[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Capital Misallocation [@BenBrey](/creator/twitter/BenBrey) on x 8816 followers Created: 2025-07-19 09:46:13 UTC Worst take of 2025. The degree of incompetence in this take is truly bends the mind’s capacity to function. It’s almost as if this guy wants to not accept the fact that an early owner of the network real estate just cashed their $60k investment in for $9.6bn? Then let’s look at the distribution of network real estate. Idk if you ever were taught about Pareto distributions or power laws, but I can affirm, and you don’t need to trust me ask Perpelxity or some other dumb ML Gaussian model, that the BTc ownership structure follows it. So for you to claim it’s fair without basic knowledge of the ownership structure just completely falsifies anything you say on the topic. Let’s also be clear, the Bitcoin network is completely subsidized by inflows - see “how a ponzi works”. The miners, who buy equipment and pay real world power bills, need to be compensate. They are compensated by dilution of existing BTC holders that they then sell and convert to USD. That alone should tell how how idiotic the concept of even putting Bitcoin in the same sentence as the dollar or gold, although for different reasons, is buddy. Bitcoin meme that it only has 21m fixed supply is also the biggest joke since GW Bush. There have been X major forks and 40+ minor forks. Last time I checked if you cut a bar of gold in half there isn’t incrementally more gold. Somehow with BTC that inflation occurs but then the memetic nature of it persists making people think that there is actually a fixed supply. There is not. The one path to that “hopeful to even be in the same sentence as gold » comes frôm an economy developming on BTC chain that will be able to subsidize the miners that secure the network. But think about the absurdity of that concept??? There is no serious case for BTC to be a payments system other than a slow expensive remittances system. BTC has zero real world utility, very much unlike gold or even silver. BTC holders are basically Fremen at this point bc believing has made them relatively wealthy. But the really funny thing is, and as I a guy who bought BTC around $XXX for the first time so I know what I am about to say, that the narrative has changed constantly. New monetary system then decentralized money then digital gold then etf beneficiary and now - the central bank will let banks issue stablecoins collaterized by reserves. Why does anyone need bitcoin at this point? If crypto / blockchain technology is now integrated (at least early days) into the monetary system then why does anyone have to hold bitcoin? Bitcoin provides negative carry, it has zero real world utility, it’s not anonymous for users, and it’s a pathetic payments system except if you compare to the wire / ACH garbage that banks have been rolling with for decades too long. What’s the actual fairness or bull case here? Pre warning. - don’t answer unless you have a serious argument.  XXXXX engagements  **Related Topics** [$96bn](/topic/$96bn) [investment](/topic/investment) [$60k](/topic/$60k) [coins real estate](/topic/coins-real-estate) [bitcoin](/topic/bitcoin) [coins layer 1](/topic/coins-layer-1) [coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem) [coins pow](/topic/coins-pow) [Post Link](https://x.com/BenBrey/status/1946506856391995615)
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Capital Misallocation @BenBrey on x 8816 followers
Created: 2025-07-19 09:46:13 UTC
Worst take of 2025.
The degree of incompetence in this take is truly bends the mind’s capacity to function. It’s almost as if this guy wants to not accept the fact that an early owner of the network real estate just cashed their $60k investment in for $9.6bn?
Then let’s look at the distribution of network real estate. Idk if you ever were taught about Pareto distributions or power laws, but I can affirm, and you don’t need to trust me ask Perpelxity or some other dumb ML Gaussian model, that the BTc ownership structure follows it. So for you to claim it’s fair without basic knowledge of the ownership structure just completely falsifies anything you say on the topic.
Let’s also be clear, the Bitcoin network is completely subsidized by inflows - see “how a ponzi works”. The miners, who buy equipment and pay real world power bills, need to be compensate. They are compensated by dilution of existing BTC holders that they then sell and convert to USD. That alone should tell how how idiotic the concept of even putting Bitcoin in the same sentence as the dollar or gold, although for different reasons, is buddy.
Bitcoin meme that it only has 21m fixed supply is also the biggest joke since GW Bush. There have been X major forks and 40+ minor forks. Last time I checked if you cut a bar of gold in half there isn’t incrementally more gold. Somehow with BTC that inflation occurs but then the memetic nature of it persists making people think that there is actually a fixed supply. There is not.
The one path to that “hopeful to even be in the same sentence as gold » comes frôm an economy developming on BTC chain that will be able to subsidize the miners that secure the network. But think about the absurdity of that concept???
There is no serious case for BTC to be a payments system other than a slow expensive remittances system.
BTC has zero real world utility, very much unlike gold or even silver.
BTC holders are basically Fremen at this point bc believing has made them relatively wealthy. But the really funny thing is, and as I a guy who bought BTC around $XXX for the first time so I know what I am about to say, that the narrative has changed constantly. New monetary system then decentralized money then digital gold then etf beneficiary and now - the central bank will let banks issue stablecoins collaterized by reserves.
Why does anyone need bitcoin at this point?
If crypto / blockchain technology is now integrated (at least early days) into the monetary system then why does anyone have to hold bitcoin?
Bitcoin provides negative carry, it has zero real world utility, it’s not anonymous for users, and it’s a pathetic payments system except if you compare to the wire / ACH garbage that banks have been rolling with for decades too long.
What’s the actual fairness or bull case here?
Pre warning. - don’t answer unless you have a serious argument.
XXXXX engagements
Related Topics $96bn investment $60k coins real estate bitcoin coins layer 1 coins bitcoin ecosystem coins pow