Thread by @Tr0llyTr0llFace

I woke up early this morning & stumbled upon Seetee's "letter to shareholders" and oh boy is it an alphabet soup of nonsensical Bitcoin memes.
To quote Wolfgang Pauli, "it's not even wrong"
I guess Nic Carter must have had a strong influence over whoever wrote it.
Let's dive in.

TL;DR: "I've watched Bitcoin go up tenfold in a year and that gave me confidence that it's very valuable so I jumped in".
Of the 19 advisors that were consulted, only one, Mike Green, is a critic, and also the only one who understands finance and doesn't have a vested interest.

Let's start with the "Bitcoin is like the early Internet" meme. The letter references Tim Berners Lee - maybe they should have talked to him. Since Tim said 6 years ago that Bitcoin was getting ahead of itself, the number of daily transactions has barely gone up threefold.

By the time the Internet had millions of users (let's pretend Bitcoin bagholders are "users", although they don't use Bitcoin, instead just hold it waiting for the promised moon), it had plenty of applications. Investments in infrastructure were bringing costs DOWN, not UP.

Central bankers have not magically decided inflation should be at 2%. In "A Term at the Fed: An Insider's View", Laurence H. Meyer recalls the meeting when Janet Yellen argued to Alan Greenspan that the neutral rate of inflation should be above zero to help the economy adapt.

Positive inflation is that it helps adjust wages to technological progress. It's hard to make an employee accept a wage cut, even if his relative productivity is going down. With positive inflation, employers instead can focus on raising salaries of jobs that are more productive.

"The government owes everyone money & they want to inflate their way out of their debt" meme.
Inflation is neither good nor bad. It doesn't help debtors as interest rates compensate for inflation. High inflation means high interest rates means you spend a lot of money on coupons.

"80% of my portfolio was in oil and gas" wow that's awful risk management, and a sign that you don't really know what investing is about.
Who advised you on that strategy? Maybe you're not listening to the right people (not only for oil, I mean in general)?

I didn't invest in the Internet (but with 30 year hindsight I now understand that it's amazing) or in mobile communications (hindsight again) but hey this Bitcoin thing I really get it and at $1 trillion market cap I'm ready to go all in!
Dude, maybe stick to fishing?

"If you're not long Bitcoin, you're short Bitcoin" meme. It's directed at gamblers who can't stand seeing red come out at the roulette without having a bet on.
That's a sure way to lose all your money. Good investors don't focus on making money, they focus on not losing it.

"Bitcoin could become the core of of monetary architecture" seriously Nic Carter did you write this pile of dung?
Bitcoin can't be used a a layer for global settlements because transactions are never guaranteed or final. Not being able to correct errors is very, very bad.

Proof of Work can't be used to secure a hypothetical global settlement layer because there's not enough electricity in the world to pay for insurance against attacks when you have to transact hundreds of billions of dollars per day. It's the stupidest idea ever.

"The more people believe in something, the more valuable it becomes, it's the network effect" - no, that's not what the network effect is.
A thing isn't valuable because of beliefs, but because people need it to the point of paying money for it. Beliefs come and go, needs stay.

"Bitcoin is a battery that stores energy" meme. No it's not. That's just stupid. Bitcoin doesn't store anything beyond a number on a database.
If you mean it in some bullshit metaphorical sense, then don't put it next to real batteries and to the Paris Climate Agreement.

"Bitcoin can be used to send real dollars from bank account to bank account more efficiently" meme.
Ripple claimed that same crap & they had to pay Moneygram to use XRP because it didn't work. If you're using Bitcoin to send money you're just adding another layer of risk & costs.

"Banking the unbanked" meme.
Telecom operators are way ahead of you pal. People without bank accounts use their phones to pay for stuff. We didn't wait for your Ponzi beans to save them - and nobody in the Bitcoin industry ever tried, because the "unbanked" don't have much money.

"What about gold mining" meme.
Bitcoin isn't gold. It's computer code and we decide how it works. To decide that it should be wasteful is incredibly, mind-numbingly stupid. You can have scarcity without waste. And we're not using gold for payments. Its main use case is jewellery.

"All that's needed for Bitcoin is the cheapest electricity" dude you don't understand Bitcoin. No matter the price of electricity, you'll need to spend the same amount on it.
If electricity is cheap, you'll use more of it. Bitcoin's purpose is to burn as much cash as possible.

And you don't only need electricity, you need ASICs too - and because we come up with a new, more powerful version of those, the ASICs you just bought have a lifespan of 3-4 years max, after that you must throw them out.
One Bitcoin transaction produces 130g of electronics waste.

No you don't. You've been brainwashed by shills who have drowned your logic & common sense under a tsunami of bullshit you don't understand & you think you'll look smart & hip if you join in on this Potemkin revolution.
Your $50M will pay for 1 day of mining costs.
Thanks, sucker