The problem with cryptocurrencies is that they are not valid currencies at all.
As officially classified by the Securities And Exchange Commission, cryptocurrencies are virtual currencies and should never be used to build trust in strengthening humanitarian values. But it is no surprise a country unaware of its evolutionary obligations fails to stop the enemy of humanity, idiocracy, at its gates.
The role of money in society is crucial. Money can promote the development of products and services by which humanity renews itself to adapt to nature’s entropy. To prolong human existence, we must learn to do more with less, as the amount of available energy, by nature’s entropy, is in irreversible decline.
Money should be used as the incentive to strengthen human renewal by building companies that create products to improve human adaptability to the decline of available energy from entropy. Money made from anything but the above yields a net negative and erodes the long of human evolution. It is unimportant to those who, like lesser developed species on the planet, do not understand that humanity is subjugated to evolution and its first-principles.
The gating premise of money is to exchange an I owe you, a universally trusted note, for products or services, the assets rendered. The trust in the note is equal to the value of the products or services rendered, with the producer of the goods and services, the note’s recipient, now able to purchase other products and services.
We lose trust in money because no money today, not even the dollar, is tied to evolutionary merit that promotes the common good of humanity. For this simple reason, society has never established a theory by which the value of money is tied to humanity’s evolutionary excellence.
What is the trust in money when money does not improve human adaptability to nature’s entropy that allows the human species to live better and longer? What is the trust in money when the chase for money has reached a mind-boggling eleven times the size of production? What is the trust in money when pension funds cannot produce payouts to their members at pension time? What is the trust in money when most of the systems and ideologies by which we chase money are broken?
Money today promotes the short-sightedness of a maelstrom of Bronze Age vile-maxims, the upmanship of one person over the other, rather than serves the long of our collective evolutionary objectives. Consequently, the trust in money dissipates as the trust in the merit of money dissipates.
Cryptocurrencies get away with the classification of a currency because the trust in money has eroded significantly over the years from rampant nefarious monetary schemes, even with the dollar as currency.
As evidenced by the December 2021 interrogation by Congress of cryptocurrency purveyors, not even our supposed leaders can see the forest through the trees regarding the role of money as the much-needed carrier of trust in evolutionary merit.
The only pertinent question in the interrogation came from Trey Hollingsworth, U.S. representative for Indiana’s 9th congressional district, who rightfully questioned why the blockchain technology underpinning of crypto could not be used to transact the dollar as currency disintermediating the oppressive control of banks in monetary transactions.
Nondiscretionary trust in a cryptocurrency, with a trust anyone can purchase from a loss of trust in money, deflates the value of money while inflating the valuation of money. Put differently. If everyone ought to be trusted, nobody can be trusted. Marketplaces succeed because of the discretionary merit of participants, not because of evolutionary incompatible egalitarian merit.
Simply put, you can not trust money when the merit of money is left undefined. We must deploy discretionary trust in money based on the evolutionary contributions that serve us all.
Cryptocurrencies are pyramid schemes artificially driving increased valuations from sheer participation rates. Valuations, like religions, are not becoming more true just because you can find more believers.
Crypto is the ideal playground for harvesting the ignorance of innocent greater-fools of trust. And since unsuspecting greater-fools are aplenty, serious money can be made from selling voodoo to an ample supply of the last man in while the first man in, in well-planned staging, slips and cashes out—a good old pump-and-dump scheme.
Precisely to prime the pump of greater-fools, people like tech-billionaire Tim Draper promote cryptocurrency multi-level marketing schemes, going as far as trying to upsell a cryptocurrency as an economy. Indiscriminate growth of wealth is like wealth for the sake of wealth, the ideology of a cancer cell.
Cryptocurrency is cancer to evolutionary merit.
Humanity must realize that how it values itself with lofty valuations not yielding evolutionary value is irrelevant to nature. Our continued denial of nature’s first-principles will make society more vulnerable to the curveballs of entropy nature will increasingly throw our way.
So, to restore trust in money, regardless of currency, the theory that determines what humanity can discover, in the words of Albert Einstein, must be established first. No currency not subjugated to nature’s theory dictating the longevity of the human species will instill renewable trust in the value of money.
We must restore the trust in money, using the assignment of money only to promote and produce evolutionary merit to improve human adaptability to nature’s entropy and thereby collectively improve the outlook for humanity.
Trust in money only carries meaningful value when per nature’s first-principles, it is used to promote the value of our differences rather than our commonalities, the opposite of the chase for equality regurgitating the evolution of humanity in an accelerated downward spiral of extinction.