Put anything on drugs and we will be happy. You have heard about fiat dollars carrying a small amount of cocaine on them right? Yes, all U.S. paper money unless it is freshly minted, contains a small part of drugs on it, this must mean that somebody used it as a snorter or it came into contact with coco one time atleast? Yeah, well that is true.
We all love drugs, anything to do with it. We love to scandalize them, we love to liberate them, we love to fight and argue them legalize and we love to party with them. Such haters, we are no? Man! And we are obsessed with it at the same time. Life is good with drugs and all the naughty, evil, terrible things they bring with them.
So if the white girl, coco, the fairylights, coke, angel dust or whatever you call it shows up on the scene, you know it will be a very different scene than anything else you have seen. We are not glorifying drugs, we are just talking about the mindset that surrounds them. People love seeing in colors, and us people, we have an overwhelming propensity to value short term enjoyment over long term harm, we can not delay gratification, we are all about the now, AREN’T WE? Well, here’s what I heard the other day:
This is what makes us humans. But, our human-ness may cause a lot of havoc for our amazing bitcoin. Our cocaine dipped fiat notes are winning, addiction, pain, downers are winning, and the longevity of our beloved bitcoin is under threat, we are crashing, we are in pain because bitcoin is simply too transparent to support our love for le drugs!
Bitcoin is not clean. Yes, it has been used to fuel the darknet, yes it has been a silk route favorite, yes people do really bad things with it, but as the technology transforms, we are becoming super aware fo new ways to extract information out of the blockchain and as the institutions learn how to regulate cryptos better, the dirty work is becoming more and more difficult to pull off.
This is why tumblers and mixers are needed.
Although even the tumbled bitcoin is still not good or pure enough, they work much better than the dirty ones. Good money drives out the bad one, according to Gresham’s law. This means that crypto has to be clean in order to remain in the market and for people to use it without the stigma that dirty bitcoin contains.
When attempting to define the characteristics that make a currency ‘functional’, Aristotle settled on five traits – fungibility, durability, portability, divisibility, and intrinsic value. The Gresham’s law then takes away from the principle of durability and fungibility of bitcoin because of the dirt that it comes with. Fiat is better because the cocaine is not apparent enough, it does not have an odor, color or taste, with bitcoin, it is different.
So, fiat wins, bitcoin loses? Maybe in the cocaine-friendly battle.