Renowned investor Warren Buffett has concluded that Bitcoin will “end badly.” His colleague Charlie Munger is even more outspoken, saying cryptocurrencies are “rat poison” and “harmful to civilization.”
The businessman’s concerns are justified. Like fiat currencies backed only by governmental authorities, cryptocurrencies come out of nowhere.
As Bitcoin Cryptocurrencies “are based on mathematical properties rather than relying on physical properties (such as gold and silver) or trust in central authorities (such as fiat currencies),” the site says. Sumit Gupta, Co-Founder and CEO of CoinDCX, said: It is purely digital in nature. “
Cryptocurrency is “real” money, just like Minecraft money is real money. In the digital world of Minecraft, imaginary battles take place and civilizations are built or destroyed. And invented money is made and spent. YouTube tutorials such as How to make money, shop and sell in Minecraft PE. When, “If you make it, I will pay for it!” give instructions.
The idea of a self-created story telling and existing a reality, including wealth, has always been fascinating. Creating secret languages and realizing fantasy worlds is a hallmark of many children. Some children cling to the idea that they can create an alternate reality that excludes the world of established authoritative institutions such as governments, churches, etc. I talk.
The fact that algorithms are abstract intellectual inventions and do not produce any substance does not seem to bother the creators of cryptocurrencies. As an Abracadabra spokesperson put it, “Of course it’s happening in your head…but why on earth does that mean it’s not real?”
The complete detachment of money from ground moorings Abracadabra Site Explaining strategies on how to cast a “spell” that unlocks the “key” to wealth, it talks about “evoking magical internet money”. It is interesting that some scholars say that it is a corruption of , meaning “create as I speak”. In other words, speech magically creates new realities.
The code and algorithmic metaphysics underlying cryptography are succinctly summarized as follows: Tyler WinklevossFounder of the Gemini cryptocurrency exchange. he said:
Winklevoss, perhaps unwittingly, put his finger on another major problem with the ontological mathematics of cryptocurrencies.
The idea of incorruptible money is a Gnostic attempt to place mammon on a spiritual dimension far removed from the irrevocable materiality that is supposedly inherent in earthly institutions. Immutable blockchain technology will make money flows sin-free and guarantee complete freedom and equality for all.
Where there is infallibility and freedom from human error, there is divine temptation—a promised land or a peaceful kingdom. Derived from an incorruptible mathematical foundation, incorruptible money appeals to supranational organizations that advance causes of global significance.
But mathematics is not an incorruptible means of creating material reality. It is not a sacred logo that speaks to existence about anything, including money.
On the contrary, as Immanuel Kant pointed out, criticism of judgment, the math creates absolutely nothing. Mathematics merely points to physical reality. Human desire crosses the bridge of pure mathematics and “realizes” what mathematics points at.
The investor/miner’s belief is that a huge expenditure of time and energy will end up in a pot of gold. Reminds me of one of my attempts to Venture into uncharted territories to discover the Fountain of Youth, or achieve the Midas Touch via secret alchemical formulas. The magical spell of code and algorithm is “Sesame” that unlocks doors that lead to unimaginable treasures.
But claims of infallibility and claims of absolute trust are routinely used by creators of fraudulent schemes worth nothing.as a pragmatist Warren Buffett “Ingenious and blockchain is important, but Bitcoin has absolutely no unique value, it doesn’t produce anything. It’s actually an illusion.”
Crypto is about to enable escape into the cybersphere establishing a fantastic economy. However, it is a currency of progressive nihilism, an ideology that desires the collapse of all institutions on earth in favor of an unknown future utopia.
Church leaders may want to hesitate before committing themselves to yet another permutation of ancient heresy. Political leaders may want to pause before accepting Gnostic economics. .
Charlie Munger is right. “Bitcoin and the computer science behind it is a triumph of the spirit, and that is what fascinates all these people. It has no desired social purpose.It is a combination of dementia and immorality, and I think the people pushing it are a disgrace.”
Buffet and Munger understand the concept of real money. Money is and should be of the earth, just as it is of the people who serve as an efficient means of trading goods and services. It should be reattached to material reality such as tangible matter. Both fiat and cryptocurrencies must be rejected as counterfeit.
Fay Voshell holds M.Div. She was awarded an award for excellence in systematic theology from Princeton Theological Seminary. Her thoughts have been published in numerous online her magazines including National Review, American Thinker, Russia Insider, CNS, RealClearReligion, LifeSiteNews and The Christian Post.she may reach fvoshell@yahoo.com.
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