If only someone would call the Peoples Liberation Ponzi what it really is, and admit that Cryptos are the CONfidence game of a new self-appointed class structure - to screw the establishment? You almost went there, but that gnawing faith in technological virtue made you fall short ... All coiners will eventually kneel to the families, even as their algos bring them "new" wealth ... Embrace your nature as the Hodling class, you are the next generation of VERY traditional establishment banking.In essence, there is nothing new in this world, just an artificial veneer of newness to latch onto with the zeal of inexperience. Or as was once said, "a rebirth of old values from the past, repackaged for this modern world."
In the case of Botcoin, we see the rebirth of "class privilege" repackaged for our modern world of distributed ledger technology. For all its dogmatic fanaticism, claiming to liberate the down-trodden masses with consensus driven "freedom", it is still merely the rush of "easy riches" which drives the herd to speak in the tongues of tech-virtue (trustless centralized anonymity). That same lust drives the creation of the crypto-exchange algos that run the game - no different by their nature than the establishment class HFT bots.
Hodlings hide behind a thin veneer of moral virtue as they denounce the no-coiner underclass. They celebrate the primacy of "debt as wealth" unlike any generation before them.
Elsewhere ... a skilled craftsman spends many hours of labor and experience to fashion a truly fine piece of mahogany furniture. And a doctor removes a malignant tumor from a child's brain stem.
When someone buys that furniture, or pays that doctor, with dollars ... he honors the banking class with it's ability to create "money from nothing". When he buys that same furniture with botcoin, he honors the Hodlng class with it's ability to create "money from nothing" (albeit with a new spin on nothingness - exponentially wasted computation).
But when a man honors gold, he honors no man, no class, no creation of "money from nothing" - for gold is not contrived by men of any class. It is made by nature, or by God if you must. No union of corporation and government can create gold from nothing. No technological virtue has brought forth gold from nothing - no alchemy past or present has done so. By definition, physical gold simply cannot be "contrived". The perception of its value? Ahhh, that is an entirely different matter.
The man who honors gold's true value must still trade it for society's accepted money - to trade that agreed upon money for other forms of wealth - but his trade honors the hard work, the hours of labor and skill of the craftsman (and the doctor). Only gold properly honors time, skill, experience and labor wealth. Even the design and construction of an A.I. equipped, skilled labor android does, and will continue to, represent the time, skill, experience and labor of humans.
Botcoin is a derived fantasy of an easy money concept with an artificial-tech-layer pretending as hard money virtue. The Hodlings have confused fake hard money with real hard money, but their greed and their discrimination against gold advocates (and other no-coiners) will earn them their debt money priesthoods in the coming era of systemic banking. Distributed ledger capability has little to do with that.
False technology, fake news, false money, fake values, false virtue - all are offered up in trade for real wealth. Enjoy that real wealth in the fake world we honor and must now live in. Let us see how long the fantasy can last. Perhaps forever? If so, look around you, for that is truly the price we pay.
This we learn ... from the flower of understanding.