“Bitcoin is the best crypto asset.
What is the second best crypto asset?
There is no second best.” Michael Taylor
On the Argentine media agenda this week, the most popular news was that of a Ponzi scheme that captured much of a small town's savings of around seventy thousand inhabitants in the interior of the province of Buenos Aires. The Rainbowex scam consisted – like all ponzis – of taking money from people and then returning a more nominal amount of the currency taken, providing a specific explanation about the origin of the difference achieved. Repeat that procedure a few times to build trust and adhesion of new members and then keep everyone's money. In this specific case, the explanation for the origin of the profit consisted of market manipulation. As explained in this video. Like all ponzis, they first took money from people and returned it under the announced terms. Thus generating a boost in the acquisition of savings due to the viralization spread and promoted by the investors themselves. The pyramid scam It has the same essential elements as any other scam and it does not stand out in absolutely anything compared to the others. It uses references to the use of cryptocurrencies, which since the invention of Bitcoin is totally ordinary and frequent in the speech of scammers. The scam has all the elements that make it easily identifiable as such, but despite this many people decided to invest. Then some won and many others lost.
The organizers of the scheme won who kept the main loot, but the first investors who surfed the wave with enough precision to get in and out on time also won. As we can see with this example, ponzis have a type of user willing to tolerate risk in order to try to make a profit. In addition, they target people who, like the user mentioned above, want “upper money.” This investor stereotype has no interest in knowing the bottom of the matter. It does not carry out an ethical analysis of its behavior, but merely limits itself to acting for profit through a simple risk/benefit comparison. He applies an individualistic utilitarian ethic that is clearly harmful to the community in which he lives, but financially beneficial to him. This is an investor who does not mind being a participant in the damage to the assets of other members of his community. Above we can see another example of a similar investor profile. This is someone who, from a discursive point of view, sounds convinced that he is not harming anyone. However I wonder why financially successful investors donate to the community? If what they do didn't harm anyone, there would be no guilt to atone for, right? In the ponzindustry What is the limit between victim and perpetrator? Is there one? Without a victim there is no victimizer and vice versa. But the roles do not necessarily have to be able to be divided between the different people involved. Investors can keep both hats on at all times.
Bitcoin fixes this
We bitcoin maximalists are known, among other things, for reporting scams. Perhaps so incisively that the same thing ended up happening to us as happened to Pedro, the one in the story of Pedro and the wolf. But unlike Pedro who first lied about the arrival of the wolf, we bitcoin maximalists always told the truth, only that in reality the wolf arrives in stages, arrives under different names and sometimes takes a long time to arrive. We maximalists warn about the immorality of investing in short-lived pyramid ponzis like the one that made the news this week. But we also warn about medium-duration pyramid ponzis like Ethereum and the other shitcoins. About crypto scams covered under technological terms such as NFTS, ICOs, blockchains, DAOs, WEB3, metaverses and other salads of terms used as marketing to promote scams. We warn about ponzis who carry the word Bitcoin in their own name like the Bitcoin Cash ponzi. And furthermore, we mainly warned and will continue to warn about the longest and largest ponzi in history, the one that uses the USD ticket.
Bitcon is the moral choice
Ethics consists of decision-making system that each individual has. It is the method with which each person distinguishes what is moral from what is immoral, that is, what is good from what is bad, what is correct from what is incorrect, what is desirable from what is undesirable, what is virtuous from what is vicious, what scales from what does not scale, what that favors the whole versus what favors only the individual. Each person decides what to invest in and also decides whether or not it is appropriate to evaluate the origin of the profit that their investment has. People who enter ponzis decide to leave aside the evaluation of the origin of the profits obtained. They choose to dedicate their intellectual capacity to any other topic other than knowing the origin of profit, yield, the fruit of capital. And they voluntarily choose to believe what the owners of the ponzi scheme tell them. Regardless of whether their speech is about a woman with Asian genetics who gives you trading signals, about a robot that, because it is Christmas, produces more profits than robots that are not Christmas, or about that, thanks to greater programmability of smart contracts, any other token can coexist over time in the same universe as the bitcoin token.
Acquiring and holding bitcoin is an intrinsically moral action since it promotes capitalism. Because it dilates consumption in order to increase human productivity. Sats, tokens of the bitcoin network, are an asset that is part of the only network with adequate monetary characteristics. A network that was always open, neutral, uncensorable, decentralized and with controlled emission. Its accumulation boosts its price in a virtuous cycle of value generation for its holders, as well as for those who provide the network maintenance service, who run verifier nodes and miners. People put their money into scams because they do not appreciate that Bitcoin provides an alternative for value accumulation that not only grows exponentially over time, but is intrinsically ethical and enhances human development as a whole. If people understood this, they could stop putting their money in cryptocurrencies, stop being scammed, help their community and also obtain an increase in accumulated value over time. So, dear reader, if at some point your path crosses that of someone who doesn't know how to preserve the value of their savings and how to make it worth more over time, perhaps the best thing you can do for them -and for the rest of the community- is to advise you to avoid scams, stay humble and accumulate sats.
Camilo JdL for BitcoinDynamic at 865,196 timechain
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of BitcoinDynamic. The author's opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.