The real problem is *bullishness*, when some capitalize at the top, the lower levels are left holding the bag. Bullishness should be regarded as a destructive illusion and people stay away from it. It is easy to point at the greed of others but willing to take out more money than what one puts in is endangering civilization more and more.
In this video, I sit down with The @DollarVigilante Jeff Berwick in Las Vegas, Nevada during Freedom Fest to talk about the future of the crypto-markets following the MASSIVE corrections we've seen recently. As Jeff points out, these corrections were necessary and helped calm the markets. There were too many people rushing in and as with any market, it became over-valued and took a much needed breather. Jeff breaks down exactly how he thinks this correction happened, what it means and how this will affect the markets in the future. Jeff has some healthy skepticism surprisingly with the crypto-market, but of course has been on the forefront of trending cryptocurrencies since 2011. Ethereum does not appear to be heading in the right direction as of recently which rightly concerns many. https://steemit.com/bitcoin/@joshsigurdson/the-future-of-bitcoin-and-steem-may-be-limitless-jeff-berwick-talks-cryptocurrencies#@earthcustodians/re-joshsigurdson-the-future-of-bitcoin-and-steem-may-be-limitless-jeff-berwick-talks-cryptocurrencies-20170727t012544475z
Jeff is kinda disappointing when saying that "we can only assess a bubble after it pops", actually I cannot believe he actually said that @ 5:10mins! Using the *volatility argument" is ridiculous too, it is the bullishness that must to stop. How can far the value can be stretched after all? The mania of the crowds is nothing new. No monetary system is limitless.
EXCERPT, SEE FULL ARTICLE HERE: http://www.earthcustodians.net/blog/2016/11/16/open-letter-series-the-subjectivity-of-value/
The most puzzling perhaps is that because value is entirely subjective, we end up destroying the fabric of society trying to do good. Shocks to the system happen because society resists Nature’s balance or perpetual zero-sum game. As a result many must lose for a very few to win the jackpot. Human history is dotted with economic crises wiping out middle classes over and over. Social classes are but an illusion. Realistically speaking, there is nothing wrong with money… until people begin to use it for hoarding, getting whatever perks and free rides, creating and sustaining cheap or slave labor, imposing price subjectivity behind any market manias, accumulating power, which is why meritocracy paradoxically rules over its own self-made servitude. So it all implies that flaws are embedded in monetarism. Because value will forever remain subjective, getting rid of money is the best solution – if supported by the right social premises and mindset.
Monetarism twists everybody’s mind
As a matter of fact, most people find economics such a big real headache. They have difficulties to understand inflation and where it originates, and why it is the root cause of all the world paradoxes they help sustain. Market manias, also described as booms, wouldn’t exist if there was ever a way to attribute the fairest prices to whatever is traded on the market place. Unconsciously or not, people often thrive to inflate, make things look better than they actually are – and this tendency is driven by monetarism. Honesty is very rarely rewarded in such a landscape and this implies that mistrust is rampant. Reality of Nature is what turns any monetary theories into an unsolvable puzzle because Nature tells us that profits are but an illusion. So is the widespread thinking that the government borrowing power is supreme (social programs, grants, student loans, medicare, standings armies, etc) which in fact bankrupts the system, or condoning speculation (trying to get more than what one puts in) at the core of the boom/economic crisis cycles, which are real poverty machines and help transfer wealth in the hands of insiders (the top 1%). Let alone currency debasement being 4000 years old already. Life cannot be monetized. Today’s real economic black holes are world multinationals. Planned obsolescence is a byproduct of consumerism to keep people into spending mode. The subjectivity of value is the main challenge people must come to term with, and for a money-free society to win over. But it really is about sensing versus knowing and knowing is more important that sensing. Unfortunately, most people sense that they still can do good in a system that is so blatantly beyond repair, meanwhile the big and objective picture (real knowledge or lack thereof) is gobbling us up, every day more and more.
Thank you for resteeming and upvoting these ideas, more people have to know that there is a bold solution to embrace the end of darwinism/competition that will be upon us in 10 years from now. The Earth Custodians Movement is a futuristic endeavor for humans who want to remain humans and to spread the importance of understanding Objective Reality for the sake of peaceful sciences.