Hey Cryptos we love you each n every one. Let us hug n pinch ourselves in joy for every cryptopenny the 0x gave us, it's magic.
But do take time out of our busy day to laugh at Nouriel Roubini and his op ed in the Financial Times this week. Dear readers may remember our rant about Roubini's vagina art apartment parties before. Here's our boy spitting on Bitcoin recently, this aged like nasty vinegar:
The FT article is behind a paywall, but the print copy reads like the same litany of BS Roubini has been spouting for years. TBF, in 2018 Roubini slurred Flintstones clam money as being "barter." Now this is kinda "inside baseball," but the FT, bless their pointed heads, forced Roubini to issue a correction (which in itself must have felt great!!!!!) The FT said the Flintstones money was not barter, but even had a central bank and money printing worries. Which led Nouriel to say CLAMs are better than BTC then !! Oh yeah. It's all there. Remember many think the Flintstones was set in a post apocalyptic recovery era, not a golden pre historic era. Gee Fred, looks like nocoiners are scr-wed!!
Nouriel, you NYU prof, god how we hated the Stern economics classes, where we forced to ignore Schumpeter, Hayek, Arthur Laffer's work but dutifully recited Keynesian lies about how the government completely at whim controlled the velocity of money, unemployment, inflation, interest rates and exactly how white our underwear could be. An article in the NYT said some NYU profs were indeed on Russian and Chinese payrolls for decades. Seriously, our NYU textbooks bought specifically for culture and history classes did not include the great leap forward!!!???!! Once we had a visitor, a (Taiwanese) potential student auditing our class at NYU Stern, sitting in on a supposed economics class. Which was spouting the usual agitprop " government and industry working together now that our guy is in office." To his eternal credit, this vistor stood up and spoke out about how all of this teaching was wrong, scary and CCP ish. We don't think he went to NYU :( but he got a standing ovation from the wall streeters hanging out in the back row, god bless him.
The Stern scholarship we won included an international residency in China. Humor highlights included us students being filmed in an ad for a new housing development without our consent or even knowledge, being from Brooklyn we spent a lot of time combing our hair with our middle finger for the cameras. But THE funniest moment came when our new yorker limo liberal prof who was most totally gung ho pro Chinese FREAKED THE EFF OUT when 1) he realized our "tour guide" was a CCP agent with absolute power ( TBF, in Tianjin the locals went old school authoritarian on us for an hour, took all our passports and crowded us into a small room to stew for a while) but for us, hilariously, 2) when he realized he threw all his money, papers passport etc. into his hotel safe, went out, came back AND EVERYTHING IN HIS SAFE HAD BEEN NEATLY STACKED AND TIED WITH A RIBBON!!! What, expecting privacy under your overlords prof??
Shamefully, we once verbally abused the NYU prof that chose those textbooks. Remember, some weeks were coming straight from stress monkey work to night school, e.g. my corporate classmate was fired the week of graduation. One fine day a silverback great carpet ape drags us into a corner office to threaten to wrap a golf club around our head until some fintech issue was fixed yesterday. Next this prof started to give us a lecture he had already given us (even down to the same notes.) Our fellow students were taken aback at how viciously we denigrated him. Personally, we felt leading his double life made it hard for him to provide any educational continuity, so he was fair game as putting himself up as an authority figure and repeating his agitprop, but we were inappropriate. So, LET'S BRING THAT STINKY TUDE TO PLAY HERE!!!
OK Prof, Rube baby, we can skip that your advice track record is just the worst. Gloss over the fact that your editorial is 99% lazy prof copypasta recycled pablum, stinking of your powerpoint slides from last century.
The title: "Bitcoin is hardly a hedge against tail risk." No, you simpleton. Bitcoin has a decade long track record of generating more alpha than the East Indian Trading Company. We know y'all had to say this Nouriel because any fool with a pulse knows a small allocation of BTC is not just a HEDGE against the system f-cking up in a biggie black swan 'tail" event. NO, it is NOW the MAINSTREAM PLAY against the modern monetary theory monkeys printing up money for nothing and the chicks for freeeeeeEEEEEEE!!!!!
What's really funny are the little nuggets of pro bitcoin truth's Noriel's tortured subconscious forced him to work in. E.g. ? " bitcoin can't buy anything!! anything ever!!!! except, ya know, a Tesla..." well that's something isn't it, you carless city dweller!
One factual point, Rube, too busy with the girlies to keep up with the news? In this, Saint Valentines week 2021, in print you say 99% of all bitcoin trading is done on centralized exchanges, which might be hacked, so bitcoin is centralized. Let's skip the fact that the marketplace of exchanges fixes all hacking problems (there is always boring old bitstamp.) WELL PROF YER WRONG!!! DEX MARKET DOMINANCE IS CLOSER TO 2%!! THAT NUMBER SHOULD BE 98%. ok, we are crazy, but the point is yes, counterparty free! SAY IT AGAIN YOU MACRO SLUT, intermediary and COUNTERPARTY RISK FREE! and Roubini knows it, a bit of truthyness he had to let out, he sees Uniswap breaking a billion dollars a day in volume, he's awake enough to see that 2% coming on like smart contract armageddon beelining for the bank's lunches.
Because the deeply funny lie here is even if 110% of all the trading was done on Binance, that doesn't make Bitcoin centralized, as well you know Rube IF INDEED THAT EVEN IS YOUR REAL NAME. There is no Satoshi to take the bully pulpit, tell lies about how fiat money is used in 99.9% of all the crimes in the world ( well that part's true) and then get together with pals and PRINT THREE TRILLION MORE "MONEY." NO, only central girls Yellen and Laguarde can have the honor of showing their crooked faces in public, say without evidence that Bitcoin is used by "terrorists" and then destroy Grandma's pension by in one year magically whipping up 50% more money than has EVER EXISTED BEFORE IN THE ENTIRE HISTORY OF THE WORLD you lying spider monkey THAT'S CENTRALIZATION.
What other tripe are you spouting, Prof? Oh yeah, conflating specific weaknesses of multiple altcoins into a general attack on BTC as usual, right? Conflate #1 - Saying "some creators overcontrol their coins." Get that weak game outta here. Nick S. ain't saying sh-t and you know it, nor is Bobby Bitcoin.
Conflate #2 -" crypto can be frozen. " No, you lying sack of chit, good luck freezing monero if it comes to that, but again, no bitcoin has ever been frozen. Exchanges and centralized wallets have caught crooks, some coins have hard forked in anger, but not a satoshi worth of bitcoin sitting in a private wallet has EVER been frozen.
"Bitcoin has zero intrinsic value." Right, or maybe the inner beauty of trustfree PGP crypto has attained a pure math beauty internationally recognized for functional, integral value. According to Rube's stinking thinking, ALL FIAT HAS ZERO INTRINSIC VALUE --- SELF CONTRADICTING MORON!!! But skipping that, Roub claims gold has utility as a store of value, but crypto has no utility. Just sketch a ten year graph of gold vs. btc there and put your head in our laps prof.
"Bitcoin would be worth zero dollars if it faced a "proper" carbon tax." Sweet Jesus you imbecile. Let's skip over our favorite green policy debacle - the UK passed laws to force the people to burn "recycled" wood. So fresh cut wood in Georgia ( USA ) is turned into pellets, shipped and sold to the UK people as "green." Net result: MUCH MORE carbon is burned, while costs go up. Who profits? The "proper" tax profits "Lord" politicians that created the policy and THEN INVESTED IN THE "GREEN" COMPANIES. Let's skip that increasingly Bitcoin is mined in locations with hydropower and no grid access, providing "free" power to locals that never had any. LET'S JUST FOCUS ON THE AMAZING WASTE OF POWER THAT IS WALL STREET. The current international global banking system wastes power wasting power. Continents filled with server farms, telecoms spanning the world faster and faster and faster, more routers and all that's just the tech. Almost three million people work at banks just in Europe, office lights and AC burning 24/7, with backup power. Gulfstreams, learjets, Davos boondoggles, now THAT burns power.
We can do this all day, on & on, no amount of cat calling and heckling can help Dr. Doom. "bitcoin is centralized because mining in China and Belarus is a national security nightmare." HOW in the WORLD is mining ANYWHERE a security nightmare, does he believe his own stupidity? Dr. Doom also ignores the fact that the unbanked can now ( and now do ) skip the western union fees and send crypto direct to each other whenever living in an unbanked hellhole.
finally, WHOOOEEEE,,, that pitiful list of "safe havens." Even Doomie says in these times of "very loose" fiscal policy, a safe haven is needed. And then recommend what, some lame bonds? The hidden funny here is even DR DOOM FINALLY SAID EQUITIES ARE AAAIGHT. True, there are none so blind as those who will not see. Indeed equities, hitting insane price earnings ratios, along with game stonks, have become influenced primarily by free money printing ( and wild sentiment.) Like bitcoin, they are serving as a hedge to grab some of the zero interest rates funny money. But unlike bitcoin, they could crash with the dollar.
Skipping the equity flip flop, NB gives us gold, TIPS ( inflation bonds) & other commodities as his picks. what what ? REALLY?
Let's go to the graphs dr. doom!! we don't really need a graph of BTC do we? Silver - meh. Tell it to the wall street bets dudes. Did we say we won't laugh at your track record? Feck, we don't even need any graphs. Gold came into 2011 at what, 1400, and is now at 1900? Here's a graph of an ETF tracking TIPS, how did they do? CAME INTO 2011 AT 100,
Eternal peace machine Bitcoin, love and kisses for Saint Val's - love Dave
