currencies such as Bitcoin could trigger a financial meltdown unless governments step forward with tough regulations.

Likening the growth of cryptocurrencies to the spiralling value of US sub-prime mortgages before the 2008 financial crash, the deputy governor Sir Jon Cunliffe said there was danger financial markets could be rocked in a few years by an event of similar magnitude.”

Let me see if I can get this straight. I’m a pretty stupid guy, so I might struggle.

You’re telling me that a currency, like Bitcoin, that represents only 1% of total global financial assets and only .1% of UK household wealth is going to upend the system? Then you have the guts to equate it to the subprime crisis that you, the powers that be, created?

How does that happen? If Bitcoin is so inherently worthless, how come so many people cannot see that? And how does a currency that represents only .1% of the UK’s wealth upend the system?

0.1%?

That doesn’t sound like a gold rush to me.

It doesn’t sound to me like people are trying to get something for nothing.

Bitcoin has hardly been an explosively profitable investment, not when you consider the amount of time that people hold on to these cryptocurrencies.

The value of Bitcoin is roughly at the same level if not lower than when I purchased it over a year ago.

That is principally because the friends of the Bank of England, people like Charles Munger and Warren Buffett, have been chopping Bitcoin’s value down by trashing it; and because quants that the Bank of England befriends have been engaging in high frequency trading through their high speed networks in order to buy and sell Bitcoin quickly.

I’m not buying Bitcoin to get rich quick, although I do hope it goes up in value.

I like many others purchased it because our elites are printing money like crazy. I hope to use this principally as a hedge against inflation. I think many others do as well.

If I can make a little extra, fine, but I don’t expect to make a fortune.

The only thing holding me back from investing more is the uncertainty that the Bank of England and other scaremongers engender.

I suppose it’s worthwhile pointing out again that Bitcoin is nothing more than a ledger that keeps track of everyone’s investment.

Think of it as a giant QuickBooks accounting program.

You invest money into the system, and the ledger keeps track of that investment.

The value of the investment will only go up and down depending upon how many people desire to use this giant ledger.

Theoretically, as more people use the ledger and decide to believe that it is a good thing, the more valuable Bitcoin will be.

If no one believes in the ledger, and if they decide to believe that it is a bad thing, the less valuable Bitcoin will be.

Bitcoin’s value depends solely on whether people choose to believe that it is a good thing.

In that respect, Bitcoin is no different than gold.

The price of gold is dependent upon how valuable people choose to believe that it is.

If one day, people choose not to use gold as jewelry, the price of gold will drop.

Gold has very few uses other than jewelry. Silver is the far more useful metal in industry.

The value of these elements rise and fall depending upon how much utility they have for people.

Bitcoin is a little different in that it is not used in chemical reactions, nor is it used to wear around one’s neck, wrist, or fingers.

Bitcoin’s principal reason for being at this point time is as a store of value. We haven’t reached the stage where people are commonly using Bitcoin as a currency to purchase things.

It is not even necessary for people to use Bitcoin in that manner.

That Bitcoin has no ornamental value, or industrial value, does not make it weaker, but stronger.

Bitcoin is no different than a promissory note from a legitimate bank that agrees to pay you money based upon your deposits.

So why is the Bank of England terrified?

On the surface, there is no reason for the Bank of England to be terrified. They should be investing in Bitcoin as well.

Well, maybe they are, and they’re just not saying anything about it.

As a student of the powers that be, I have an idea why the Bank of England is terrified and why they are scaring you the regular person away from it.

Throughout history, the Bank of England couldn’t have cared less about regular people.

The saying goes that the sun never set on the British empire. This is true, it is also true that the sun never rose on the slums of London.

You can thank the Bank of England for that.

The Bank of England works for the powerful elite in the United Kingdom.

They work with the crooks ( the Harvard cabal) in the United States to impoverish people.

If it’s one thing the elites cannot stand, it’s when you the regular person are not being impoverished into a state of serfdom by them.

They don’t want you to get financially stronger; they want you to become weaker.

Yachts, boats, beach houses, Gucci clothes, fine jewelry, great vacations, fast cars, Broadway plays: those are for them, not you.

That regular people could go to Broadway plays and enjoy vacation spots just like the elites tore their guts up.

What they have been engaging in with their nonstop wars over the past 50 to 75 years is to inflate the currency and give themselves a disproportionate share.

In this manner their share of the world’s wealth goes up. Your share goes down.

Bitcoin is a threat to that.

Thus the Bank of England’s response.

Fuck you, Bank of England.

Fuck your filthy monarchy, and your filthy peerage.

Do the world of favor: take your Kings and Queens, your peerage, your Oxford and Harvard henchmen, and go away.

Put on a harlequin outfit and dance like a fool in the corner of the room.

You’re pretty good at telling jokes anyway.

Sincerely,

Archer Crosley

Evergrande

September 24, 2021September 24, 2021 ~ archercrosley ~ Leave a comment

Do you follow finance?

Are you paying attention to what is happening to Evergrande?

Evergrande is a massive Chinese company that got its start in real estate.

Evergrande is failing.

Evergrande is the Enron of China.

One only has to read this article in Wikipedia to understand why Evergrande is failing.

It’s not rocket science.

Evergrande is failing because it got into everything, just like Enron got into everything.

Evergrande, like Enron, got into businesses in which it knew nothing.

It’s not difficult to do.

The temptation to expand must be too much for companies who are making a lot of money, because so many companies do it.

The company becomes successful, and the success goes to the head of the people who are running the company.

They are sitting on a mountain of money. Hey

They certainly have no intention of returning that money to the shareholders.

Instead they begin to think that they are masters of the universe who can do everything.

And so they do.

Just look at the diverse products and lines of work that Evergrande invested it.

Sports teams, electric cars, theme parks, hospitals, retirement homes.

They even got into pig farming,

Pig farming?

If that isn’t the height of arrogance for a company that got its start in real estate, I don’t know what is.

The wages of arrogance are bankruptcy.

This is the situation that Evergrande finds itself in.

And it won’t be able to right itself.

There is a reason for this debacle, and it’s called decay.

Yes, it’s possible for a company like Evergrande to buy winning companies and make a lot of money.

But in time, those companies are going to decay.

Decay is the natural order of the universe.

Things break down. People move on.

Inevitably decay will occur to a winning company.

To correct this, the parent company needs to be able to select the right people and machinery that need to be replaced.

Or they will need to beef up the technology to keep up-to-date with a changing world.

The problem is that the parent company, in this case Evergrande, doesn’t have the culture and experience to make the right decisions.

They will then make decisions based upon the culture of the parent company which, in the case of Evergrande, is finance.

In the case of pig farming, what does Evergrande know about pig farming? How can Evergrande possibly make good decisions about who will next run the company?

It can’t.

Evergrande’s corporate culture as it accumulated more companies became more financial in nature.

Its focus and expertise became focused on money making and profits rather than the nuts and bolts of a particular business.

Since it doesn’t know anything about pig farming, it will replace the CEO of the pig farm not with a pig farmer but a banker who has no experience in pig farming – but plenty of experience in money manipulation.

In time, the quality of the pig farming operation will go down even though profits may rise through financial chicanery.

A point will be reached when the chickens will come home to roost.

That is the point that Evergrande now finds itself.

The chickens have come home to roost.

Many people will lose their life savings in this impending bankruptcy unless, of course, China bails them out.

The take-home lesson here is to beware of companies that drift too far away from their principal occupation.

It’s not possible to be good at everything.

Being good at one thing involves a set of specialized skills that intrinsically makes you weak in other areas of endeavor.

The company that reaches too far into too many widely dispersed areas of endeavor often falls.

Pride precedeth the fall.

Sincerely,

Archer Crosley

Bonds

September 10, 2021 ~ archercrosley ~ Leave a comment

Stay out of the bond market.

Quite frankly, I never understood the bond market.

I mean I do, but I don’t.

I get confused because of the inverse relationship between the yield of the bond and how much you pay for it.

I’m a straightforward guy. I don’t like thinking in terms of inverses. And I don’t want to have to “figure it out” every time I approach the subject of bonds.

It’s as if understanding the bond market ablates the neurons that are responsible for remembering how it works.

I also don’t understand what the CNBC jerk offs mean when they say that “the bond market took a hit.”

Are they saying that the price of bonds went down, or are they saying that the yield went down?

And whatever does that mean anyway?

What do I do with that information?

If you tell me that the stock market took a hit, I get it. I can go buy the stock cheap.

But the bond market?

I don’t have the time to be deciphering what the fuck they’re talking about.

So I don’t invest in it.

In addition to that how can you get an erection over a bond?

Is that possible? I can get an erection over Apple computer, or Amazon, or a stock.

But a bond?

I have to believe in something in order to invest in it.

How can I possibly believe in a city or a government when I know there’s so much corruption going on?

I can’t and I don’t.

I suspect that bonds are something that you invest in as a last resort.

You don’t really want to invest any money there; you just do it out of default.

Bonds are a consolation prize when you don’t win the hottie.

Stocks are hotties.

Bonds are dogs.

I don’t bet on dogs.

Beyond that, the bond market can be extremely deceptive.

Sometimes the bond market goes up not because anybody believes in the bonds, but because people don’t believe in the stock market.

In that event, massive amounts of money begins to compete for bonds at least until the money decides to flow back.

What does that tell you about the status of bonds?

It tells me that you’re dealing with a consolation prize.

Is that what you want to be stuck with?

On top of that misery, one has to worry about the federal reserve: what they’re going to set the interest rate at, and how much money they’re going to print.

Throw in the usual gobbledygook about short term treasuries versus long-term treasuries, plus LIBOR, and your life becomes infinitely more difficult.

Bonds?

Losers.

Don’t even spend one moment of your time thinking about them.

Let CNBC worry about bonds.

Sincerely,

Archer Crosley

Set It and Forget It

August 21, 2021 ~ archercrosley ~ Leave a comment

When you invest in a company, invest no more than you can afford to lose while adopting the set it and forget it theory.

Don’t be a day trader in that stock or company.

Day trading is pure misery, and you won’t win anyway.

You’ll never beat the high frequency traders.

You’ll never beat the big boys.

They know every trick in the book.

You won’t take down Wall Street; Wall Street will take down you.

If you don’t have the guts to invest in a company, don’t invest.

You either believe in the company or you don’t.

Forget about taking a little off the top.

Ignore practicality.

Be a hog.

Have courage and forge ahead.

Beg to be slaughtered.

Now, of course, there are always going to be extenuating circumstances that will make you rethink your position.

If new information comes along that leads you to believe that your investment is in great jeopardy, then leave.

If you leave, don’t go back.

It’s the only way I know of to immunize yourself against day trading.

Here is why day trading and getting in and out of a company doesn’t work. It’s also the same reason why the set it and forget theory does work.

Let’s say that you have $10,000 to invest in a company. You do so, and your value in the company after ten years goes up to $100,000. Suppose that you decide to take your profits at that point in time. You sell, after which the stock drops to $80,000.

You then think about getting in. Are you going to invest $80,000 back into the stock?

No. You are not going to invest $80,000. You are not going to invest $80,000 at all.

You are a human being driven by fear.

You have already gotten your profits, and you don’t want to lose those profits. So what you will do is put in a much smaller amount. You’ll probably invest only $20,000 max.

Suppose that after you re-invest your money, the stock after 10 years goes up 10 times again. What will your profits be then?

If you reinvest $20,000, you will net $180,000 in profits on the second go around.

If you had left your money in and not taken profits, your total net would be $990,000.

That’s a heftier chunk of money than 90,000 plus 180,000 or $270,000.

Leave your money in.

Play the long game.

If you win, you win.

If you lose, you lose.

When you take this approach, you immunize yourself against the hucksters and the scaremongers in the media.

The Wall Street Journal has no power over you.

CNBC has no power over you.

If you win, you win big.

If you lose, what have you really lost?

You would only lose what you could afford to lose which in this case is $10,000, not a life destroying loss.

It’s not like you don’t have other investments, right?

If you don’t, you should. Never bet more than you can afford to lose.

But when you do bet, set it and forget it.

Sincerely,

Archer Crosley

Cryptocurrencies

May 22, 2021May 22, 2021 ~ archercrosley ~ Leave a comment

What’s going on with cryptocurrencies?

If you’ve been watching the news lately you have noticed that Bitcoin has been going down, while other currencies like Dogecoin have been going up.

There’s a lot of volatility in the markets for cryptocurrencies.

Elon Musk has been promoting Dogecoin.

People like Charles Munger and Warren Buffett of Berkshire Hathaway have publicly denounced Bitcoin.

What’s going on?

What’s going on is that Bitcoin is threatening fiat currency.

Fiat currency is what we live under now.

Under fiat currency, the government can print up US dollars whenever they want to finance wars and government programs.

The problem with fiat currency is that it gives a disproportionate share of the printed money to the wealthy who own Corporate America.

Thus fiat currency lessons your share of America.

It’s called fiat currency because it can be printed on decree. That’s what fiat means. For example during WW II, Mussolini would issue a fiat; he ruled by official decree. Whatever he said became law.

Likewise, the elites who rule our government can print up money by official decree and then give a disproportionate share of it to themselves.

Bitcoin is a threat to that.

Bitcoin is a threat to connected crooks like Warren Buffett and Charles Munger.

Warren Buffett attended the Wharton school, and Charles Munger attended Harvard.

These are two of the Empire’s most “prestigious” schools.

Elon Musk attended the University of Pennsylvania.

These people think of themselves as masters of the universe. The schools that they attended indoctrinated them into the cult of the best and the brightest.

Moreover, these men are whales. They have a lot of money. When whales move through the water, the other fish are moved. The oceans move.

Thus these three man can move the markets by virtue of their investments or by virtue of what they say. And they have unlimited access to main stream media.

They don’t like Bitcoin. They don’t like Bitcoin because fiat currency makes them a lot of bucks. All three of them are government parasites. They make a lot of money through government programs. Fiat currency fuels those government programs.

Do you understand?

Bitcoin threatens that ideology, that mindset.

Bitcoin cannot be created on demand. Bitcoin cannot be inflated artificially by man.

Bitcoin threatens the existing order where connected crooks can print up money and give a disproportionate share of it to themselves.

That’s why Bitcoin was invented.

Bitcoin returns us to a gold standard of sorts where to get rich, you have to go out and add value to society.

In other words, you can’t get rich by printing money and giving a lot of it to yourself.

Because Bitcoin works against official government theft, the people who are connected with the government have a vested interest in destroying Bitcoin.

One of the ways to destroy Bitcoin is to promote other cryptocurrencies which they the elites control.

Thus Dogecoin. Thus the other cryptocurrencies which are known as shit coins.

What makes Dogecoin and other cryptocurrencies shit coins is that there are not a defined number of coins that can be printed up. In other words an inexhaustible supply of coins can be printed up just like dollar bills can be printed up.

In addition to that, shit coins are often stored on centralized servers that the elites control. So if the elites decide to shut down the shit coins in the future, it’s easier for them to do that.

It’s a power game. It’s the same game that man has been playing for thousands of years. It’s the regular people versus the elites.

That’s what’s going on. That’s what the battle is all about.

Who will win this battle?

In the long term, Bitcoin will win. In the near term the elites will win.

The elites will win because the little people who desire Bitcoin do not understand how vicious and greedy the elites are.

The little people always underestimate the ruthlessness of the wealthy elite.

Only when the wealthy elite are taken to the guillotine, as King Louis and the French whore Marie Antoinette were, can Bitcoin win.

That could take centuries.

Sincerely,

Archer Crosley

Smaller Rewards, Better Results

May 12, 2021 ~ archercrosley ~ Leave a comment

There is not a shred of legitimacy to these tech boys making billions of dollars for developing e-platforms in any area of endeavor be it cryptocurrency, healthcare or social media.

Their making this money is a violation of the social contract we have with each other in which we agree to not rip each other off.

If we are going to allow tech boys to make billions, why not doctors, why not lawyers, why not teachers, why not cops.

They add a hell of a lot more value than the guy who invented Tik Tok.

So why do we allow it?

It’s all arbitrary. We are adults. We can do whatever we want.

We allow it because the elites say so; consequently, they have paid off Congress to sit back and do nothing about the amazing profiteering the tech boys engage in.

There’s no practical justification for allowing these billionaires to have so much money.

The idea behind them having this money is that they will do wonderful productive things with that money that will benefit society.

The reasoning goes that smart people who make billions will use that money to do more smart things.

Well, where’s the beef?

Show me the stunning results from Bill Gates, Jeff Bezos and Elon Musk.

I’m waiting.

I-I-I’m waaaaaai-ting.

Self-driving cars – bust.

Large batteries to power the house – nonexistent.

A million men on Mars – don’t hold your breath too long. Mars is 40,000,000 miles away at the closest; there is no oxygen there.

Electric cars – impractical right now. Unless you’re Ewan McGregor with an advance team scouring the countryside for electrical outlets.

Solar roof tiles – I guess Elon gave up on that idea.

Zoom replacing in-school learning. Give me a break. Kids are going to have to repeat this past year because the learning was so poor. Kids were logging in, then sleeping during class.

Machines melding with brains – Elon might want to run that one by the neurosurgeons.

High-velocity rapid transit – where is it? This is an idea that can work.

Impossible burgers based upon plants – Obesity is going to be even more of a problem.

Tik Tok – Woooooooooow.

Sadly, there are no great ideas coming out of these billionaires. What I see are a lot of mansions, jets, sports teams, ranches and yachts.

Jeff Bezos just purchased a yacht that costs a half billion dollars. A half a billion dollars! Maybe he’s trying to top Snyder of the Washington football team. Snyder has a basketball court and an IMAX theater in his. What’s Bezos putting in? An opera house? A baseball stadium?

That’s not exactly what I could call a wise investment of money.

How about initiatives to fix homelessness?

Nope.

How about better working conditions for the people at Amazon?

Nope.

How about paying down on student debt?

Forget about it.

Instead what exists is a lot of lobbying to get more free money for the billionaires.

Thanks but no thanks.

It’s a fact of life that when people make too much money, they tend to lose initiative.

They lose the fighting spirit that made them great in the first place.

We see it in sports stars all the time.

Once they make the big bucks their careers head south.

It’s the same way with the billionaires.

So what should we do about it?

We need to restructure patent and trademark law so that we separate out the creation of the idea from its implementation.

In other words nobody enjoys exclusive right to manufacture or implement a concept.

So, if a guy invents the concept for Tik Tok he has to sell that at an industry agreed upon price to all comers who then reserve the privilege to implement it or improve upon it at which point the cycle begins again.

In this way, we get better products at a fraction of the cost.

And it will be better for the billionaires also.

They will be more like the rest of us, still rich, but much more productive.

Like sports stars used to be.

Sincerely,

Archer Crosley