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David_Gerard.yml
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####
# Quotes by David Gerard
# see https://davidgerard.co.uk
#
# Book Author of
# - Libra Shrugged (2020)
# - Attack of the 50 Foot Blockchain (2017)
- quote: |
Tether is "too big to fail" - the entire crypto industry utterly
depends on it. We just topped twenty billion alleged dollars' worth of tethers ($USDT).
If you think this is sustainable, you're a fool.
date: 2020-12-13
source: https://twitter.com/davidgerard/status/1338215299737407490
- quote: |
On Bitcoin mining: Bitcoin's BIG PROBLEM is that it uses a country's worth of electricity
to run the most inefficient payment network in human history.
People don't seem to know this! and I tell them, and they get angry.
Because a bunch of nerds killing each other for e-pennies is one thing,
but that much CO2 is quite another.
You could say "It's their money, they can spend it how they like",
and that's how things work, sure. But it's still a massive externality, and this is a big problem.
date: 2020-11-20
source: https://davidgerard.co.uk/blockchain/2020/11/20/ftav-unofficial-tech-chat-david-gerard-answers-your-crypto-market-questions/
- quote: |
Bitcoin is not technology, it's ideology
and the psychology of get rich for free. People will believe ANY NONSENSE
if they might get rich for free.
The technology is a MacGuffin , it's an excuse for quick flimflam.
date: 2020-11-20
source: https://davidgerard.co.uk/blockchain/2020/11/20/ftav-unofficial-tech-chat-david-gerard-answers-your-crypto-market-questions/
- quote: |
Litecoin is the "me too" coin. It was marketed as "the silver to Bitcoin's gold."
The main difference from Bitcoin is a different hash designed to be
resistant to GPU mining (though ASICs eventually came out) and a shorter block time.
source: https://davidgerard.co.uk/blockchain/table-of-contents/
- quote: |
Dogecoin started originally as a joke based on the "Doge" Shiba Inu Internet meme.
The idea was mostly to have some fun with cryptocurrency cheap enough to mess around with;
and who knows, maybe we'll all get rich!
source: https://davidgerard.co.uk/blockchain/table-of-contents/
- quote: |
If Bitcoin is like an Excel spreadsheet,
then Ethereum is like a spreadsheet with macros.
source: https://davidgerard.co.uk/blockchain/table-of-contents/
- quote: |
People invest in bitcoin in the hope of profit. This means that more money has to come
into the system - new people have to join the scheme.
This is obvious to everyone "investing" - they have to recruit.
Eventually the scheme runs out of new "greater fools," the bubble pops,
and a lot of people are left holding the bag.
Old investors are paid with money from new investors - the key characteristic
of a Ponzi scheme. Functionally, this is a pyramid scheme - even as it has no specific operator.
date: 2018-01-04
source: https://davidgerard.co.uk/blockchain/2018/01/04/why-you-cant-cash-out-pt-3-bitcoin-is-not-a-ponzi-scheme-it-just-works-like-one/
- quote: |
Bitcoin is also a popular platform for Ponzis and Ponzi-like schemes.
And where there are naïfs with stars in their eyes, there are scammers to prey upon them.
It's a new paradigm!
date: 2018-01-04
source: https://davidgerard.co.uk/blockchain/2018/01/04/why-you-cant-cash-out-pt-3-bitcoin-is-not-a-ponzi-scheme-it-just-works-like-one/