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…
A Lesson Learned in First Quarter 2021
Constructive criticism is a great teacher! Or as the Proverb teaches us, “Blessed are the wounds from a friend.”
No one likes to be wrong.
But if the criticism is right it has prevented you from error. Perhaps not immediately if not heeded, but eventually when the wrong pops its ugly head.
And if the criticism is unfounded you have been strengthened in your conviction. And you have done your critic a favor by clarifying your position.
It is a win/win for both if regarded in the proper context. If not immediately, eventually!
Thoughts on The Bitcoin Legal Tender Law in El Salvador: Should the marketplace alone determine what is legal tender?
I love my country. I love our Constitution, and I despise our government insofar as it does not follow our Constitution. Such a view does not imply that the Constitution is a perfect document for it is a document created by men. It does imply that as men we should be ruled by law.
Just as our Constitution wrongly protected slavery, should our Constitution protect legal tender? Probably not.
The proposed legislation by the government of San Salvador to declare bitcoin…
We Have No Say In Compliance, But We Have A Say In Jurisdictions
Lots of news in the last few weeks. Much of it misunderstood.
None really surprising. And steady for the course in our collective discovery of sound money and development of the lost art of sound commercial banking.
A meeting between Michael Saylor, Elon Musk, and Bitcoin Miners of North America created quite a stir, some going so far as accusing this of being a secret and sinister meeting to control bitcoin.
What was accomplished was the formation of The Bitcoin Mining Counsel which all sounds fine…
ARE HODLERS THE NEW UASF?
There is a very real risk in the general trend in the bitcoin community towards compliance and partnership with governments. Yet it appears to be a controllable risk.
The markets of 2021 are embracing jurisdictional regulation apparently hoping for a new metamorphosis by partnering with governments. This is a dangerous game, but I also understand such conformity promotes widespread usage.
In the end, it is up to prudent and successful Hodlers to limit exposure in any given jurisdiction. This is in line and follows the precedent of UASF. By entering a national jurisdiction, you agree…
Or Testing The Anti-Fragility of Bitcoin Maximalists
First, a bit of background. I purchased my first bitcoin in August 2013 just under $100 after a 24 hour deep dive into what it was all about.
It took three more years and intense research and contributions from others before I was persuaded that Bitcoin alone is both a unique technological and monetary innovation in the digital world with unique monetary qualities.
As a result, in 2016 I sold the last of my handful of shitcoins, the majority of which had already disappeared with Big Vern on the Cryptsy Exchange and focused…
I purchased my first bitcoin in August 2013 just under $100 after a 24 hour deep dive into what it was all about.
It took three more years and intense research and contributions from others (along with hundreds of Bitcoin worth millions of dollars today) before I was persuaded that Bitcoin alone is both a unique technological and monetary innovation in the digital world with unique monetary qualities.
Along the way, I found the while many Bitcoin believers think Bitcoin will replace national currencies and destroy central banks few if any, such visionaries embrace gold as money and fewer still…
Hodl, Sayvv, Buidl . . . Sound Money!
Is Bitcoin a new asset class in its own right? No one really knows any more than anyone knows what tomorrow will bring.
Bitcoin remains experimental. No longer new like a newborn, toddler, or cute child but more like a big clumsy kid reaching puberty searching for purpose and direction. Admirers imagine a coming Adonis while detractors fear an emerging Frankenstein.
Ugly Old Bitcoin Standard Bearer