Proof of Social Media: Extraordinary Delusions and the Madness of Crowds

TL;DR: Proof of Social Media (PoSM) is a CoinSpice quick take of the ecosystem’s temperature through the lenses of YouTube, Facebook, Twitter, Instagram, Reddit, Twitter, and wherever else sentiment can be observed. This PoSM installment was inspired by Washington Sanchez, co-founder of OB1 and developer at OpenBazaar. On his way to making a larger point, he touched upon the essence of what all that chatter on social platforms means, influence. Taken one at a time, compartmentalized, they’re meaningless. Reading them paired, documented, yields a quite different result. To wit.

More Spice: Bitcoin White Paper Webcomic by Comics Legend Scott McCloud

Proof of Social Media: Extraordinary Delusions and the Madness of Crowds


Lots of talk recently about the power of exchanges in relation to delisting bad actors; by and large the ecosystem has seen fit to cheer. And so it’s also a good time to point out how, combined with Washington Sanchez’ insight, exchanges might have a duty to make sure they cease participating in tribal politicking. Best not to call balls and strikes, and better to leave clear what the market prefers. Bitcoin Cash’s ticker remains BCH, anything less is purposely causing confusion.


I finally earned my stripes! Banned from r/bitcoin from btc

Where debate is allowed, ideas flourish, and something close to the truth can emerged. The popular subreddit, r/bitcoin, has made no bones about it: disagreement is not allowed. Questions are not allowed. Hope-ium is the norm. What remains of the Bitcoin Core (BTC) project, by all accounts lilting and limping, is closely guarded by gatekeepers. High fees are wonderful. Slow confirmation times are even better. Use credit cards for micropayments. Satellite technology on its way. Nothing to see here.

Lightning Network Can Only be Questioned Where BTC Supremacists Lack Control

Basic assumptions are kept tightly controlled by supremacists. One wonderful way to show emperors lack clothing is to use mockery, humor, as computer scientist Peter Rizun does above in a scathing, profound manner. Rizun was himself subject of a brigading campaign by BTCers after he agreed to a podcast interview. The pressure by BTC supremes was so awful, the host gave-in, and disinvited Rizun. As they’re prone, mobs overplayed their hands, and Rizun was eventually interviewed by that same host. The episode should be released soon — a rare spark in an otherwise dark, dark part of the ecosystem.

18 months? Rollout? Launch date? What launch date? Maybe you meant lunch date? Let’s have lunch. Chairman Mow for the win:

What if it Sucks?

Lightning Adjacent

BTC.TOP Founder Jiang Zhuoer made the claim in a CoinSpice interview BTC devs have long thought about raising the 21 million coin cap, and there was some pushback on his assertion. Skeptics jeered and accused Zhuoer of making things up. See above. Welp.

Censorship, muddying ticker symbols, mob pressure, moving goal posts, keeping debate at a bare minimum leads to inevitable crowd madness. Soon, restrictions and prohibitions turn to other areas of life as the tribe devolves into a full-fledged cult. From language used to the type of diet, mania of the BTC sort is breathtaking when the extraordinary delusion is revealed.

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH. 

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