Tag Archives: Bitcoin

Deglobalization And The End Of Trust-Based Money Set The Stage For National Bitcoin Adoption, by Ansel Lindner

Trust-based money means money that has nothing going for it other than social custom and legal tender laws lead to its acceptance. The only thing behind it is promises from people who repeatedly lie to us—central bankers and politician. Bitcoin is a whole new ball game. From Ansel Lindner at bitcoinmagazine.com:

This is an opinion editorial by Ansel Lindner, a bitcoin and financial markets researcher and the host of the “Bitcoin & Markets” and “Fed Watch” podcasts.

Two forces have dominated the globe economically and politically for the last 75 years: globalization and trust-based money. However, the time for both of these forces has passed, and their waning will bring about a great reset of the global order.

But this is not the global, Marxist kind of Great Reset promoted by Klaus Schwab and those who attend Davos. This is an emergent, market-driven reset characterized by a multipolar world and a new monetary system.

Globalization Is Ending

The first reaction I usually get to my claim that the age of hyper-globalization is ending is flippant disbelief. People have so completely integrated the environment of the dying global order into their economic understanding that they cannot fathom a world where the cost-to-benefit analysis of globalization is different. Even after COVID-19 exposed the fragility of complex supply chains, like when the U.S. very nearly ran out of surgical masks and basic medications or when the world struggled to source semiconductors, people have yet to realize the shift that is happening.

Is it that hard to imagine that the businessmen who designed such fragile, overcomplicated production processes didn’t properly weigh the risks?

All that is needed to break globalization is for risk-adjusted costs to change a few percentage points and outweigh the benefits. The pennies saved by outsourcing numerous tasks to numerous jurisdictions will no longer outweigh the possibility of complete collapse of supply chains.

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Bitcoin Is Far More Than An Investment, by Paul Rosenberg

Bitcoin embodies the promise of encryption, a way to free yourself from government. From Paul Rosenberg at freemansperspective.com:

Over the past few years, huge numbers of people have come to see Bitcoin as an investment… as a stock. That’s because a significant percentage of the populace – certainly a good percentage of the investing class – knows someone, at least a friend of a friend, who has done very well with Bitcoin. That’s the kind of thing that people notice, and not unreasonably so.

The truth, however, is that Bitcoin is more and better than an investment… much more and much better.

We’ll get to some detail on this later, but before I start on the story of Bitcoin, I should at least say that rather than being an investment (even though its exchange price does rise dramatically), Bitcoin is actually a new societal model. It is fundamentally different from the old model, being both more efficient and morally superior.

It Came From Outside

Now, let’s spend a few minutes on where this thing came from. And the short version is that it came from outside.

Bitcoin, you see, is not an adaptation based on existing currencies, nor can it be understood that way. Bitcoin is from the realm of radicals.

In particular, Bitcoin came to us from the cypherpunks, a group of cryptography advocates. They began to flourish in the early 1990s, as they realized they could “wall-off” areas of cyberspace from the intrusions of governments. Here, to give you some flavor, are a few quotes from these people:

Governments of the Industrial World, you weary giants of flesh and steel, I come from Cyberspace, the new home of Mind. On behalf of the future, I ask you of the past to leave us alone. You are not welcome among us.

We don’t much care if you don’t approve of the software we write. We know that software can’t be destroyed and that a widely dispersed system can’t be shut down.

A specter is haunting the modern world, the specter of crypto anarchy.

Arise, you have nothing to lose but your barbed wire fences!

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The Bitcoin Revolution & How Fiat Money Ruins Civilization, by Jimmy Song

Any currency whose quantity and value can be adjusted at the whim of a government is inherently immoral and will eventually be tossed into the garbage bin of history. From Jimmy Song at bitcoinmagazine.com:

Fiat money leads to a degradation of incentives, creating a society motivated only by the consumption of resources and zero value production.

This is an opinion editorial by Jimmy Song, a Bitcoin developer, educator and entrepreneur and programmer with over 20 years of experience.

We want nice things. We want to live in a nice house, eat good food and have fulfilling relationships. We want to travel to exotic places, listen to great music and experience fun. We want to build something that lasts, achieve something great and leave a better world for tomorrow.

These are all part of being human, of participating in society and of progressing humanity. Unfortunately, all these things and more get ruined by fiat money. We want nice things, but we can’t have them, and the reason is because of fiat money.

Governments want the power to decree prosperity, fulfillment and progress into existence. They’re like the alchemists of yesteryear, who wanted to turn lead into gold through some formula. Actually — they’re worse. They’re like a five-year-old that thinks by wishing hard enough, that she can fly.

Being the delusional power-drunk politicians that they are, the elites think that by decreeing something to be so, it magically happens. That’s indeed where the word “fiat” comes from. The word literally means “Let there be,” — in Latin and in English, it’s become an adjective to describe creation by decree. This can be most easily seen in Genesis 1:3 in Latin. The phrase there is “fiat lux” which means “let there be light.”

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One Veteran’s story: An Orange-Pilled Green Beret

He thought he was fighting for freedom as a Green Beret. Now’s he fighting for freedom with Bitcoin. From Adam R. Gebner at bitcoinmagazine.com:

This is an opinion editorial by Adam R. Gebner, a Green Beret and West Point graduate.

The opinions expressed throughout this piece are mine alone, and in no way reflect official policy or opinions of the U.S. Army or the U.S. Department of Defense. Though I am by no means a writer, I hope that by publishing this, more service members consider working in the Bitcoin industry and Bitcoin companies consider expanding their efforts to hire Veterans. Additionally, I am always learning more about Bitcoin, how it works, and the potential value it may bring to our world. Please let me know where I am off base, thanks!

Early in my life, I knew I wanted to be a Green Beret officer. Fighting to liberate oppressed people by working by, with, and through local populations was at the core of my motivations to choose this path. I saw the Special Forces’ mission as a cost and risk-efficient way to prevent large-scale conflict while enabling people to defend themselves and secure their own freedom. After graduating from West Point in 2014 and serving with the 173rd Infantry Brigade Combat Team (Airborne) for three years, I ultimately earned my Green Beret and an opportunity to lead a detachment of America’s Chosen Soldiers. Now that I’ve accomplished what I set out to do with my military career by commanding an “A-team” for two years, I am looking forward to the next mission in my professional life: contributing to the adoption and integration of the best freedom-protecting innovation in modern history — Bitcoin.

Like so many others, I had a few touch points with Bitcoin before seriously considering the validity of the technology. In 2010, during my first year at West Point, I overheard a few Computer Science majors discussing this “internet money” and I foolishly dismissed it without trying to learn anything else. Then in 2013, when I started learning about investing and economics, I stumbled across bitcoin again. I read a little bit more into it, but not enough to understand how it could replace gold as a sound money system (thanks Peter Schiff…).

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Can the Government Ban Bitcoin? Three Things You Need To Know Today, by Nick Giambruno

It will be difficult for the government to ban bitcoin. It will require a coordinated effort among governments. From Nick Giambruno at internationalman.com:

Ban Bitcoin

The notion that the US government will ban Bitcoin is popular for a good reason.

Bitcoin threatens a significant source of the government’s power—the power to create fake money out of thin air and force everyone to use it.

That’s because Bitcoin can give monetary sovereignty to the individual and render central banks obsolete—along with their confetti currencies.

That’s no small accomplishment.

It’s a historical development that profoundly alters the status quo between the rulers and the ruled. It’s similar to the invention of gunpowder, the printing press, and the Internet.

There’s no question the US government would want to protect their racket from an encroaching monetary competitor in the same way the mafia does when a rival encroaches on their turf.

The $64,000 question is whether they’ll be successful.

Friedrich Hayek, the great free-market Austrian economist, once said:

“I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.”

Hayek is right.

By their very nature, governments never peacefully relinquish power. And if forcefully taking power out of their hands is out of the question, then the only way to do it is through “some sly, roundabout way introduce something they can’t stop.”

Is Bitcoin that solution?

Many people think the answer is “no” because the government will shut it down.

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Bitcoin Is The Ultimate Freedom, Says Former EU MP Nigel Farage

In a sea of faceless mediocrities, Nigel Farage stands out as one of the few European who speaks his mind, and speaks it rather eloquently as well. From Namcios at bitcoinmagazine.com:

The former Member of the European Parliament drew parallels between leading a “political insurgency” with Brexit and the opposition Bitcoin experiences today.

Any new idea automatically faces the opposition of the establishment, said former Member of the European Parliament, Nigel Farage, on a panel at Bitcoin Amsterdam on Thursday.

That argument served as the introduction to Farage’s point throughout the conversation, as he drew parallels between Bitcoin and his experience pushing the then-unpopular idea of Brexit, the exit of the U.K. from the European Union.

​​“I led a political insurgency, I took on the establishment,” Farage recounted. “What I think is happening with Bitcoin is we’re seeing a similar type of insurgency, an economic insurgency that is being driven and led by people who are worried about the sheer size and scale of big government.”

The subject was ignited by fellow panelist and “What Bitcoin Did” podcast host Peter McCormack’s initial question. “What are you doing at a Bitcoin conference?”

Farage concluded that because of the links between his past experience and the Bitcoin movement today, it was “a perfect and natural place to be.”

The politician expanded on his argument, detailing more of his views of the establishment and why it can be difficult to challenge it. Those who are part of and maintain the establishment, he argued, “own and set the status quo, they are very comfortable… and they don’t want anything to come along and disrupt.”

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The Top 3 Outcomes As the Elites Try To Reset the International Monetary System, by Nick Giambruno

All monetary roads eventually lead to gold, and perhaps Bitcoin. From Nick Giaumbruno at internationalman.com:

Reset the International Monetary System

It’s self-evident the fiat currency system centered on the US dollar is self-destructing at an alarming rate.

After more than 50 years, it’s long past the end of its shelf-life, like a carton of spoiled milk.

Even the elites running the system can see that and are openly talking about what they’d like to see come next.

That’s why there’s all this talk about a “reset” as the current international monetary system falters.

The way I see it, there are three possible outcomes.

Outcome #1: Central bank digital currencies (CBDCs) and the International Monetary Fund’s Special Drawing Rights (SDR) replacing the US dollar as the world’s new reserve currency. This is the elites’ preferred outcome.

Outcome #2: A reluctant re-monetization of gold. Central bankers don’t want to go back to gold, but they will have no choice if their fiat system collapses, forcing their hands.

Outcome #3: Bitcoin is the wild card. A Bitcoin standard could spontaneously emerge regardless of what the elite want. Bitcoin is an entirely new asset people are adopting as money because of its superior monetary properties, notably its total resistance to inflation.

It’s good to keep Bitcoin’s long-term monetization trend in mind. However, both gold and Bitcoin will likely do very well in the short and medium-term as fiat currencies lose value.

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Here’s the Real Reason Why Bitcoin Can’t Be Captured, Controlled or Manipulated, by Nick Giambruno

Here’s an understandable explanation for the appeal of bitcoin. From Nick Giambruno at internationalman.com:

Bitcoin

Imagine you are in charge of a medieval army storming a walled city.

The attackers and defenders are equal in strength.

The only way the attackers can win is if all the generals successfully coordinate their attack. If even one fails to coordinate, the entire attack will fail.

Complicating matters is the fact there might be some spies among your generals who deliberately pass on false information to sabotage the attack.

The problem is, how do you get them all to coordinate the attack successfully?

This is what is known as the Byzantine Generals Problem. It was a longstanding problem in computer science.

In short, it’s the problem of getting different people—who may be hostile to each other—to come to a consensus about something without a trusted arbitrator of truth.

Before Bitcoin, this was not possible.

Obtaining consensus required a centralized party.

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Cancel-Culture Goes Full Hobbesian, by Mark E. Jeftovic

Mark Jeftovic is one of the few Internet commentators other than SLL who is calling the present moment peak government. From Jeftovic at bombthrower.com:

When the financial system is weaponized, Bitcoin becomes the peacemaker.

When Hobbes wrote Leviathan, he proposed an all powerful government possessing an incontestable monopoly on force that would prevent humanity from descending into a battle of “all-against-all”.

Today, with government authority and overreach seemingly at its zenith we’re seeing that Hobbes didn’t anticipate what would happen if Leviathan lost the consent of the governed. Thanks to the pandemic and two years of COVID tyranny, that now seems to be happening.

Leviathan used to be the so-called “international rules based order” of globalism, which was an industrial age concoction fuelled by cheap debt and fiat currency. The steering committee behind that paradigm, unelected plutocrats like the World Economic Forum are now frantically trying to pivot globalism into some other set of rules where they still get to call the shots. Call it Stakeholder Capitalism, The Great Reset, or The Great Narrative, the problem is that these are all just industrial age constructs in an emerging decentralized world.

Most people agree that at the very least, we’re heading into a new multi-polar world, but it may not unfold  the way PolySci majors  characteristically think of it. Not only is the US inexorably relinquishing its role as global hegemon behind Leviathan, but globalism itself is rapidly imploding. Along with it last vestiges of legitimacy and credibility that the institutions and political class who held it together still had.

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Bitcoin Companies’ Response to Canada’s Request to Freeze Protester Accounts Is Pure Gold, by Nick Arama

You can’t freeze an account when you don’t know who the account is. Canadians discover the wonder of cryptocurrencies, from Nick Arama at redstate.com:

Photo by Arthur Mola/Invision/AP
We’ve seen a lot of troubling civil liberties questions regarding the Freedom Convoy, particularly after Prime Minister Justin Trudeau invoked the Emergencies Act. Among the most concerning: banning of protests at the whim of the government, conscripted labor — the government telling tow truck workers that they would be forced to work for the government against the Convoy — and even the freezing of bank accounts for the grievous sin of being involved in a protest against government mandates.

As we reported, you even had Trudeau’s deputy prime minister, Chrystia Freeland laughing about seizing accounts. She is asked not just about the protesters’ accounts being seized but about the accounts of the people who donated to the protesters. She doesn’t give a clear answer about whether the donors’ accounts would also be affected.

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