Shitcoin Millionaire
By: Kal Kassa
Tags: Ethiopia, Scam, Charles Hoskinson, Shitcoin, Cardano

A short story of corn and shit in the global economy and how Charles Hoskinson is scamming Ethiopia.

Part 1 of 3 : The Spectacle of Satoshi

Bitcoin has shaken the world. Its recent price-action has reflected a growing confidence in its decentralized and immutable record-keeping. A 13-year experiment has turned into an underlying asset to usurp gold, silver, and fiat currencies that have gone, for lack of a better word, “brrrr”.

Satoshi Nakamoto, the unknown creator, has catapulted into hearts and memes. At first, gradually, with a dedicated clan of cypherpunks and “HODLers”. But now, suddenly, with investment banks, well-capitalized exchanges, publicly traded S&P 500-indexed companies, and sovereign funds lining up to learn about the fascinating world of mining, cold wallets, and Michael Saylor being bullish AF. You know it’s more than noise when the U.S. Senate confirms Gary Gensler to be the next chair of the Security and Exchanges Commission (SEC). Mainstream retail investors (endearingly called ‘plebs’) sell lame assets and an inflated dollar, to smash-buy and stack sats (a visionary action of purchasing a few satoshis — small amounts of bitcoin — on impulse and hodling on for dear life).

It’s the natural mix of technology fighting back against centralized decision-making, cryptography building an immutable blockchain that can withstand the rule of many, and scarcity principles that govern the contracts of our life. The spectacle before us is indeed sublime.

Shitcoin Millionaire — A short story of corn and shit in the global economy and how Charles Hoskinson is scamming Ethiopia.

Once you do the homework, it’s almost self-evident that our record keeping system for store of value is broken. Many might point to Richard Nixon, the 37th President of the United States, removing the United States Dollar from the Gold Standard in 1971 as the genesis block for the collapse. Closing this exchange window created an inflationary fiat currency and a burgeoning gap between classes. The rich, as we see them today in larger towers, with ever increasing net worth, and soon to be colonizing Mars. The poor, with little access to proper nutrition, plenty of simple sugars, as well as the nightmare that is the opioid crisis. And the middle class, going deeper into debt to work deeper into the night to live, on average, one less year.

In the United States, this means the price of lumber and steel far outpaces the official inflation numbers. In Ethiopia, this means that the imported (and domestic) products at the corner store have increased 250% in price since 2013 when I first moved there. And in many more sections of our world, an increasing amount of energy is used for fighting each other. Social media mobs, talking-heads on television, and investments in natural resources are normally factors in these senseless wars.

Bitcoin is really a chance to start over again. Or at least that’s what a growing collective of miners, hodlers, market makers, fund managers, and plebs around the world have convinced themselves into believing. Of the top 10 countries using Bitcoin, 3 are African (Nigeria, Kenya, and South Africa). These humble populations understand the principles of money — often much better than those at the helm of the World Economic Forum. And although government regulations may be strict in these countries, Know-Your-Customer (KYC) procedures required by exchanges and custodians are often easy to side-step.

The Bitcoin thesis of buying and hodling the best money there is, is quite simple. And it doesn’t involve the inflationary bargains and centralized burdens of what is referred to as altcoins (a.k.a. shitcoins) by the bitcoin community.

There are more than 5,000 altcoins/ useless tokens with outlandish and comical names such as Dogecoin. The jokes have gotten so real, that after three months of research, I still can’t conclude whether Milkcoin is a real token that trades on an exchange, or an elaborate joke. These are roller coasters of high volatility with American college students staking their stimulus checks in hopes to buy a Lambo before the summer. Anyone stuck in a basement these past few months will find great entertainment and profit off products and services that have yet to fully prove themselves. For example, “smart contracts” is a term that gets thrown around with certainty, yet, the application has yet to present itself where it matters most.

PART 1: SOURCES AND CITATIONS