I disagree - Satoshi Nakamoto’s whitepaper, published in 2008, proposed a decentralised, peer-to-peer electronic cash system that utilises cryptography to secure and verify transactions. The goal was to create a trustless, censorship-resistant, and transparent financial system. Not a form of immediate payment. It’s referred to as digital gold as it has a limited supply. Much like gold. Hence its “digital-gold” nickname typically implies a monetary system tied to a physical commodity. whereas Bitcoin is a decentralized digital currency that relies on cryptography and network consensus.
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“If this happens, it’s over!”
I read the intro to the video and tried to watch the video, but lack the understanding to follow everything that was said.
If WHAT happens? Can someone explain to me please?
Thank you.
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Let me paraphrase:
“You need to StuDy it more!”
“The shitcoins have nothing to do with Bitcoin - totally not the same!”
While I certainly could study everything more, the admonition that something which wants to be money - a distributed form of trust - has to be studied by lifetime tech geeks to even hope of beginning to understand it, then it’s not really suited to be money.
This is a main flaw in digital assets; all of them. If decades of deep experience are required to understand them, they lack what a gold coin in one’s hand immediately has by its core essence. Trust.
Further, I submit that even the most deeply enmeshed digital developers cannot tell us the most basic thing about Bitcoin - forming the initial seed of doubt - which is " Who wrote the white paper?"
Was it the CIA? The NSA? An authentically gifted solitary private citizen? If the latter, can anybody explain why the government allowed it to have a free run without completely blocking it? None of us know out here in the cheap seats.
Further, can anybody explain why we’d need to have a protocol that requires mining and its vast energy demands and how those demands are going to be met in a future of less? Is it not possible to develop a non-mining reconciliation system? Of course it is. So why would we assume the energy-intensive mining protocol is ‘the one’ that will survive?
Finally, what do BTC and shitcoins have in common?
A super high correlation to global liquidity:
And a super high correlation to risk-on assets:
I don’t need to study anything to grasp the implications of these correlations. We’re at the tail-end of a superbubble, itself composed of a set of nested bubbles cutting across all financial asset classes, of which BTC is one of the latest…and it’s trading as a risk-on asset.
Prediction: When it’s ‘risk-off’ time, BTC will fall in a correlated fashion.
Let me repeat myself - plant a garden.
Tangible, hard assets are the only historically proven way to evade the worst of a fiat bubble’s terrible effects. Maybe BTC will secure a place in future history books as another way to avoid a bubble’s pain, but let’s at least admit that’s an unproven hypothesis.
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https://www.rt.com/business/610082-cocoa-beans-best-performing-commodity/
Cocoa bean beats Bitcoin
Bloomberg has named chocolate’s main ingredient the best-performing commodity of 2024
Looks like you can’t “chalk a lot” up to bitcoin!
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$100K/ton for a natural antidepressant and the potential impending burst of a superbubble. It almost feels like Wall Street doesn’t want society to feel shitty during the event horizon.
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Maybe you could release them on the site behind the paywall without the ads? That’s a pretty common technique for freemium channels.
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We could. We actually tried that. But it then splits the conversation which got us a bevy of other complaints, not least of which were accusations of making the site overly confusing for the casual user.
“Where is the content? I know I left a comment, but now it’s gone, you’re censoring me!”
“No, we don’t censor that way… your comment is in the other other thread…”
On balance, we found it easier to have public be public and private be private. But that can always change…knowing that each option vexes a part of the assembled.
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Right. As we saw during “covid”, anything that “they” don’t like gets taken out behind the woodshed and shot.
Examples: HCQ, Ivermectin, vitamin D, UVBI, Chlorine Dioxide - heck, even exercise (LOCKDOWN Grandma to … Save Grandma!). Gold too - it’s a “barberous relic.”
So if “they” didn’t like bitcoin, it would have been taken out and shot already. It wouldn’t even be hard to do so. Q.E.D.
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“I can see more clearly now…”
Fiat currency is the unbacked liability of the government. Every dollar is a promise by the issuer to pay someone in the future. The source of that payment is taxation. Deficits are therefore an indication of default on that payment.
E-currencies are all susceptible to replacement by another similar E-currency. E-currencies are a computer/math based technology and technology is subject to a constant replacement process. Bitcoin is backed by exactly the same beliefs that are behind fiat currencies; that is its utility and ability to keep its purchasing power.
Because of the limited supply inherent in E-currencies, they lose value in a different way (replacement by another technology) and over a different time period. As a math formula/program, Bitcoin value is defeatable by new technology. Fiat currency loss of value is anchored in politics.
The same age-old rule that bad money drives out good money still applies. Indeed, that is precisely what is happening with Bitcoin as it becomes an investment rather than a currency. During the Tulip Mania in Holland, Tulip bulbs were used as an investment and means to escape the high inflation environment. Bitcoin has become an investment for the same reason and, therefore reminiscent of the Tulip Mania in Holland.
All that history leaves us is to invest in are scarce critical must-have items kept safe from theft.
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Still shadowbanned in Elon’s X? Interesting.
This is fundamental problem regardless of asset classes. Bitcoin is just one asset among many. Although assets are not big problem but structure to allow just sit on assets and gain huge value add. But fundamentally bitcoin wont solve this problem. So Im wondering as you point it is “sidestep” of current system, it would logically serve those with already assets and willing to learn this new things not to be frauded.
Often economic boosts and activity (not numbers going up), happens after redistribution is done in economy (land shared to millions people and so on). 2021 was like that but scam in the way people got pennies while already rich corporations got trillions. Nice theatrics though.
You’re right on bitcoin, it should never been pushed by biden administration being “energy waster”… well other cryptos got labeled but not bitcoin apparently. This supports your view. Handpicked few are allowed, rest are “bad”, despite exact same premise.
Can bitcoin work in medium,shortterm as alternative value store, they dump fiat assets there, then crash fiat, then dump bitcoin assets back and huge debts are paid. Then bitcoin can be thrown under bus as it has served its purpose.
Yeah sounds like no perfect solution where everyone’s happy. Thanks for the effort.
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I read this, and my mind keeps going back to pokimon cards or other non hard asset.
I don’t understand bitcoin… however, thinking maybe I should get into it. Guaranteed, two weeks after I buy some, price will fall a substantial amount.
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I’m only one opinion, but I’ll put up with the short commercial on the public videos before making the site more complicated.
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“They” like it because when the lights go out everyone is toast and they have greater control. They come in and swoop up assets when people are desperate.
Chris is correct- Hard Assets…one’s in your own control, including things you can eat will be essential. It’s coming.
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Hard assets and a means of production.
I love my cattle, sheep, hogs, chickens, apples, chestnuts, hazelnuts, walnuts,…
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This is an interesting time when most people have lost all respect for others. I suppose people growing up today see no respect in our political and corporate leaders so what can we expect. I read in India, post British occupation, Indian people see courtesy or respect as a weakness, and Brits are leading with self interest today too. I’m retired now but growing up my parents used to say I was too courteous to people. In our retail store growing up customers taking advantage said my standards were too high, even when the police were involved.
I looked back over family and friends photographs, and was surprised how few people were smiling. My feelings are hurt in dealing with people today, so I try to adjust to their point of view while interacting, but it doesn’t seem right to me. I’ve decided to appreciate things today because it probably will get worse if going forward civility even returns. Think about history in famines and wars or even slavery in Egypt before Christ. How can we expect decency with 80% of our population just goes along with the dictators today.
I say all this calmly, not riled up, but I feel your pain in dealing with subtleties of respect that are waning.
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If the US 10-yr Treasury rate rises to 6%.
That’s unaffordable to a lot of businesses, will continue to thrust the dagger ever deeper into commercial and residential real estate, compound the government’s interest payment problems, and demonstrate that the Fed has lost control of the long end of the curve.
The true end-times will be marked by daily upward gyrations in US Treasury yields necessitating ever-larger US debt auctions to cover the widening gap, while the dollar falls in real international terms…probably against oil, gold, copper and grains.
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There are a lot of zombie corporations that are way over extended with debt. I remember back to when you did the videos on the zombie shale oil companies and how they were barely making their loan interest payments at 2ish% interest rate.
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Right there with you, Danina. In fact, I think using the analogy given, I am the child in the car, the one that doesn’t understand enough to be worried.
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