April 5, 2021

Cryptocurrency is a measure of social deterioration, because it's so disconnected that it doesn't integrate into other social realities. It's a stand-alone absurdity.

The social function of cryptocurrencies is that they create a gambling casino that is more accessible to the general public than the stock market is. The stock market going off the graphs shows the place of gambling in society. The stock market has no relationship to the economy beyond gamblers trying to out-guess each other on trivial effects.

Both the stock market and cryptocurrencies are portrayed in the media as having more realistic social functions. Media propaganda is a large part of the process for instituting frauds in society, as shown by global warming, which is nothing but media hype totally dissociated from real science.

The media portrays the stock market as an indicator of economic productivity in an unrealistic way. The stock market disconnected from economic realities twenty years ago, when Alan Greenspan described it as "irrational exuberance." His opinion had no effect upon the propagandists who still portray the stock market as a primary economic indicator—so much so that Trump claimed his economic success would be measured by the stock market. That's like measuring someone's morality by the amount of money they lose in Las Vegas.

Trump's rationalizers use such indicators to represent the Trump economy in positive terms. Equally important to them is labor statistics, since the math of labor statistics has been scrambled to a point of meaninglessness. Job fluctuations have been going off the graphs for random social reasons; so the ups were used to glamorize Trump's economy. The creation of 250,000 jobs per month was portrayed as a miracle of Trump's wisdom, as if there had never been such a thing, while 280,000 are needed for normal replacement and expansion. Trump's economic statistics were going downward from previous administrations, while propagandists in the media portrayed every number as an unprecedented success.

Cryptocurrencies would not exist otherwise. They are too corrupt to stand on their own. The media props up cryptocurrencies by portraying them as the wave of the future.

Obviously, cryptocurrencies cannot be used as a form of money for exchange. Whenever a company tries to do so, the result is such a failure that they abandon the idea.

Not the least reason is extreme volatility as increases and decreases in value. When the general economy changes by a few fractions of one percent, critics pretend that the world is ending. Cryptocurrencies go up and down by ten percent of more routinely. No real economic tool can exist with that much variation.

Perhaps as ridiculous is the origins. Often, conservatives insist on going back to the gold standard as backing for currency. What backing do cryptocurrencies have? Nothing but criminal behavior—quite a ways removed from a gold standard.

Then there is the fake value for blockchain which journalists often portray in a futuristic frame. Blockchain has absurdities which make it nonfunctional—so nonfunctional that a "wallet" has to be included which has none of the characteristics of the blockchain and exposes everyone to hacking and fraud.

The absurdities of blockchain are portrayed as the answer to problems such as security and anonymity. Those properties only make the process nonfunctional. The security is only due to nonfunctionality. It's like selling the value of rocks as food due to no ability to spoil. The value is in the nonfunctionality.

Yet cryptocurrencies expand in a never-ending manner—not because of the great properties of a currency but because gambling is that way. Gamblers get addicted to winning because of their failures at winning. They have to do more gambling to make up for their losses.

Gambling has been expanding in society for decades. State governments use lotteries as a source of income preying upon weak minded persons who can't resist the inevitable failures. Busloads of elderly persons head for gambling casinos on Indian reservations. The fact that they tend to be elderly seems to indicate that they are trying to unload their money before relatives inherit it.

So the expansion and glorification of cryptocurrencies is a measure of social deterioration. Perhaps journalists bending to the task says more than the weak minded persons who can't resist gambling. Portraying such vice as futuristic technology shows the deteriorated state of journalism. And it shows how unreliable journalists are in portray fake technology as the wave of the future such as renewable energy, electric vehicles and self-driving.