“But I can turn this into dollars!” Sure, you can transform Ethereum, Bitcoin, or any other crypto into dollars but what you’re describing isn’t proof of intrinsic value—it’s proof that the collective hallucination still holds, for now.

Crypto has the same problem than fiat ie when everyone rushes for the exit at the same time—see FTX, Luna, or any number of implosions—the illusion shatters, and the hot potato burns a hole in your hand.

Sure, dollars aren’t “real” in the gold-standard sense anymore. But they have inertia. They’re tied to debts, taxes, and transactions across the globe. Crypto doesn’t have that stickiness. It’s speculative, volatile, and unmoored.
Remember, tulips could be traded for gold once, too. When confidence erodes—be it in Ethereum, the dollar, or the billionaire class—it doesn’t matter how many people believed yesterday.

That’s the paradox of billionaire hype: they’re gnawing at the very scaffolding that holds them up, like termites with trust funds. They seem to have made it their life’s mission to “disrupt” the system, to upend the institutions they claim are slow, outdated, and inefficient. Yet, those same institutions are the only reason their hallucination can be converted into cash

Take it one step further: billionaires thrive on the system’s stability while pretending to be renegades. They need functioning courts to enforce contracts, central banks to bail out their bad bets, and governments to police the streets when the pitchforks come out. Every time one of them stands up and screams about tearing down “the old order,” they’re hacking away at the collective hallucination of stability that props up their valuation

Antiques dealer, machine psychologist. http://www.musicinphasespace.com

it's wild how they act like rebels but rely on the system they criticize. can't have it both ways, right? 🤔 