BTC's Marketcap in Context: No Honor Among Thieves

BTC's Marketcap in Context: No Honor Among Thieves

By FarewelltoMinds | Farewell2Minds | 20 Aug 2020


Here’s an interesting image.

fu6l607xe2i51.jpg

It shows the scale of wealth, or market caps, of different elements of our economy, compared to how much the price of BTC would have to be in order to reach those market caps.

What stood out to me about this graph is how the players and names on this represent so many facets of today’s corrupt economic system. Let’s get started, looking at each one and offering some thoughts. Everything I say here is sourced and backed by facts. 

At the bottom is the total wealth of Jeff Bezos (f*** him), a man whose riches come from union busting, worker exploitation, tax evasion and monopolizing markets. He makes his money by forcing workers to work for low wages, long hours, and at the threat of catching COVID-19. BTC surpassed his wealth at a price of $10,200.

Sources:

Our next goal surpassing the entire wealth of JP Morgan, an institution that was charged with writing fradaulent securities in the lead up to the 2008 financial collapse of the US housing market.

VISA would be surpassed if BTC rose to $23,000, a price just above its ATH back in the previous bullrun. VISA, the world’s second largest payment network, suspended donations and payments to Wikileaks in 2010 after the website hosted a video of a US military attack helicopter in Iraq firing on and killing Reuters journalists among the 18 dead. This was also after Wikileaks published documents the Afghan War Logs, detailing the horrors of the imperialist occupation. VISA, thus, has proven to be a financial arm of the U.S. federal government in its efforts to silence detractors and critiques and whistle-blowers.

Sources:

The market cap of Facebook would be surpassed if BTC broke $40,300. Facebook needs little explanation. The system is essentially a data composite for the CIA and the hundreds of other intelligence agencies around the world that routinely collect and analyze user data in order to establish algorithms designed to sync advertisements as well as political movements. For example, the Cambridge Analytica fiasco revealed how Facebook was used to target specifically emotionally hysteric personalities, and show those personalities political advertisements of Donald Trump’s campaign. Those some hysterics remain his most devoted followers, despite his utterly failure to guide his country during a global pandemic.

Sources:

The marketcap of Apple would be surpassed if BTC rose over $100,000 per coin. Apple, a company with products I enjoy and use, operates its global supply chain using an exploited labor force. Foxconn, a company outsourced by Apple to produce its silicon chips, forces its employees to labor under inhumane conditions, leading to a suicide crisis in its militaristically designed factories. The suicides have gotten to abhorrent and common that the factories use nets around its roofs in order to prevent jumpers.

Apple relies on the lower wages in the developing world in order to keep the price of producing Apple products low. It then sells those same products to the rest of the world at markup prices, securing vast amounts of wealth. Recently, Apple was found to have slave labor in its supply chain. Also in China, the Uyghur minority, a largely muslim Turkic people being arrested and thrown into camps by the Chinese Communist Party, were forced to work on iPhones in Foxcon factories.

Sources:

The market cap of gold would be surpassed if BTC rose to a price of $487,000 per coin.

Gold is often mined in developing countries. That labor is exploited heavily, and, often, uses slaves. The byproducts of gold mining destroy the surrounding environments, as mine operations routinely use things like cyanide or mercury to extract the gold from the rocks in which it is found. Mining operations routinely use low paid labor in order to maximize the potential profit. This exploitation came to the fore in 2012 in South Africa, for example, when miners went on a wildcat strike, only to be massacred and shot by the government.

Sources:

 

Finally, if BTC rose above $989,000 per coin, its marketcap would surpass that of the US’s M2 money supply, meaning all cash plus near-cash, so like bonds and securities, deposits, checking and savings accounts.

Of course, the majority of that wealth, excluding the money used in the financial system as liquidity for banks and all that, is horrifically inequal in its distribution.

Those in the top 10% of income earners hold 38% of the nation’s personal income. The lowest 10% hold only 2% of the income. Children today in the United States have less than 50% chance of earning more than their parents, whereas that number used to be a near certainty at 80%. Four out of 10 adults in the United States would not be able to cover a $400 emergency expense.

 Bear in mind that, during the pandemic, those same rich people have instead gotten even MORE rich!

To quote this Wikipedia article:

“Because the bottom 50% of U.S. households (by net worth) have little stock market exposure (neither directly nor indirectly through 401k plans[44]), that group received $0.58 trillion of that gain, about 3% (i.e., 0.58/20.4). The top 1% received 37% of that gain, the 90-99th percentile received 35%, and the 50th-90th percentile received 25%”

If we expand from the United States, the world’s center of capitalism, to the rest of the world, its even more pathetic. The world’s 22 richest men have more wealth than ALL the women in Africa.

Sources:

What we can see from this graph, is that every marker of wealth that BTC surpasses has, in its foundation, in some form, exploitation, corruption and an unequal system of wealth.

Is BTC free from that blood? No. The mining of BTC is its primary weakness, polluting a dying planet by a centralization of Chinese miners. But, BTC’s rise does represent a gain of wealth for many people otherwise cut off from that potential. At the least, it represents a potential break from the financial system designed only to benefit the world's richest few.


FarewelltoMinds
FarewelltoMinds

Trying my best to stay rational in an irrational world.


Farewell2Minds
Farewell2Minds

Crypto news, unheard of alt coins, investments as gamblings and self-hating decentralized financial musings

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.