I do, now, see Bitcoin for the Ponzi Scheme that it kind of is...

By cMasta | pmcmasta | 31 May 2021

Luckily for is, bitcoin really is the beginning of the future of finance. 6 trillion dollars are in the coming US budget (1), which gives at least enough to cover the supposed (63.25B * 0.2415 ~ ) 15.275 billion USDT that isn't backed by real, May-31st-2021-US dollars (2). It's only like 0.25% of the budget, no big deal...

Have you ever been shilled to? How many of the cryptocurrencies you own have an actual utility? I guess yield farming counts as a utility, if you can get really high yields...
The one point that I could never refute back to a muggle friend of mine is that I sort of have a conflict of interest when I tell him he should invest in some cryptocurrency. No matter what it is, if I believe in it enough to shill it, I have probably bought or otherwise own at least some small amount. We can't argue that basic animal nature DOESN'T suggest I try to convince him to increase the total marketcap and hopefully also the price... Only I know my true motivations after all, right?

Anyway, I learned/solidified some crypto things while moving stuff around during this bear trend that may also benefit you if you haven't had the realizations yet:

  • 1. Money is fluid.
  • 2. Most fungible coins/tokens are still essentially just a marketcap and a total supply right now.
  • 3. Non-fungible tokens can definitely have intrinsic value.
  • 4. ACryptoS probably has the best stableswap on the BSC right now (and hasn't been hacked yet, so does that mean it's next, the code is solid, or BOTH?).
  • 5. There's no way my family would be able to find all of my funds if I died.
  • 6. Spreadsheets (and blockchain explorers) are really useful...

I randomly dropped in the Swamp.Finance Telegram group the other day and found that they were doing a "send it here and you'll get 2x back!" thing, to which I promptly replied with a warning message and got banned.

That's okay, though. You know what? I'm still rooting for Swamp.Finance. I haven't invested any more in the cute, one-eyed swamp-mollusk-creature yield optimizer than I'd just be pissed about losing anyway, and frankly, I think by this time, anyone that falls for the 2x trick almost deserves to lose their money... It could be an expensive lesson, but hopefully then they won't do it again.

Regardless, I found the expired BDO/BUSD LP staked there that I had been missing for some days, cracked it open, and sold.

If bDollar ever recovers it's $1 peg, then I'll still be happy knowing I definitely don't have to pay any taxes on that transaction... Besides, I think the value is in a better place now...

IĀ am still a little salty about PancakeBunny also going like 0.1x (not that I actually bought any, but still...). In all fairness, they gave out some compensation coins and they weren't necessarily obligated to.

No one else but you is obligated to fix your own mistakes... Unless it's in a contract, that is, but does a fool exist willing to program his own demise? We shall see, shalt we?


How do you rate this article?




Science enthusiast, semi-smart person, amateur musician, human father, plant father, hoping my crypto bags get me rich.


Interesting things for interesting people

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.