[elux]

See for yourself:

"To me, and I hope to other UR readers, the logical leap from step 1 (BTC exchangers are indicted) to step 2 (BTC price goes to 0) is obvious. But here at UR, we are operating under our own special theory of money, which I have modestly dubbed MoMT (Moldbug Monetary Theory). If you know and believe MoMT, the leap is obvious. In the conventional wisdom, it's not obvious at all."

"Imagine that the BTC/USD market is perfectly liquid with no exchange overhead. Imagine also that there are two types of BTC users: Jews, who speculate (holding BTC long-term with the expectation that it will appreciate against USD); and Aryans, who only trade (and sweep all BTC balances into USD at the end of every day). These are simplifications, of course - but edifying ones."

"If I have one lesson to impart (...) it is this: [The US Government] is what it is. It is not what you want it to be. It is not what you hope it will become. It is certainly not what it claims to be. No - it is what it is. Respect that reality, and you will neither run afoul of Leviathan, nor live "free" as his spiritual servant. In short: think for yourself and obey the strong."