I have to confess that I have a bit of a fascination with cryptocurrencies, though I view them with revulsion... a good friend of mine got involved in Bitcoin soon after it was formulated, and made a bundle. Here's where I note that individuals who get in early on a pyramid scheme tend to do very well- the late adopters, not so well.
Last week, I posted about the current cryptocurrency crash, today I will address the travails of a couple of individuals foolish enough to jump on the cryptocurrency bandwagon this late in the game. The first cautionary tale about someone who puts their trust in the full faith and credit of anonymous Randian techbros is NYC's new mayor Eric Adams, who elected to take his first three paychecks in Bitcoin- with the crash, he lost just about ten percent of the value of his first paycheck due to the crash.
The second cautionary tale here involves professional football player Odell Beckham, Jr, who also decided to receive his financial remuneration in cryptocurrency. This is sheer insanity:
The amount of people applauding players changing their salary into Bitcoin as if they were heroes has been comical.
— Darren Rovell (@darrenrovell) January 23, 2022
Rams WR Odell Beckham Jr., at least in the moment, provides a cautionary tale. pic.twitter.com/uW0QDdJrYy
At least he isn't beholden to the fiat currency backed by corrupt, well-established institutions such as governments and financial institutions.
Again, I note that early adopters of cryptocurrencies will do well, they are at the top of the pyramid. These tyros, jumping on the bandwagon, are left holding the bag- it's as if they paid a techbro tax for their naïveté, but unlike tax payments, the value simply disappeared, to the benefit of nobody.
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