Very nice post, thanks! You're a bit more charitable towards Bitcoin than I am (I'm a card-carrying monetary economist), but I agree 100% that it has all the hallmarks of a cult. Just as important, its popularity is a symptom of the ongoing (and accelerating) loss of confidence in our institutions (including the Fed, my former employer) and distrust of the "deep state." A similar cult-like mentality surrounds "meme coins," which are very reminiscent of the rampant Ponzi schemes in Eastern Europe and Russia (e.g. MMM invest) that emerged after the disintegration of the Soviet Union. An uncomfortable parallel.
between the technofeudalists, bitcoin cultists, zizians... i truly feel like people in silicon valley have too much time on their hands. can they go camping more? play with puppies? bake bread? it sounds like the birthplace of a modern dystopia
I really appreciate your perspective on the disingenuous linkage of spirituality and finance. I suppose the new trinity…creeps, crypto, and corruption…with the creeps playing supreme rulers.
It’s rare to read something so honest, especially from someone who’s been on the inside. The clarity of your critique—especially your concern with how ideology replaces curiosity—really hit home.
For what it’s worth, I hold some BTC myself. I see its value, but I don’t believe it’s going to replace fiat entirely—certainly not in my lifetime. It can be a powerful tool without being a utopia, and I think we lose something important when we pretend otherwise.
What you described also doesn’t just happen in Bitcoin circles. I’ve seen the same dynamics in plenty of communities—when ideas harden into identities, and nuance becomes a threat. Your take on “low time preference” turning into a moral high ground was especially sharp. It’s such a subtle shift, but once you see it, you can’t unsee it.
“Meaning emerges precisely from the tensions it tries to eliminate”—so true for languages of all kinds. The gaps and elasticities in meaning are where we meet, and those who pretend there are no gaps lose much in their rigidity. Thank you for writing to make sense of this world.
Behind every maximalist are a thousand sensible and practical people who are interested in a more neutral money. It really sounds like you're describing bitcoin twitter.
Very nice post, thanks! You're a bit more charitable towards Bitcoin than I am (I'm a card-carrying monetary economist), but I agree 100% that it has all the hallmarks of a cult. Just as important, its popularity is a symptom of the ongoing (and accelerating) loss of confidence in our institutions (including the Fed, my former employer) and distrust of the "deep state." A similar cult-like mentality surrounds "meme coins," which are very reminiscent of the rampant Ponzi schemes in Eastern Europe and Russia (e.g. MMM invest) that emerged after the disintegration of the Soviet Union. An uncomfortable parallel.
moronic comment. the current system is a ponzi.
'hard to get a man to see something when his salary depends on not seeing it'
I really enjoy your writing. Doesn't matter what you write about.
Every good thing is exploited by grifters. If there are no regulations, bad actors will destroy the small chance this has of becoming universal.
between the technofeudalists, bitcoin cultists, zizians... i truly feel like people in silicon valley have too much time on their hands. can they go camping more? play with puppies? bake bread? it sounds like the birthplace of a modern dystopia
I really appreciate your perspective on the disingenuous linkage of spirituality and finance. I suppose the new trinity…creeps, crypto, and corruption…with the creeps playing supreme rulers.
It’s just a software protocol.
You sound butthurt about a bunch of internet memes.
Jack is taking flack today on X for not fully porting Square Treasury to Bitcoin.
If Bitcoin stays decentralized and secure it will eat everything over time.
Nik Carter is a grifter
This piece just came out. Evolutionary reason for the appreciation of scarcity. If ain't scarce, it can't be money. Brr https://www.onceinaspecies.com/p/once-in-a-species-73b
It’s rare to read something so honest, especially from someone who’s been on the inside. The clarity of your critique—especially your concern with how ideology replaces curiosity—really hit home.
For what it’s worth, I hold some BTC myself. I see its value, but I don’t believe it’s going to replace fiat entirely—certainly not in my lifetime. It can be a powerful tool without being a utopia, and I think we lose something important when we pretend otherwise.
What you described also doesn’t just happen in Bitcoin circles. I’ve seen the same dynamics in plenty of communities—when ideas harden into identities, and nuance becomes a threat. Your take on “low time preference” turning into a moral high ground was especially sharp. It’s such a subtle shift, but once you see it, you can’t unsee it.
“Meaning emerges precisely from the tensions it tries to eliminate”—so true for languages of all kinds. The gaps and elasticities in meaning are where we meet, and those who pretend there are no gaps lose much in their rigidity. Thank you for writing to make sense of this world.
Behind every maximalist are a thousand sensible and practical people who are interested in a more neutral money. It really sounds like you're describing bitcoin twitter.