Bernie Madoff in Hell is Taking Notes
- Donald R. McClarey
Donald R. McClarey
Cradle Catholic. Active in the pro-life movement since 1973. Father of three, one in Heaven, and happily married for 43 years. Small town lawyer and amateur historian. Former president of the board of directors of the local crisis pregnancy center for a decade.
His mother is a law professor. A bit of her wisdom on social policy can be found here:
https://www.unz.com/isteve/sam-bankman-frieds-mom-the-philosophy-of-personal-responsibility-has-ruined-criminal-justice-and-economic-policy-its-time-to-move-past-blame/
Old saw: “A fool and his money are soon parted.”
I don’t buy anything I don’t understand.
I don’t buy crypto or crypto ‘exchanges’ not b/c I don’t understand them. I don’t buy because it’s all BS.
On the other side of the trade, there are tens of thousands with billions that don’t understand those facts. They have a lot fewer billions now. This is worse than when the genius crowd bought bitcoin at $65,000, now $17,000 and still about $16,998 overpriced.
And TSLA is a wonderful $5 stock.
I wouldn’t buy into this BS too but this stuff is actually being used to survive. Lebanese people whose economic situation is beyond repair are mining it to buy groceries and live. They don’t have choice they are desperate. There’s been numerous stories of people holding up banks in order to withdraw their money for emergency surgery for family members because banks won’t let them. This is how bad the Lebanese economy is. So the Lebanese have turned to cryptocurrency to survive because, although it’s not formally legal, the government can’t enforce its illegality. (And because the government is so crooked and the reason the economy is the way it is). They’re basically surviving on imaginary money.
https://www.cnbc.com/amp/2022/11/05/-in-bankrupt-lebanon-locals-mine-bitcoin-and-buy-groceries-with-tether.html
The Lebanon situation is somewhat unique in that they are operating under what is essentially a barter system with crypto as the medium vehicle. When (if) the government ever stabilizes, crypto will be essentially worthless as is merely an expression of numbers with no one having the responsibility to maintain its supposed intrinsic value.
They don’t care that crypto will be worthless because the Lebanese Pound is worthless. And it will likely be for the foreseeable future unless a miracle happens. And their savings (if they have any left) is not accessible and if it is, unless they have exchanged it to US dollars and stuffed it under their mattress, has deteriorated considerably in value. The fact that imaginary currency is being used and accepted as the only option to buy basics, is insane.
Good thing I keep all my crypto buried in a coffee can in the back yard. Nobody will ever find it there, haha!
Crypto currency consumes terawatts of electrical generation via “mining” without returning any real wealth. “For example, Bitcoin mining currently consumes electricity at an annualized rate of 127 terawatt-hours (TWh), which exceeds Norway’s entire annual electricity consumption.” By what means exactly do people who trade in crypto currency think that electricity will be generated? The reader is challenged to understand the description at the link below:
https://www.forbes.com/advisor/investing/cryptocurrency/what-is-cryptocurrency/