Everyone likes to forget this episode just because it's terrible, but we were really sleeping on inherent comedy in a unfreezing an investor 300 years in the future and having them discover we've transitioned to a moneyless post-scarcity utopia.
— Star Trek Minus Context (@NoContextTrek) January 28, 2021
The Rip Van Winkle Caper, Season 2, episode 24.
Four criminals steal a million dollars of gold bars, then put themselves in suspended animation for a hundred years to hide from the law.
he says something like "It's gold... they used to use this for money, before we figured out a way to manufacture it."
He tosses it away, and drives off.
Investor: MWAHAHAH! I LIVE! I must be rich now.
Future humans: Well, you were dead, so your will probably distributed all your money, so... no
Investor: Noooo!!!!
Future humans: But don't worry: We don't have money anymore
Investor: NOOOOOOOOO
Future humans: What is this thing you call "rich"? Like a good chocolate? You want some chocolate? This machine can make it. HEY COMPUTER, GIVE ME CHOCOLATE
Replicator: *Buzzes, Chocolate appears*
Future human: Oh, I see. Good news then: You're rich.
Investor: Yes!!!
Future human: We're all rich. We can have as many things as we want. This machine can make them.
Investor: Noooooo!
Investor: It's not fun being rich unless there are people who aren't rich to compare yourself to!
Investor: YES!
Future humans: well that's ok then, we still have that.
Investor: Oh?
Investor: oh...
Investor: Uhh... kinda?
Investor: *softly* but that's what I was good at...
Investor: Is there a best part?
Replicator: *bzzzzzzz*
Future human: You don't even have to skip the coffee this time.
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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.