I hold what amounts to a bet against bitcoin, expressed in terms of options and shorts on public market bitcoin-related companies. Given that crypto discourse tends to be dominated by bulls and boosters because that’s who shows up, I wanted to share my bear case.| paulbutler.org
In Bullshit Jobs: A Theory, David Graeber makes the case that a sizable chunk of the labour economy is essentially people performing useless work, as a sort of subconscious self-preservation instinct of the economic status quo. The book cites ample anecdotal evidence that people perceive their own jobs as completely disconnected from any sort of value creation, and makes the case that the ruling class stands to lose from the proletariat having extra free time on their hands. It’s a thoughtf...| paulbutler.org