A Fundamental Case For 17k Bitcoin and 18k Gold
Why is it that so many avant-garde Bitcoin Techies are so opposed to gold and Old School Gold Bugs so opposed to bitcoin?
My view is that such judgments are usually tainted by self-interest leading to political implications and consequences. The classic example is from two analysts who I deeply respect, Michael Saylor and Peter Schiff.
These are two sound money advocates, yet it seems an almost impossible task for otherwise sensible bitcoin analysts to see gold as viable competition for bitcoin or for gold advocates to see bitcoin as viable…
I wanted to enter this brief article as an entry for the panel of the same name 2021 Bitcoin Standard Conference.
My journey in Bitcoin began in August 2013 when I finally did a deep dive into this bitcoin thing to find out what it was all about.
After about 24 hours of no sleep, I opened an account at Coinbase, and at that time bitcoin was all they offered with a recommendation to buy ten (10) and hold.
If I recall it took about a week to open an account, the price was a tad under $100 so I…
F. A. Hayek recognized that Denationalisation of Money goes hand in hand with free-market banking. So what the future of Bitcoin Banking should look like cannot be ignored.
F. A. Hayek
Within the sound money bitcoin movement, there is a wide variety of opinions on how we should proceed. …
Resolves The Peer-To-Peer Cash Dilemma
Since I am on the panel discussing What Is Competition of Currencies? at the 2021 Bitcoin Standard Conference, it is appropriate that I outline and clarify my thoughts so that both attendees and other panelists will know my position and where I am coming from. Since each panel is limited to 60 minutes followed by a 15 minutes cross-examination by attendees, this means each panelist has the floor for about 10 minutes to expound views.
I will briefly outline what is Competition in Currencies and proceed to describe how we are seeing it work with…
There are differences between The Bitcoin Standard andThe Gold Standard. They are both dynamic but in different ways. They are both sound money serving different functions and they should both be embraced for their respective use cases to further competition in currencies. It is a mistake to dismiss either or put them in the same box.
More than once I have been asked to distinguish Bitcoin from the Bitcoin Standard.
The distinction is simple. Bitcoin is static.
It is secured by the longest chain with proof of work and has a fixed supply.
This is the innovation of Bitcoin. This…
Or Where Bitcoin Fundamentalist’s Tend To Err
First, allow me to distinguish between what I consider to be bitcoin macro-fundamentals and bitcoin micro-fundamentals.
Bitcoin Macro-Fundamentals
The case for bitcoin does not come from bitcoin at all! As with all things, bitcoin has no intrinsic value. It has only imputed value.
While bitcoin is certainly a technological innovation, its discovery was motivated by and its imputed value is derived from a universe without sound money. If the world had useful sound money there be no use case for bitcoin! It may have been some interesting mind game swirling in Satoshi Nakamoto’s head, but…
A SONG FROM THE HEART OF BOBBY C. LEE
This was my Sunday read and I want to review it while still fresh. I have met Bobby Lee twice. And the last time was in Miami a few weeks ago.
This time he had a book. And I went Wow! Because I know what a big project that is. And I loved the title. But did not get around to reading it until today.
But also let me set the mood.
Kind of a stressful week. That’s OK. I strive on stress. But at times it can be too much.
…
Believe Or Not, Yes It Can!
Let me briefly explain.
This week Nassim Nicholas Taleb, who wrote the foreword to Saifedean Ammous’’s classic The Bitcoin Standard, published a draft predicting the demise of Bitcoin.
This stirred quite a bit of drama, politics, and emotion in the world of Bitcoin.
I do not need to address nor will I address the merits or deficiencies of the article. There are many far more competent than I am that have done so or in the process of doing so.
But let’s assume that…
Bitcoin Is Monetary Energy At Rest
Bitcoin detractor Jeffrey Robinson in Bitcoin: Naked Truth About Bitcoin argues bitcoiners are “…ignoring the difference between saving and hoarding. . . . savings are lent out to entrepreneurs who build economies, hoarding sits in a shoebox at the bottom of a closest and does not grow an economy. . . .” equating “hodling” to criminal activity. (Quoted from Chapter 3: Cui Bono?)
While Robinson implies bitcoiners should be jailed, he does make a valid distinction between hoarding and saving. But he limits his definition of savings as lending to entrepreneurs to suit his…
The 90% Think Just The Opposite
To be a consistently successful trader you must think like a professional. Markets are created by professionals for professionals.
This is true whether it be in securities, bonds, commodities, bitcoin, and even shitcoins!
As a matter of fact, understanding this concept is best exemplified in the current crypto exchanges that offer shitcoins! To get a shit coin listed the creators usually pay exchanges to list the shit coin.
Essentially, shit coins piss all over themselves to attract the foolish and unwary. Here is a classic example!
Can someone please enlighten me on what is…
