{"id":6517,"date":"2022-10-19T15:28:37","date_gmt":"2022-10-19T15:28:37","guid":{"rendered":"http:\/\/ci02ae2d17a0002650"},"modified":"2025-01-28T14:44:40","modified_gmt":"2025-01-28T14:44:40","slug":"bitcoin-has-failed-2022","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/bitcoin-has-failed-2022","title":{"rendered":"\u2018Bitcoin Has Failed,\u2019 The 2022 Edition"},"content":{"rendered":"
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This is an opinion editorial by Aleks Svetski, author of \u201c<\/em>The UnCommunist Manifesto<\/em><\/a>,\u201d founder of The Bitcoin Times and Host of the \u201cWake Up Podcast with Svetski.\u201d<\/em><\/p>\n

It\u2019s October 2022. Bitcoin is once again below $20,000<\/a>.<\/p>\n

R.I.P. bitcoin. You have finally died. You\u2019ve lost your luster. The Ponzi has ended. The show is over. It\u2019s time to go home.<\/p>\n

Next stop, $10,000, then $1,000 and then $0.<\/p>\n

In this essay, I will be channeling my inner Nassim Taleb<\/a>, Frances Coppola<\/a>, Jim Cramer<\/a>, Peter Schiff<\/a> and Paul Krugman<\/a> to prove that this time<\/em>, bitcoin has well and truly failed!<\/p>\n

Bitcoin Has No Hard Cap, You Can Divide It!<\/h2>\n

Let\u2019s begin by exploring the big-brained idea of \u201cinflation via divisibility,\u201d proposed<\/a> by the incredible Coppola. Her theory may be how we solve world hunger and actually feed everybody<\/strong><\/em> with a single<\/strong><\/em> pizza because \u201csubdivision eliminates scarcity.\u201d<\/p>\n

It\u2019s truly extraordinary stuff.<\/p>\n

Fan clubs of hers have begun to spring up in chartered financial analyst (CFA) circles all around the world. See Dick below:<\/p>\n

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According to the experts, if you can divide things down, you can actually create more of them!<\/p>\n

Lord Keynes<\/a> himself could never have imagined such wonders.<\/p>\n

Then there\u2019s Paul Krugman. One of the greatest of the greats, faxed the world his opinion, after having been on the wrong side of history (again). I think this time he\u2019s right. Bitcoin has failed.<\/p>\n

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Fiat geniuses and Nobel Prize winners such as Krugman are known for their incredible predictions, whether it comes to the impact of the internet<\/a>, or more recently, Bitcoin.<\/p>\n

Krugman has been warning us all for years now of the peril of being involved in Bitcoin. Have you been listening?<\/p>\n

Young Liron Shapira below sure has been:<\/p>\n

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Oh, Shapira. How could we have not noticed that bitcoin fell 80% (again) and that despite the same thing having happened many times in the last decade<\/a>, that this time will be different, in the face of orders of magnitude more hash rate<\/a>, wallets<\/a>, users<\/a> and technical development<\/a>?<\/p>\n

Jeez. Bitcoiners are such ignorant morons. They have no idea!<\/p>\n

It\u2019s over for retail. There are no more people on the planet who need sound money and savings that won\u2019t melt like ice…<\/p>\n

Back to the U.S. dollar we go:<\/p>\n

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Oops \u2026 that\u2019s the logarithmic chart. The real difference is better represented in absolute terms. This recent \u201cbitcoin is dead\u201d phase can be seen in the bottom right hand corner, where the arrow is pointing. This proves the point unequivocally. Bitcoin is dead.<\/strong><\/em><\/p>\n

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Look! The USD may be suffering a little bit, but at least with it we get cheap TVs<\/a>! <\/p>\n

Reader: please ignore the top half of the following chart. Things like food, healthcare and housing are <\/em>not<\/strong><\/em> <\/em>important. What matters is that we have a regulated medium of exchange issued by fossils over at the central bank. Only in this way can we have a clearly functional society where irrelevant conveniences like medical service go up in price while TVs go down!<\/p>\n

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The Facebook To Your Myspace!<\/h2>\n

Bitcoin has failed to innovate. In 2022, we\u2019ve created faster, newer, more \u201cdEcEnTrALiZeD\u201d blockchains, like Solana. Nevermind that Solana backwards is actually \u201cAnal OS.\u201d That\u2019s just a coincidence made up by that toxic nym Gigi<\/a>.<\/p>\n

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We\u2019ve moved on from old school technologies like proof of work. We\u2019re now using energy efficient consensus mechanisms like proof of stake<\/a>:<\/p>\n

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Also \u2014 just incase you haven\u2019t noticed, the Federal Reserve isn\u2019t printing any more money, so now venture capital firms have decided to take it upon themselves to print in its stead. The methodology is brilliant and quite simple:<\/p>\n

Take a little bit of seed money, mix it with some technical buzzwords, wrap it in a very healthy dose of modern marketing with friends over at Facebook and Google, then have it served by everyone\u2019s favorite Instagram celebrity.<\/strong><\/em><\/p>\n

It\u2019s a beautiful thing.<\/p>\n

Why would anyone need something so boring as sound money in a world where money doesn\u2019t even need to grow on trees, but can be conjured up with a few lines of code?<\/p>\n

Why<\/em> would anyone need energy money, inconveniently rooted in the laws of thermodynamics which thus cannot be printed, changed or manipulated, when you can just get tatted-up hedge fund managers and washed up bears from investment banks to pump digital Ponzi schemes?<\/p>\n

I mean, just look at the caliber of people backing \u201ccrypto\u201d:<\/p>\n

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Seriously man.<\/p>\n

You Bitcoiners have philosophers, engineers, writers, artists and memers.
What are they good for?<\/p>\n

We have \u201cinfluencers\u201d and JPMorgan executives, because \u201ccRyPtO is dA fEwTcHa.\u201d<\/p>\n