Bitcoin Is a Long Con Aimed at Those Least Able to Affort It

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Here’s a fairly typical email I got in response to my post last night about Bitcoin:

You write reckless articles without dd , s recent international survey shows bitcoin mining is 60% mined with renewables on top of that your foolish article is reckless because as price dropped it also reduced the difficulty by 24% in the last week , the lightning network has grown by 16000% in 2 months .

Please let me know what info you would like to know about crypto since you are clueless .

Thank you
Finance Director
John P….

This is one of the reasons I continue to say that Bitcoin is a con. This email is obviously illiterate nonsense, but it’s a typical defense of Bitcoin and it’s the kind of thing that keeps innumerate chumps pumping money into the crypto market.

As near as I can tell, the Bitcoin market is split between cutthroat Chinese miners running huge racks of servers, and hopeful but clueless marks who would be better off putting their money into lottery tickets. So this is the test: Are you a cutthroat Chinese miner running huge racks of servers? No? Then you’re one of the clueless marks. Sorry.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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