Monday, 7 March 2022

Don't "invest" in Bitcoin

Luke Plant does a great job of explaining why nobody, and Christians in particular, should be investing in so-called crypto-currencies such as Bitcoin, which are neither genuinely net-beneficial inventions nor genuine investments, but in practice simply marketing hot-air schemes to profit the early "investors" (i.e. people at the top of the pyramid) at the expense of the later ones (i.e. the suckers at the bottom), with various other intrinsic costs externalised to other people:

It's too common when something new arises for one set of people to reflexively say "it's bad" without examining it, another set to uncritically say "it's good" because they see opportunity to profit, and another group to then  arbitrarily declare the supposedly nuanced wisdom of "we must distinguish the good from the bad, it is a mix". Sometimes, an invention is actually bad (without it being relevant as to whether that badness was intentional or not), and the nuanced position is the one which gives you the explanation of why it's bad. Luke has done a good job of that in the above articles.