I was very impressed by a very lengthy note left on /wsb (original is here). I have pasted it below and boldfaced some of my favorite passages:

Bitcoin, a glorified ponz, is fueled by the greater fool theory. Or rather the idea that no matter how irrationally overpriced an asset becomes, there will always be a bigger idiot willing to pay more. Why is this a problem now? Every cycle, the same playbook repeats: euphoric hype, mass speculation, and inevitable collapse. With each crash, more and MORE people are financially butt f*cked.

Each cycle draws in a greater percentage of the population and we’ve hit critical mass at this point. There aren’t an infinite amount of people, our populations are shrinking, and at this point everyone in the world knows about bitcoin. Unlike gold, which has intrinsic material value, Bitcoin is a PURELY a speculative illusion. It produces nothing, generates no cash flow, and uses massive amounts of energy to solve hash functions that serve no purpose except to “mine” fake coins. It’s actually unbelievably how regarded this is. This is not innovation — it’s financial predation larping as “muh technological progress“