Pull Your Own Strings

Metcalfe’s Lie

Thursday August 11, 2016

Delusional consumers in revolt of the mass adoption variety, often utilize pseudoscience to advance their agendas. Voices have formulated pseudoarguments in such quantity it has become a disservice to the endearing novice seeking actual education. One of these psuedoarguments involving the debunked Metcalfe’s “Law”, has resulted in an endorsement of scamming. Hopefully, showing the failed application of this pseudoscience in Bitcoin, will allow for the endearing novice to understand the dangers of becoming too friendly to scammers.

Now for the pseudoscientific argument:

Well, I wasn’t the first one who said that. I[t] was some guy named Metcalfe. And as I already mentioned, “Metcalfe’s Law” has functioned pretty good up until now for Bitcoin – showing that, yes, more people does mean more value – despite the fact that you for some reason refuse to believe that.

Building policy around this logic in Bitcoin will inevitably lead to an influx of scammers that prey on weak novices. Unfortunately many have placed confidence in this flawed advice.
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Slockit Enables Scamming

Wednesday July 27, 2016

A scam is a scam by any other name, and unfortunately the Ethereum Central Bank fully endorses and runs on scams to keep ether huffers addicted. The company behind The DAO fiasco, Slockit, is one of core hype units for the Ethereum bubble. Their promise of their so-called “Slock” has investors drooling for no reason other than use of the word “blockchain” in the description. The DAO fiasco proves Slockit is ignorant of scammers to the point of enablement.

Usually when one doesn’t acknowledge the existence of scammers in relation to a business model, the business itself usually unfolds into a scam. The government’s solution to scammers is retroactive coercive force – putting one in prison for fraud after the fact. Bitcoin facilitates a mindset where one honors contracts because it’s the right thing to do, while acknowledging the existence of, and identifying scammers without the use of coercive force. As with children and their parents, trust must be earned. When one knows what a Web of Trust is and how it works, scammers are caught in a self-imposed filter, while building relationships with trustworthy peers over extended periods of time – business as usual. Read more…

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A Steeming Bubble

Thursday July 21, 2016

In my mass adoption as a Ponzi article I noted that a market requires whales in order to have liquidity at increasing prices. With shallow order depth, an exiting whale will crash the market, it’s only a matter of time. After Steemit made Qntra headlines I did some research and posted a comment indicating the sheer lack of liquidity for such a high price.

The next day, STEEM was listed on Poloniex, so I posted on Steemit-itself warning users not to irrationally trade; 24 hours later, only 3 users bothered to comment, the rest likely deafened their ears to resist acknowledging reality. Read more…

Published under Altcoins, Shitware | 3 Comments

Closing the Loop

Sunday July 3, 2016

Peer to peer markets have quickly dried up as Bitcoin has grown in value and market cap. It’s difficult to make OTC trades with bitcoin directly between peers to receive goods and services. Proponents of a block size limit increase always fail to propose a solution to establishing peer to peer trade routes. The consumer has come to expect Amazon.com as the standard user experience for online shopping, thus this same consumer wants an identical experience while substituting credit cards for Bitcoin.

The irony behind this consumer’s mass adoption mentality is the frequent citation of the Bitcoin whitepaper’s abstract: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” Mass adoption consumers tend to overly rely on centralized solutions such as Amazon, instead of directly trading with peers. They focus on strictly the idea of electronic cash, while ignoring the idea of peer to peer trading completely. Luckily due to consumers revolting, the anonymous enterprising entrepreneur has more opportunity than ever to establish profitable trade routes that have been completely untapped in the peer to peer network.
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