Monday, August 8, 2016

What do you call these bitcoin users?

Following up from this recent post it has now been verified that hacked bitcoin exchange has imposed a 36% "stupid tax" on all bitcoin assets under its control.  Yes, the exchange's crap security allowed the theft but the users of this fake virtual money are eating the loss.  What do we call that??  Yep: privatizing gains and socializing losses.  An old trick of the elite.

The only thing I can think of is to remind all users of fake money that they should change their names to Mark and Patsy in order to best reflect their understanding of what is going on here.  In other words, they have the same understanding as any target of a confidence game.  Namely, little to none.

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