Craig Wright Believes BTC is Becoming a Highly Speculative Gambling Asset
Craig Wright Believes That BTC Has Become a Highly Speculated Gambling Asset
Craig Wright recently published a post where he talked about the value misconception in relation to labor, as well as how this misconception has been used by cryptocurrency experts to justify bitcoin. According to Wright, most people were convinced of the fact that Bitcoin was valuable due to the high amounts of energy that were used to create its blocks.
But in reality, this notice was quite defective, as was the case with the Marxian fallacies. Craig went on to add that value is not added by creating something, but it instead gets its value from the ensuing demand. He orated that labor was currently available in infinite amounts. This means that there more the number of people that are available, the more work that will be available.
In his post, he went on to use this particular argument against regimen regulations. He is of the opinion that regulations tend to impose various rules on those who want to enter various markets. This is mainly because these regulations are aimed at making the businesses more capital intensive.
By making a market capital intensive, the big companies and corporations end-up forcefully removing the smaller startups from the market. It is a factor that is bound to affect the smaller businesses, which in many cases tend to be more innovative due to the fact that they have to race against the large corporations.
He went on to state that by doing this, you end up creating a more cost-effective process or a better mousetrap. Craig also believes that regulations can negatively affect entrepreneurship and innovation by framing rules. Regulations often tend to be reactionary. This implies that the rules used to manage the emerging markets would typically start changing every once in a while, and would do this after a particular event has taken place.
The general implication here is that the regulations are in no way flexible. They tend to remain rigid until a certain point comes about when they have to be broken up and/or replaced altogether.
To help drive his point home, he went on to give an example of the process involved in recruiting a highly paid corporate CEO. Here, he gave an example of how this CEO would be required to continue making wine using methods that were discovered in the fourteenth century.
According to him, doing this would be equated to spending large sums of money to come up with a system that would not be valuable to anyone, and which would, in the end, become a type of Ponzi scheme. In his opinion, the wine example depicts a scenario where a lot of money has been used to acquire something that very few people will be interested in acquiring.
As for the Bitcoin case, it is a speculative gambling digital asset. He believes that this is a Ponzi scheme that is designed to continue pumping, until the last moment when it eventually fails to do what is expected of it.