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By Austin Lee

January 20, 2018

If you’re a Trump voter, you recognize that the political process typically does not work for the average American. President Trump may be the exception to this rule, but prudence and the track record of politicians in general dictates that we need to have a backup plan. Even Trump may not be able to reverse the cumulative impact of millions of illegal aliens and trillions in debt. As Ann Coulter put it: “We Made Donald %#&@ Trump PRESIDENT — What Else Can We Do?”.

The short answer is: Buy Bitcoin.

We don’t advocate this as a short-term investment. Indeed, the bulk of this article was written long before the current soaring price. The price of Bitcoin is high today, but could well drop precipitously tomorrow (though the long-term trend is extremely strong). Investing in Bitcoin is not recommended as a get-rich-quick scheme.

No, we advocate buying Bitcoin as a political statement, as a long-term investment, and as a way for the right to control our own destiny and build a censorship-resistant internet where the left can’t blot out the truth or no-platform our president.

On its face, though, this might seem to be a bizarre suggestion. Isn’t Bitcoin an imaginary currency in the middle of a huge bubble? And isn’t it a million miles away from border control, immigration policy, and the political problems we face?

Quite the contrary. As we will show, Bitcoin is actually the proton torpedo targeting the heart of the Death Star. Because if Bitcoin wins, it takes away the state’s ability to tax. And if the state loses the ability to tax, the left no longer has any financial incentive to capture the state — or to import millions of foreigners to swing elections.

The closest historical analogy is the fall of the USSR. Just as the perestroika-induced dissolution of the Soviet government freed the Russian people and eventually restored the Russian Orthodox church, so too will a Bitcoin-induced bankruptcy of the US government free the American people and ultimately restore traditional American culture.

This is a bold thesis. We justify it in three steps. First, we explain why politics suffuses everything today. Next, we explain why it is far more effective for millions of conservatives to buy Bitcoin than to vote for yet another useless Congressional Republican. Finally, we discuss why this radical strategy is in fact ethical — and why it will result in a better result for you, your family, and the world than any available alternative.

Why does politics suffuse everything today?

The fundamental premise of modern society is this: if you capture the state, you capture the money. The group that controls the state has control over the police, the military, and the budget of the United States. It can choose to tax its enemies and reward its friends.

This gives a multi-trillion dollar incentive for capturing the state.

The leadership of the left understands this. This is why Obama ordered the IRS to go after the Tea Party, and why FDR ordered the IRS to attack Andrew Mellon. This is why the left hands out Obamaphones, frees felons before a vote, and steals elections with walking-around money. The left is playing to win control of a huge amount of money and power. A large bank of easily bought voters and the media to manipulate them are their key tools for gaining power. And once in power they can engage in legalized looting on a world-historical scale.

Though they do have leaders and centers of power (the State Department, Harvard, the New York Times, Hollywood), the left is not centrally controlled. What we face is “institutional leftism.” The people of the left do what they do because they are responding to incentives. These incentives are obvious: it is easier to steal than to build, easier to capture the state and use it to seize others’ wealth than to create their own. With that looted money and power, they gain status, and more money and power.

What opposes the left? Borders of every kind. Ethical conventions that tell us not to covet our neighbor’s wealth. Patriotic conventions that prevent them from busing millions over the border to bust our elections. And legal conventions that limit the ability of the state to seize our property.

And this is why the left has been busily eroding these borders. From the Cloward-Piven strategy to sanctuary cities to lawless seizures, for the better part of a century there has been a Gramscian long march through the institutions to destroy the ethical, patriotic, and legal conventions that prevent the left from taking your money and land.

Anything that can protect borders and resist the power of the state is bad for the left. They want you to be an atomized individual cowering before them, with the state visualized as the Eye of Sauron above. Thus the church is the enemy, the family is the enemy, and indeed any organic community organization is the enemy of the state.

If an organization has any money or influence, it will be called into the dock and attacked as racist, sexist, or homophobic until its borders are busted and it has become yet another zombie vassal. If it resists, more force is applied, until eventually the once proud organization crumbles under a boycott organized by the national press, or a federal lawsuit enforced by federal courts and funded by federal money.

So this is why politics suffuses everything. Because the left uses the state as a way to bust your borders and take your money and land, and because you dare to resist.

Indeed, if you talk to a biologist about what distinguishes a dead cell from a living one, the key factor is whether that cell can still regulate its borders. If a cell’s membrane is dissolved, if its guts are indistinguishable from its surroundings, if it has fully “celebrated its diversity”: that cell is dead.

What is true for the lowly cell is true for the body politic. If you cannot protect your borders, your possessions will be taken and you will eventually die.

The left understands this too. They patrol their borders vigilantly while pathologizing your attempts to defend your country and property. That is why they make it so difficult to be an open Republican at the New York Times, at Harvard, or in Hollywood. That is why they jealously guard the flow of money from advertisers to outlets like Breitbart. And that is why they make it a firing offense to question leftist orthodoxy in their captured institutions. They defend their borders, but you may not defend yours.

For the left, what is yours is theirs. And what is theirs is theirs. If you exclude people from your nation, your company, or your wallet, you are racist, sexist, and homophobic. Conveniently, their justification for excluding you from their institutions is the same: because you are racist, sexist, and homophobic. With the same words, they erode your borders while shoring up their own.

We now understand the state of affairs. We need to protect our borders, our money, and our land. But we’re not going to win a war of words with the left. They control every major media outlet. And while we can win elections, we can’t truly win political battles. The right has nominal Republican control of 33 governorships, 69 state legislative chambers, the House, the Senate, and the Presidency — but one year later, there is still no wall.

So we need something more powerful than words and politics to protect our borders. That something is cryptography.

Cryptography is the border that can’t be busted

You don’t need to be a computer scientist to understand the most important point about cryptography: no amount of violence can solve a math problem. Put another way, there are equations we can write where it’s easy to check the answer but very difficult to find the solution.

The major breakthrough of Bitcoin was turning this scientific fact into the basis for a new system of property rights. You possess Bitcoin if and only if you possess the answer to a particular kind of mathematical equation. That answer looks like a special kind of password, also called a “private key.” If you want to send Bitcoin to someone, you enter your private key into your Bitcoin client, much like you send email to someone by entering your private password into your Gmail account.

Bitcoin has one huge difference from Gmail, though: there is no “password reset”. If you lose your Bitcoin private key, you lose your Bitcoin. It’s gone, just like losing a bundle of cash. Possession of the private key is ten tenths of the law in Bitcoin.

The advantage of this strictness is that someone who does not have your Bitcoin private key does not have access to your Bitcoin. Unless they know who you are — something the Bitcoin network does not make transparent by default — they can’t hit you with a wrench to gain access to your Bitcoin private key, and thus your Bitcoin. Instead, if they want direct access to a particular Bitcoin wallet without the consent of the owner, they would have to either solve an unsolved math problem (namely: “invert a series of iterated hashes to derive the private ECDSA key”) or spend trillions of years of computer time to brute force a solution.

This, finally, is a border that the left can’t bust. Cryptography means they can’t take your money without your consent.

Now, to be clear, this particular attack is not the only possible attack on the Bitcoin network. There are other attacks, like states shutting down exchanges (places where you buy Bitcoin) or capturing the so-called “Bitcoin miners” (the network of servers that validate Bitcoin transactions). The next few years and decades are likely to result in a cycle of predator/prey-style interactions where nation states try to attack Bitcoin and the Bitcoin network reacts to blunt the attack.

So we are by no means home free with Bitcoin. But it is by far the most promising development for the right in the last decade. With Bitcoin, the right is not just holding our ground, we are taking territory. Because Bitcoin has scaled from a libertarian dream in 2009 to billions in value today, and inspired an entire blockchain industry worth yet more billions. The blockchain industry now has the backing of billions in venture capital, millions of users, many of the world’s best programmers, and thousands of computers and companies running all over the world.

Most importantly, Bitcoin — and related technologies like Ethereum — have created thousands of libertarian-leaning millionaires, people who saw its potential and bought in early, voting against the state with their wallets…rather than their ballots.

It is time for you to join them.

The personal investment is political

The reason you should buy Bitcoin — and hold it for the long term — is that you can build your wealth while undercutting the state.

First, let’s talk about the wealth building part. If you had protested Obama’s re-election in 2012 by holding up a sign, you would have nothing to show for it today. But if you had protested Obama’s re-election by buying $1000 of Bitcoin on Nov 7, 2012 at a price of $10 per Bitcoin, you would now have more than $1M in realized gains — because one Bitcoin is worth more than $10,000 today.

Will the price of Bitcoin go down? In the short term, quite probably. Can it keep going up in the long term? And is it worth buying in now? Nothing is ever certain. But many of the most successful investors in technology expect that the price of Bitcoin will eventually rise to $100k to $1M or even more.

One reason for this bullish projection is that many technologists believe Bitcoin will replace gold, which has a market cap of $2T. As an unseizable digital gold, Bitcoin should ultimately attain the level of gold if not exceed it. Another reason that tech people believe the price will rise is that there are 7 billion humans on the planet and only 21 million Bitcoin, so demand is likely to exceed supply — though it should be noted that it is possible to buy and trade fractions of a Bitcoin if you can’t spare the money to buy 1 whole BTC.

The victory of Bitcoin is by no means assured. But it’s vastly more likely than it was even a few years ago. And if it wins, and you bought Bitcoin in 2018— you win.

How the Bitcoin economy goes dark

Now let’s talk about the second part of the equation: how Bitcoin is the ultimate form of right-wing protest. Forget the NFL or the latest ephemeral Twitter dustup. As Thoreau said, there are a thousand hacking at the branches of evil for every one striking the root.

Bitcoin strikes the root.

If Bitcoin becomes as popular as Twitter or Facebook in the United States — and it is well on its way — it will hobble and eventually eliminate the ability of the state to tax. As Nobel Laureate Milton Friedman predicted in 1999, without the ability to tax, the incentive for capturing the state enters a steep decline.

Here’s how that works. Remember in early 2016 when James Comey scolded Apple for implementing end-to-end encryption? Around that time, the FBI released a memo complaining that Americans were “Going Dark,” that encrypted communications were no longer visible to the surveillance state.

Well, with Bitcoin and related technologies those encrypted communications become encrypted transactions. To hold money, to send it, or to receive it will increasingly be done in a fully encrypted fashion.

To get a sense of how this will play out, imagine that it’s 2020 and that 10% of the US population (or about 30M people) has a significant amount of their wealth in Bitcoin, and in allied privacy-preserving technologies like ZCash and Monero. Imagine also that the overall effective annual US tax rate is 40%, combining income tax, sales tax, property tax, and other taxes.

Now assume that 10% of the economy goes dark, forgoing credit cards to transact with each other over the blockchain in a tax-free way — just like people gave up physical mail to communicate over email in a stamp-free way.

The IRS and the banking system can’t see the transactions of 10% of the economy anymore — and can’t tax them. So the remaining 90% of the economy will have its taxes raised to compensate, resulting in a new effective tax rate of roughly 44%. But this tax hike will drive more people into the dark economy. As this feedback loop continues, eventually 50% of the economy goes dark. The remaining non-dark 50% would now have their tax rates doubled from 40% to an exorbitant 80% just to maintain the same level of payments to the IRS, driving even more people into the dark economy.

As the process accelerates, the entire economy goes dark, and we have actually starved the beast. The only receipts governments will receive after that event horizon are voluntary, crowdfunded contributions. This proposal is far more radical than anything a Republican Congress could even pretend to support, let alone vote for. That is why it will work. As Larry Page would put it, “10X is easier than 10%.”

In practice, the process of going dark may be much faster, because the smartest and richest would be among the first to defect, and because they are by far the most heavily taxed. So we would need far less than 50% of the population to enter the blockchain economy to bring the US government to its knees.

The transitional state will last for years, or decades, and be messy beyond belief. Endless media denunciations of the unpatriotic tax evaders will result in billions of free advertising for the dark economy. Some vocal Bitcoin-rich folks will likely go to jail. Many more will see the writing on the wall, and leave the US with their newfound wealth, or even give up US citizenship (eventually perhaps to return when things calm down). Many politicians will be found denouncing digital currency one day, and then revealed to be major holders of digital currency the next day.

It will take a generation and there will be many setbacks and reversals. And it will require more than just Bitcoin, as smart contract systems like Ethereum, the aforementioned private cash systems like ZCash and Monero, decentralized exchanges like Bancor and Ox, and decentralized domain name systems like Blockstack and ENS will all be part of the puzzle.

But once the economy has fully gone dark and the state is no longer a vehicle for systematic looting, everything will change. Change the incentives and you change the behavior. Remove the incentive for capturing the state and you remove the political behavior. No taxation, no welfare state. No welfare state, no attraction for illegal aliens. Bitcoin is the proton torpedo into the heart of the Death Star.

All you need to do to begin voting against the state with your wallet is to visit a Bitcoin exchange from the privacy of your home, click the buttons, and buy a few thousand dollars of Bitcoin. Then just hold it for ten years — and do not sell it under any circumstances, even if the price is down for a year and things look grim. The fake news media has reported Bitcoin “dead” more than 100 times, but those who held through everything are the ones sitting pretty today.

No signs are necessary. No placards, no public protests. Buy Bitcoin and hold it. Tell your close friends about it if you want. Then just wait.

If just a few million of the Republicans who voted for Trump did this, if we all just bought $1000 of Bitcoin and held it — we could individually make money and collectively end the state as we know it. Again, you should not think of this as a “get rich quick” scheme. The price of Bitcoin might drop 50% tomorrow. Think of it instead as a political statement and a collective action problem. If we all work together to buy and hold Bitcoin, just as we worked together to get Trump elected, we’ll win politically — and you just might get rich as well over a ten year period.

So go ahead and vote with your ballot in the midterms, but then make sure to vote with your wallet in the great Bitcoin Buycott of 2018.

Why the Bitcoin Buycott is likely to succeed

If you walk down the streets of New York with a MAGA hat, you will be attacked. But if you wear Bitcoin or Ethereum clothing, you will get positive remarks and curious questions.

The self-same leftists who would snarl and hiss at you if they knew you were a closet Trump supporter will happily engage you in a discussion on the merits of blockchains and decentralization.

This is important, because we need winning issues and we need allies. The right under Trump is finally ready to fight, but the Clinton left outnumbers it 2:1 in GDP terms, and 10:1 or even 100:1 in terms of billionaires, media outlets, and prestigious institutions.

We can sometimes bloody the left, but we are outnumbered and outgunned. We can’t win an all-out battle if the lines are drawn as pro-Trump and anti-Trump. And an all-out battle is what the left has planned should they retake the state in 2020, as seems quite possible given the agitation of the Dirtbag Left and the Corbyn election in the UK.

But if we redraw the lines as pro-blockchain and anti-blockchain, suddenly the correlation of forces is in our favor. Jack Dorsey is now on our side rather than banning our side from Twitter! So is Microsoft, and Morgan Stanley, and Silicon Valley. So are hundreds of companies. In fact, the blockchain side is now the favorite to win.

And because there are fans of Bitcoin and blockchain in every country around the world, we get even more international allies in the best kind of alliance: a financial alliance. We need not trust our allies’ beneficence, only their self interest. Because so long as our allies are also Bitcoin holders, our interests are aligned: we both want the price of Bitcoin to go up.

By buying Bitcoin, we thus get the VCs and CEOs of Silicon Valley, huge chunks of the tech industry, and millions of people around the world working for us rather than against us. Whatever the disagreements on other issues, all Bitcoin holders recognize on some level that the end of US financial hegemony and the rise of Bitcoin will benefit them personally.

The ethics of the Bitcoin Buycott

There is no question that the Bitcoin Buycott is a kind of Samson option. If successful, it will bring the whole house of cards down. Why is this the right course for a nationalist who just wants to make America great again?

The first key insight from an ethical standpoint is that the nation and the state are distinct. The nation refers to the American people, while the state refers to the US government. The US may have once been a “nation state,” where the government represented the people — but the state and the nation are now clearly at odds. In fact, the US government — meaning the Deep State plus the millions of tenured federal appointees that cannot be fired — is currently busy bringing in millions of refugees and foreigners to elect a new American people, to replace the historic American nation.

Unfortunately, the permanent bureaucracy appears unlikely to change under President Trump. He is amazing, but there are only a few thousand people he can hire and fire, while there are a few million people in the federal government that he literally can’t get rid of. Think about the uproar over firing Comey, and now think about what that would look like when multiplied by millions. The President does not currently have the legal ability or political capital to drive the kinds of structural changes needed to transform the state and fire millions of federal employees.

So the situation looks grim. We can’t fire the government employees who are bringing in the refugees and foreigners, because they effectively have lifetime tenure. We know the country is headed off a financial cliff. And we know that we can’t keep printing trillions of dollars, or paying for all these EBT cards and transfer payments. But we want to save the idea of America, while the left really just doesn’t care, and is on a path to loot the country all the way to bankruptcy — and then leave, because they’re tourists and parasites, while we are here for the long haul.

But there is another way. The right can force the US government into bankruptcy on our terms. If we all engage in the Bitcoin Buycott to a greater extent than the left, we will make millions in the process and dominate the post-crash environment. The leftist parasites will leave when there is no more money to loot, and we’ll control the restructuring.

The fall of the USSR is an instructive example. The Soviet state had not represented the will of the people for more than 70 years. It had dynamited churches and replaced them with swimming pools, a form of state-sponsored sacrilege. It had massacred Christians by the million. And it had exported bloody revolution all over the world, turning nominal “independence movements” into ways to add more military bases to the Soviet Empire. Then, eventually, it got shut down, went through a very difficult restructuring, and re-emerged as a growing nationalist petro-state under Putin. Russia today is not perfect, but it is a far better place to live than it was in the Soviet era. And many of the newly free countries of the former Eastern Bloc have become truly wonderful places to live.

The fall of the USSR and the rise of Russia shows that the end of a state is not the end of a nation. Quite the contrary. Only after the bankruptcy of the Soviet state could the Russian nation breathe free.

Thus, to be an American nationalist you need to stand against the US state. To end the ability of the US government to tax is to ultimately save the American people. To force the state into bankruptcy is to save the nation. The Bitcoin Buycott is the only ethical choice available to us.

The transition induced by the Bitcoin Buycott will not be without pain. We’ve seen a small preview of what going dark looks like in other countries, and it’s not pretty. The West has a period of chaos built up. It has bills to pay. Too much debt has been issued. Too much money has been printed. We’re not going to be able to click our fingers and make America great again. A crash is coming. We can only make America great again after that crash.

But it’s far better to cause the fall of the government on our terms — with newly minted right-of-center Bitcoin millionaires able to weather the fall and support our families and the deserving in our communities — than to simply consent to the not-so-slow death that the left and the state (but we repeat ourselves) have planned for us.

Over the last four years, the only people on the broad right who have won so much that they might be tired of winning are the Bitcoin faithful. It’s time for every Trump voter to join them.

 
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  1. Felix... says:

    Because if Bitcoin wins, it takes away the state’s ability to tax. And if the state loses the ability to tax, the left no longer has any financial incentive to capture the state — or to import millions of foreigners to swing elections.

    I don’t buy that for one second. The Left was created for one purpose and one purpose only: the destroy white people. So long as white people exist, their enemy will continue to perpetuate the Left and use it to try to annihilate them.

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    • Agree: Autochthon
    • Replies: @biz

    The Left was created for one purpose and one purpose only: the destroy white people.
     
    Really? The French Revolution? Theodore Roosevelt and the progressive era? The Bolsheviks? The New Deal? Atlee's NHS? All foundational moments for the Left in various forms and all seem pretty non-racial to me.
    , @sabril

    The Left was created for one purpose and one purpose only: the destroy white people.
     
    That's about as true as saying that the purpose of cancer is to kill its host, which is to say, not at all. Leftism is just the end result of individual people pursuing status, wealth, and power by virtue-signalling, moral-crusading, etc. To be sure, the consequences are extremely destructive just like cancer.

    But we need to understand what we are dealing with.
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  2. wren says:

    I know you said that you were converting every bitcoin you got to dollars at the moment you got it, but I hope you kept just a few for your kids or something, as a curiosity.

    Me, I have none.

    I tried to convince a friend who had some extra cash to buy a bunch of bitcoin — at Mt. Gox.

    Luckily for him he knew my track record with investments.

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    • Replies: @Neoconned
    I will have more commentary on this long piece tomorrow. But in general, he's correct.

    But you'll be deemed a tax dodging revolutionist and terrorist seditionist for trying to defund the federal government. I own $2-3k in Bitcoin, litecoin, Bitcoin cash, and ethereum over GDAX/coinbase. I'll pay the IRS if I ever cash out.

    The problem is that crypto currencies are like gold....as the govt induces inflation to try and finance it's spending Bitcoin and other crypto currencies will be like gold or physical cash....finite and thus deflationary....

    The govt will try to regulate the usage of crypto currency....but like those Chinese ppl who tried to use Bitcoin to buy s house in Vancouver....it drove the taxman and middle men like Realtors insane.

    After all, if u use Bitcoin like money, why the f**k do you need them?

    https://www.google.com/amp/www.cbc.ca/amp/1.4118832

    Wait til like the studies say and automation takes 40 % of jobs away in the coming 25 years and the govt starts printing up money and doing Universal Basic Income....

    Bitcoin will go to the Moon as a store of value. I've heard calls of million dollar Bitcoin as soon as 2024....

    Other calls say 2030. Neither would surprise me...
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  3. Dave Pinsen says: • Website

    Bitcoin is another example of Neal Stephenson being prescient, although even he didn’t guess that crypto currencies would effectively be another form of fiat currency (his cryptocurrency in Cryptonomicon was backed by gold). Re this essay though:

    Because if Bitcoin wins, it takes away the state’s ability to tax.

    It doesn’t take away the state’s ability to tax any more than the success of the euro or gold does. The author kind of has this backward. What gives the state the ability to tax is its police power. A state without its own currency can still tax its citizens in some other means of exchange (silver, foreign currency, cattle, whatever). The reason the U.S. demands taxes be paid in dollars is to give dollars value, which in turn supports the value of the debt it issues, etc.

    The IRS and the banking system can’t see the transactions of 10% of the economy anymore — and can’t tax them.

    The IRS and state and local authorities tax them the same way they tax cash businesses now. The have ways to estimate what your revenue is, and they can check the costs you report, so they have a rough idea of what you owe in taxes. Sure, some transactions in bitcoin will go untaxed, as some cash transactions are untaxed now. But does the author think you can open a factory, restaurant, or some other enterprise and not pay taxes on your income? Good luck with that.

    And bear in mind that the state has other forms of taxation beyond income taxes, such as property taxes, sales taxes, etc. How is bitcoin supposed to get you out of paying property taxes? Does it make your house invisible?

    In short: don’t buy bitcoin because you think it will destroy the state. Buy it because you think it makes sense as a long term investing/speculating opportunity. But if you do, keep this chart in mind.

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    • Replies: @Opinionator
    The reason the U.S. demands taxes be paid in dollars is to give dollars value, which in turn supports the value of the debt it issues, etc.

    Um, what about the "inflate away the debt" theory?
    , @Intelligent Dasein
    I believe a certain Mr. Chaucer concurs.

    The Reeve's Portrait

    The reeve he was a slender, choleric man
    Who shaved his beard as close as razor can.
    His hair was cut round even with his ears;
    His top was tonsured like a pulpiteer's.
    Long were his legs, and they were very lean,
    And like a staff, with no calf to be seen.
    Well could he manage granary and bin;
    No auditor could ever on him win.
    He could foretell, by drought and by the rain,
    The yielding of his seed and of his grain.
    His lord's sheep and his oxen and his dairy,
    His swine and horses, all his stores, his poultry,
    Were wholly in this steward's managing;
    And, by agreement, he'd made reckoning
    Since his young lord of age was twenty years;
    Yet no man ever found him in arrears.
    There was no agent, hind, or herd who'd cheat
    But he knew well his cunning and deceit;
    They were afraid of him as of the death....
     
    , @Jack Hanson
    I guess I wasn't the only one who saw bitcoin and thought "Kongbucks"?
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  4. Polymath says:
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  5. Rod1963 says:

    God almighty this guy is a Bitcoin nutter and shill. He knows full well if Bitcoin can’t attract more monied fools into the Ponzi, it’s finished. Hence this rambling, long winded diatribe.

    He’s no different than the Silver bugs saying Silver was going to $200 a oz and then got blow torched when it imploded at $60.00.

    Or the pump monkeys on TV who during the last RE bubble were encouraging everyone and their illegal alien nanny to buy homes on loans they could never pay to begin with.

    Personally, buying Bitcoin before the mania made sense – provided it was throw a way money. Now it, doesn’t. There is no central clearing house and the price fluctuations say “stay away”, no real currency should lose %50 of it’s value in a day, outside of say Zimbabwe or similar hell hole. its being gamed.

    Read More
    • Agree: Lot
    • Replies: @anon
    The Republic of Zimbabwe is a shithole NOT a hell hole!
    , @Abe

    God almighty this guy is a Bitcoin nutter and shill. He knows full well if Bitcoin can’t attract more monied fools into the Ponzi, it’s finished. Hence this rambling, long winded diatribe.
     
    Yup. In fact this strikes me as the type of affinity-scam that the devilishly effective Russian Internet Trolls of lumpen-press imagination would actually try to dip their beaks in (a measure of our elites' blinkingly painful stupidity is the fact that by going all-in on the "Russian tweets of Devil Hillary arm-wrestling Jesus stole the election" narrative, they are carrying out the second phase of what was probably the Kremlin's actual plan, which was "salt social media with intentionally maladroit and traceable instances of Russian 'meddling' to bait butt-hurt lumpen media into leading a 'resistance' movement that paralyzes the US executive for the next 4 years and gives Russia a freer hand abroad." 4D chess? Can our great and good even play checkers?).

    I'm sure there are radical socialist/MeToo pussy-hatter/Muslim/and gender-questioning otherkin versions of this spiel for BitCoin out there as well.

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  6. utu says:

    Cryptography means they can’t take your money without your consent.

    But they can send you to jail until you give the consent.

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    • Replies: @Melendwyr
    Or torture you and your family until you consent. Or simply destroy everything you've spent your life building, while you wait for your trial.
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  7. Sideways says:

    Anyone who thinks they could stymie government tax collection by completely hiding income and expenditures is really, really stupid

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  8. Anonymous • Disclaimer says:

    This is very naive. Bitcoin is not dark. All the transactions are public, and if you really use it, it doesn’t take much to connect transactions to people.

    Right now the IRS and the Treasury Department require disclosure of all overseas bank accounts: the IRS has a form, and you have to do it online for Treasury. Big pain for expats, and huge penalties, up to criminal, for not complying, even if you owe no taxes. It would be trivial to extend this requirement to crypto currencies.

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  9. Whiskey says: • Website

    There is already a concerted effort to trace bitcoin payments to various alt-right organizations and individuals. The Blockchain is not anonymous, merely a record of transactions not easily altered with current computing technology. Quantum computers are another issue entirely.

    And having Bitcoin won’t help a bit if half a billion Africans and Muslims are shoe-horned into America turning it into Greater Mogadishu. You’d be better off with an AK-47, and better still moving to Chile or Argentina.

    The bottom line is there no, nil, nada, zero chance of constructing borders because neither women nor the oligarchy want any barrier to mass Third World immigration. Women get the Game of Thrones only nastier that they’ve always wanted and oligarchs get to preen about how only losers worry about living in the Third World in a new form of Social Darwinism — only loser Whites worry about being thrown into the shark tank with a bucket of chum.

    After all if you were a worthy White person you’d have a trust fund now wouldn’t you?

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  10. anon • Disclaimer says:
    @Rod1963
    God almighty this guy is a Bitcoin nutter and shill. He knows full well if Bitcoin can't attract more monied fools into the Ponzi, it's finished. Hence this rambling, long winded diatribe.

    He's no different than the Silver bugs saying Silver was going to $200 a oz and then got blow torched when it imploded at $60.00.

    Or the pump monkeys on TV who during the last RE bubble were encouraging everyone and their illegal alien nanny to buy homes on loans they could never pay to begin with.

    Personally, buying Bitcoin before the mania made sense - provided it was throw a way money. Now it, doesn't. There is no central clearing house and the price fluctuations say "stay away", no real currency should lose %50 of it's value in a day, outside of say Zimbabwe or similar hell hole. its being gamed.

    The Republic of Zimbabwe is a shithole NOT a hell hole!

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    • Replies: @Paul Jolliffe
    Spinal Tap articulated the difference in an unforgettable way 30 years ago:

    https://youtu.be/Rk9aThIovMA
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  11. @Dave Pinsen
    Bitcoin is another example of Neal Stephenson being prescient, although even he didn't guess that crypto currencies would effectively be another form of fiat currency (his cryptocurrency in Cryptonomicon was backed by gold). Re this essay though:

    Because if Bitcoin wins, it takes away the state’s ability to tax.
     
    It doesn't take away the state's ability to tax any more than the success of the euro or gold does. The author kind of has this backward. What gives the state the ability to tax is its police power. A state without its own currency can still tax its citizens in some other means of exchange (silver, foreign currency, cattle, whatever). The reason the U.S. demands taxes be paid in dollars is to give dollars value, which in turn supports the value of the debt it issues, etc.

    The IRS and the banking system can’t see the transactions of 10% of the economy anymore — and can’t tax them.
     
    The IRS and state and local authorities tax them the same way they tax cash businesses now. The have ways to estimate what your revenue is, and they can check the costs you report, so they have a rough idea of what you owe in taxes. Sure, some transactions in bitcoin will go untaxed, as some cash transactions are untaxed now. But does the author think you can open a factory, restaurant, or some other enterprise and not pay taxes on your income? Good luck with that.

    And bear in mind that the state has other forms of taxation beyond income taxes, such as property taxes, sales taxes, etc. How is bitcoin supposed to get you out of paying property taxes? Does it make your house invisible?

    In short: don't buy bitcoin because you think it will destroy the state. Buy it because you think it makes sense as a long term investing/speculating opportunity. But if you do, keep this chart in mind.

    https://twitter.com/AndySwan/status/954863678662299649

    The reason the U.S. demands taxes be paid in dollars is to give dollars value, which in turn supports the value of the debt it issues, etc.

    Um, what about the “inflate away the debt” theory?

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    • Replies: @Dave Pinsen
    The establishment wants some low level of inflation (~2%), but stoking much higher inflation to lower the burden of existing debt in real terms doesn't make much sense. They'd have to pay higher interest on newly issued bonds, and they'd have the problems that come with high inflation. I think most countries would rather default on their bonds if push came to shove, but we're nowhere near that scenario for the U.S.
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  12. What sometimes gets glossed over is the fact that Bitcoin really proved itself to be a viable currency via illicit “Darknet” markets like Silk Road. (Gwern has a good post about how SR worked.)

    When you can use a cryptocurrency (with a public ledger!) to purchase cocaine and not end up getting arrested, that’s a pretty good proof of concept.

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    • Replies: @Abe

    What sometimes gets glossed over is the fact that Bitcoin really proved itself to be a viable currency via illicit “Darknet” markets like Silk Road.
     
    I was just thinking about this and will share a thought I dared not mention to my wife for fear of so upsetting her she'd ruin the rest of her day fretting over the potentialities. But cryptocurrencies would be a perfect complement to a burgeoning for-profit kidnapping industry. No need for drop-off notes lovingly crafted out of newspaper cut-outs. Simply provide a public key, a BitCoin amount, and an implicit promise little Richie Rich Jr. will be returned with all 10 fingers still attached upon timely payment. I'll leave the issue of laundering the tainted ransom BitCoin as an exercise to the reader. Of course, thankfully this is only speculative as a burgeoning for-profit kidnapping industry would first require an exploding Third World-derived population with a vibrant tradition of for-profit kidnapping, which of course our wise leaders would never be so foolish as to allow to establish itself in these United States...
    , @martin2
    Yes the uncomfortable and embarrassing fact is that bitcoin has real value since certain types of men can anonymously buy drugs, guns and CHILD PORN with it.
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  13. Bitcoin is not a tax-destroying torpedo, it’s an old crytocurrency. You have to pay a extra fee (A TAX) of approx $20 every time you send, say, $20 (=$40 total), and then wait hours for it to go through. Also, every transaction is recorded on a global ledger, which authorities can use to figure out how to tax you even more.

    Far better cryptocurrencies exist. Monero is completely private. And Raiblocks is instant and feeless.

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    • Replies: @gdpbull
    The cost of a transaction is high now because of the sudden surge in transaction volume. If that volume remains, eventually that will be an incentive for more miners who do the transactions as part of their blocks and the transaction costs will come down.
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  14. Daniel H says:

    I bought $100 of bitcoin, through Coinbase, in early 2017. When all the talk about how much had been appreciating got to my ears I checked out how much my $100 investment had gained. It stood at $678 in early December. Shocked. I sold out the next day.

    1) There is an electronic trail of my deposit into Coinbase for $100.

    2) There is an electronic trail of my withdrawal from Coinbase for $678. I don’t know how this can be hidden from the government. Clear as day, I made $578 in capital gains.

    I don’t buy the hype. Anyway, at this point it’s reckless investment. 20% moves up or down in a single day? No thanks. If it goes dirt cheap again, then I will buy.

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    • Replies: @Anonymous
    Coinbase is an exchange that follows government laws and regulations and requires ID to use. And cash balances on Coinbase are insured by the FDIC.
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  15. Anonymous • Disclaimer says:

    Information about FBAR and FATCA filing requirements:

    “Taxpayers with Foreign Assets May Have FBAR and FATCA Filing Requirements in June”

    https://www.irs.gov/newsroom/taxpayers-with-foreign-assets-may-have-fbar-and-fatca-filing-requirements-in-june

    This article is old: FBAR now is entirely online.

    The point is, the IRS and Treasury want to know about all of your assets. For domestic stuff they get that information from the financial institutions themselves. FATCA and FBAR is for the assets they don’t already know about. They don’t now know about cryptocurrencies, so it won’t be long before disclosure is required for those. If you think you can outsmart the feds and hide assests you’re crazy.

    Note: If your Bitcoin is in any online Bitcoin service, the feds already know you. If you just made up your own account with a piece of software, which is basically just a public key pair, so there is no central authority that issues these, then nobody knows about you. But you need to get Bitcoin transferred to you. That person knows something about you. If you want to send the Bitcoin to Steve at that point, fine, it’s secret. But if you want to buy something physical, or even most services, with it, you need to out yourself to some extent.

    Finally, I’m not completely sure that FBAR and FATCA do not already apply to cryptocurrencies, since they apply to all kinds of assets. IRS treatment of Bitcoin now is as a securities or commodity-like asset, with capital gains reported and documentation required.

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  16. Tyrion 2 says:

    Steve, this guy is a scammer.

    His essay’s style closely maps ‘buy this book’ to learn of ‘how I incredibly lost 50 pounds and now look like Thor’ websites. Or the infinite number of more straightforward financial scams on the net. Read one and you will notice the similarity of structure, the hooks, the repeats and all that.

    His call to buy Bitcoin is based on the genuine usefulness of cryptocurrency. On this he is right and also the Blockchain technology undergirding most of the crypto-currencies.

    Note the plural. It is infinite.

    He is telling you to buy as many Iphone 1s as possible and hold on for dear life! Sure Bitcoin can be adapted but new cryptocurrencies, competitor currencies, are released every day. Many are better. That Bitcoin holds any value above what it achieves from people buying and selling it in order enter and exit ‘dark’ markets is a testament to the human weakness for pyramid schemes.

    Indeed Bitcoin is slowly even losing the dark market role as it is antiquated technology and is not only poor for privacy already but, disasterously, future developments in government surveillance of the Blockchain will likely render all past transactions public! In 2012 you had privacy, in 2018 you no longer have privacy for 2012 and so on…

    There is one more wrinkle to my point. Bitcoin has so far functioned as the gateway crypto-currency. That is on most exchanges it was impossible to transfer directly from your preferred government currency to your preferred crypto-currency. This was not there by design but due to the slow adaption of the exchanges. It is increasingly not the case and will certainly not be the case in the future.

    Finally, his cute synthesis of libertarian and nationalist/traditionalist concerns based on ‘institutional leftism’ needing to capture the state for money is…well…cute. It is hopelessly naieve and simplistic…and seemingly designed for his sales pitch.

    Power beats money, especially for the worst of people. And if the modern left is about anything it is about imposing its increasingly bizarre dogma on the rest of the world, starting with those closest to but still outside of the progressive elite. The motivations for individuals pushing this are infinite. Some just like the pure pleasure of humiliating others, while some need the temporary tranquility found by the clinically anxious when they manage to rearrange their environment into whatever neat pattern they are obsessing about today. Some even havr open-hearted and honestly thought through arguments!

    Anyway, do not buy Bitcoin. This essay is a fantasy that the writer is selling to you. Pyramid schemes constantly recruit the next generation of salesman. This guy is a recruit.

    Buying a fungible technological product in order to hold it as an investment is insane. It is the opposite of a store of value. It will inevitably become outdated and in the meantime you haven’t even got any use for it. The long-term Bitcoin price is zero.

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    • Replies: @YetAnotherAnon
    I can't comment on his thesis because I haven't read it thoroughly and I'm not a "coiner". But the tone of the piece reminds me of the feminist chain letters* that used to go around the alternative UK scene** in the 80s/90s.

    The thrust of the blurb bit at the top of the letter was always "this is ours, for us, women only" (i.e not contaminated by men who would only be in it for the money) , and that was the emotional draw-in for a lot of the people who sent money to the person at the top of the list, before crossing them off, making six photocopies of the amended list, adding a (different) friends name and address to the bottom of each copy, and mailing them to the six people.

    * you'd think they wouldn't be so foolish, but feels seemed to be stronger than reals. Who woulda thunk it?

    ** feminism was still a minority interest, not the law of the land

    , @Tyrion 2
    Just to keep updated: Bitcoin has lost more than 30% since the original post.

    As i wrote:

    Buying a fungible technological product in order to hold it as an investment is insane. It is the opposite of a store of value. It will inevitably become outdated and in the meantime you haven’t even got any use for it. The long-term Bitcoin price is zero

    Sell why you can. Except the Jew obsessives here. You guys hold on for dear life. You wouldn't want to trust someone like me.
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  17. Bitcoin seems to attract foreign schemers like moths to a flame. When the bubble bursts, I imagine it’ll hurt worst in someplace like India or at least among certain ethnic groups. A lot of white people, especially those over 40, are wary of this as an investment. Personally I’m cynical about gold as well though it would probably only be worth a little less in the long run for those who bought high. Maybe silver would work as a hedge against inflation. What I’d be curious about, if I were dabbling in such matters, would be certain foreign currencies and those nifty collectors coins.

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    • Replies: @Daniel H
    >>>Bitcoin seems to attract foreign schemers like moths to a flame. When the bubble bursts, I imagine it’ll hurt worst in someplace like India or at least among certain ethnic groups

    You are right. Most Bitcoin activity recently has been centered in China and South Korea. Two nations whose people, despite their evident intelligence, have a deeply flawed weakness for gambling. When Chinese or Koreans are piling into something, it's time to get out.
    , @Anonymous
    Say what you want about gold, it will never be worth nothing. In fact, the chance of it going down to its 1972 value adjusted for inflation is unimaginable. At today's price you might lose half its value, if governments all quit deficit spending and behave properly. What are the odds of that? The only other gold killer would be if the earth were hit by a solid gold asteroid big enough to be recoverable but not so big as to kill us all like the dinosaurs, or if they invented a machine that could transmute elements cheaply. Those seem only slightly more likely occurrences.
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  18. Rocks Off says:

    Non-ironic appeals to the left-right binary political tribal system always have a slight reek of retard.

    To be a nationalist is to be beyond the left-right tribal system, which was designed to make sure neither side had the policies to threaten power. Especially for those concerned with maintaining whiteness. For one of the clearest manifestations of higher white civilization is a fairly high-tax, redistributive society where the differences between rich and poor are managed. The métisse nature of the US kept it from reaching this goal (it did pretty well in the 60′s-70′s) while the purer northern European social democracies were able to do so post-WW2. A nationalist must stay well away forom the partisan sheep pens are betters have devised for us.

    A sovereign currency is the foundation stone upon which a nation is founded. It’s the ability of the state to demand taxes being paid in its local currency which gives it value. Appeals to the deficit are also always troubling. The deficit is a false construct. There is no reason an economically healthy nation cannot spend more than it takes in with taxes. With a fiat currency there is actually no true link between taxation and spending. It is a political decision to issue debt to cover the difference between taxes and spending. This difference could just as easily be monetized up to certain limits before inflation kicks in. But having the world’s global reserve currency means there is lots of wiggle room for monetization.

    A nation based on whiteness is a nation where the beta male can thrive. Libertarians are the political equivalent of alpha males (although individually they are often omegas!), it is an egotistical and selfish ideology more suited for non-white societies, just like being a “pick-up artist” comes more naturally to non-whites. What exactly is going to happen to the demographic mix of the US when the government loses its ability to collect taxes? Libertarians are the ideological enemies of nationalists and for the most part they are race neutral; which means attempting to preserve some even aspects of whiteness is not part of their plan.

    That said, there is nothing wrong with buying crypto-currencies as an investment strategy but trying to turn these purchases into political activism is surely going to be rather ineffective.

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    • Replies: @utu
    Good point about libertarians.
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  19. @Dave Pinsen
    Bitcoin is another example of Neal Stephenson being prescient, although even he didn't guess that crypto currencies would effectively be another form of fiat currency (his cryptocurrency in Cryptonomicon was backed by gold). Re this essay though:

    Because if Bitcoin wins, it takes away the state’s ability to tax.
     
    It doesn't take away the state's ability to tax any more than the success of the euro or gold does. The author kind of has this backward. What gives the state the ability to tax is its police power. A state without its own currency can still tax its citizens in some other means of exchange (silver, foreign currency, cattle, whatever). The reason the U.S. demands taxes be paid in dollars is to give dollars value, which in turn supports the value of the debt it issues, etc.

    The IRS and the banking system can’t see the transactions of 10% of the economy anymore — and can’t tax them.
     
    The IRS and state and local authorities tax them the same way they tax cash businesses now. The have ways to estimate what your revenue is, and they can check the costs you report, so they have a rough idea of what you owe in taxes. Sure, some transactions in bitcoin will go untaxed, as some cash transactions are untaxed now. But does the author think you can open a factory, restaurant, or some other enterprise and not pay taxes on your income? Good luck with that.

    And bear in mind that the state has other forms of taxation beyond income taxes, such as property taxes, sales taxes, etc. How is bitcoin supposed to get you out of paying property taxes? Does it make your house invisible?

    In short: don't buy bitcoin because you think it will destroy the state. Buy it because you think it makes sense as a long term investing/speculating opportunity. But if you do, keep this chart in mind.

    https://twitter.com/AndySwan/status/954863678662299649

    I believe a certain Mr. Chaucer concurs.

    The Reeve’s Portrait

    The reeve he was a slender, choleric man
    Who shaved his beard as close as razor can.
    His hair was cut round even with his ears;
    His top was tonsured like a pulpiteer’s.
    Long were his legs, and they were very lean,
    And like a staff, with no calf to be seen.
    Well could he manage granary and bin;
    No auditor could ever on him win.
    He could foretell, by drought and by the rain,
    The yielding of his seed and of his grain.
    His lord’s sheep and his oxen and his dairy,
    His swine and horses, all his stores, his poultry,
    Were wholly in this steward’s managing;
    And, by agreement, he’d made reckoning
    Since his young lord of age was twenty years;
    Yet no man ever found him in arrears.
    There was no agent, hind, or herd who’d cheat
    But he knew well his cunning and deceit;
    They were afraid of him as of the death….

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  20. Dave Pinsen says: • Website
    @Opinionator
    The reason the U.S. demands taxes be paid in dollars is to give dollars value, which in turn supports the value of the debt it issues, etc.

    Um, what about the "inflate away the debt" theory?

    The establishment wants some low level of inflation (~2%), but stoking much higher inflation to lower the burden of existing debt in real terms doesn’t make much sense. They’d have to pay higher interest on newly issued bonds, and they’d have the problems that come with high inflation. I think most countries would rather default on their bonds if push came to shove, but we’re nowhere near that scenario for the U.S.

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  21. Miro23 says:

    As the process accelerates, the entire economy goes dark, and we have actually starved the beast. The only receipts governments will receive after that event horizon are voluntary, crowdfunded contributions.

    This gets a prize for the most off the wall article of 2018.

    Bitcoin is fascinating, but it’s not so easy to “starve the beast”. The US has a proven record of going after oil producing states that want to price their output in anything other than US dollars, so why wouldn’t they also go after bitcoin mines? – after all, they’re large scale computer farms in fixed locations.

    Then there’s the question of the “black” Bitcoin economy. The concept is already being tested in Southern Europe, for example in Spain, where the black (cash) economy is conservatively estimated at 25% of GDP. Neoliberal free trade has driven whole traditional production sectors underground (eg. shoemaking, clothing). Fleets of Chinese shipping containers full of these goods make paying taxes and social security an impossible burden, so the workshops go “black”, and the state tries to catch them – but even if they do, it just converts some low wage hat makers into welfare recipients.

    The winners are the big box stores (e.g. Decathlon for sports goods), that are 100% China sourced and provide every conceivable item in one place at the lowest price. They take the whole market and can make big profits out of very low cost purchasing and big volumes. Their owners get rich and Spain gets an unemployment welfare state.

    Result, that the “beast” is only half starved. It extracts some rents from the big Free Trade importers, chases after the Black Economy and makes up the rest with large scale government borrowing (bond issuance) in the conveniently created ZIRP (zero interest rate policy) environment. Also the EEC political overseers of free trade and open borders are personally very well looked after by the Special Interests they protect.

    The real proton torpedo into the heart of the Death Star would probably be much simpler.

    Just collect and spend 90% of taxes locally (at county or state level), with each community organizing its own schools, healthcare, justice and policing (and passing its own legislation). The United States would then convert into a loose Confederation, with no FED, and Washington stripped of the right to issue debt – and with a more or less irrelevant President.

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    • Replies: @Dave Pinsen
    Pushing most tax and spending to the local level, without giving locals control over who gets to move in, would effectively end the welfare state. No locality would want to risk attracting poor and sick people who would be a fiscal drain.
    , @Rod1963

    Just collect and spend 90% of taxes locally (at county or state level), with each community organizing its own schools, healthcare, justice and policing (and passing its own legislation). The United States would then convert into a loose Confederation, with no FED, and Washington stripped of the right to issue debt – and with a more or less irrelevant President.
     
    Not happening. Try it and you either end up dead or in prison along with all your buddies. The Feds take that sort of behavior as a direct attack on them.

    You would have to wait until there is already a social/economic collapse across the board before trying it. It also won't fly in "diverse" regions where there are lots of 3rd worlders. You'd have to deal with them first.
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  22. Crypto currencies are great…Bitcoin is not. BTC is a dinosaur, there are much better ones now. ETH (smart contracts), XMR (private) and XRB (fast and feeless) are much more useful. BTC only lives on as a currency pair. But that won’t last long.

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    • Replies: @Jack Hanson
    I have to buy BTC to buy any other crypto. Once that goes away watch for the crash.
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  23. rogue-one says:

    Just a small point:

    >Most importantly, Bitcoin — and related technologies like Ethereum — have created thousands of libertarian-leaning millionaires, people who saw its potential and bought in early, voting against the state with their wallets…rather than their ballots.

    A lot of internet millionaires were libertarian-leaning. Today most are fully coopted members of the elites, and working sincerely to censor the internet. Why wouldn’t Bitcoin millionaires change their attitude in future?

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  24. Thomas says:

    I bought in to Bitcoin before the election out of fear of a Hillary win and wanting to have some mobile wealth “just in case.” I did it the fun and untraceable way: finding no-ID Bitcoin ATMs in liquor stores around East LA (immigrant populations need ways to move money overseas without papers) and depositing cash. Made a tidy little profit on it and a few other currencies before cashing out before Christmas.

    Anyway, the guy gets one thing right: cryptocurrencies are radical in that ownership is a direct function of possession. The only other thing I can think of for which that’s true is carrying around some valuable piece of intellectual property in your head, and that, unlike a cryptocurrecy, will be non-rival and non-excludable as property as soon as you transfer it in any way (in addition to not being as easily accounted and valuated as crypto). That’s completely new, in economic history. Also what’s new is that it’s the only assst class I can think of that the tax authorities, at least presently, can’t seize on their own. Yes, if they can prove you have a key, they can throw you in jail until you divulge it, but they can’t actually seize it from you directly. (And there are some stupid crypto tricks that might make even squeezing somebody for a key tricky.) They can do that with any other type of wealth you can think of: bank balances (can be levied or garnished), any other type of book account (same), cash, gold or other metals (men with guns come take), real estate (same), you name it.

    Bitcoin was the early proof-of-concept, and, as other commenters have pointed out, some other currency is going to win out. But we are facing a radical revision in our understanding of money and what money is in the next few years. (This is less surprising than people think: the post-Bretton Woods fiat monetary system is less than fifty years old anyway.)

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  25. Neoconned says:
    @wren
    I know you said that you were converting every bitcoin you got to dollars at the moment you got it, but I hope you kept just a few for your kids or something, as a curiosity.

    Me, I have none.

    I tried to convince a friend who had some extra cash to buy a bunch of bitcoin -- at Mt. Gox.

    Luckily for him he knew my track record with investments.

    I will have more commentary on this long piece tomorrow. But in general, he’s correct.

    But you’ll be deemed a tax dodging revolutionist and terrorist seditionist for trying to defund the federal government. I own $2-3k in Bitcoin, litecoin, Bitcoin cash, and ethereum over GDAX/coinbase. I’ll pay the IRS if I ever cash out.

    The problem is that crypto currencies are like gold….as the govt induces inflation to try and finance it’s spending Bitcoin and other crypto currencies will be like gold or physical cash….finite and thus deflationary….

    The govt will try to regulate the usage of crypto currency….but like those Chinese ppl who tried to use Bitcoin to buy s house in Vancouver….it drove the taxman and middle men like Realtors insane.

    After all, if u use Bitcoin like money, why the f**k do you need them?

    https://www.google.com/amp/www.cbc.ca/amp/1.4118832

    Wait til like the studies say and automation takes 40 % of jobs away in the coming 25 years and the govt starts printing up money and doing Universal Basic Income….

    Bitcoin will go to the Moon as a store of value. I’ve heard calls of million dollar Bitcoin as soon as 2024….

    Other calls say 2030. Neither would surprise me…

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  26. @Tyrion 2
    Steve, this guy is a scammer.

    His essay's style closely maps 'buy this book' to learn of 'how I incredibly lost 50 pounds and now look like Thor' websites. Or the infinite number of more straightforward financial scams on the net. Read one and you will notice the similarity of structure, the hooks, the repeats and all that.

    His call to buy Bitcoin is based on the genuine usefulness of cryptocurrency. On this he is right and also the Blockchain technology undergirding most of the crypto-currencies.

    Note the plural. It is infinite.

    He is telling you to buy as many Iphone 1s as possible and hold on for dear life! Sure Bitcoin can be adapted but new cryptocurrencies, competitor currencies, are released every day. Many are better. That Bitcoin holds any value above what it achieves from people buying and selling it in order enter and exit 'dark' markets is a testament to the human weakness for pyramid schemes.

    Indeed Bitcoin is slowly even losing the dark market role as it is antiquated technology and is not only poor for privacy already but, disasterously, future developments in government surveillance of the Blockchain will likely render all past transactions public! In 2012 you had privacy, in 2018 you no longer have privacy for 2012 and so on...

    There is one more wrinkle to my point. Bitcoin has so far functioned as the gateway crypto-currency. That is on most exchanges it was impossible to transfer directly from your preferred government currency to your preferred crypto-currency. This was not there by design but due to the slow adaption of the exchanges. It is increasingly not the case and will certainly not be the case in the future.

    Finally, his cute synthesis of libertarian and nationalist/traditionalist concerns based on 'institutional leftism' needing to capture the state for money is...well...cute. It is hopelessly naieve and simplistic...and seemingly designed for his sales pitch.

    Power beats money, especially for the worst of people. And if the modern left is about anything it is about imposing its increasingly bizarre dogma on the rest of the world, starting with those closest to but still outside of the progressive elite. The motivations for individuals pushing this are infinite. Some just like the pure pleasure of humiliating others, while some need the temporary tranquility found by the clinically anxious when they manage to rearrange their environment into whatever neat pattern they are obsessing about today. Some even havr open-hearted and honestly thought through arguments!

    Anyway, do not buy Bitcoin. This essay is a fantasy that the writer is selling to you. Pyramid schemes constantly recruit the next generation of salesman. This guy is a recruit.

    Buying a fungible technological product in order to hold it as an investment is insane. It is the opposite of a store of value. It will inevitably become outdated and in the meantime you haven't even got any use for it. The long-term Bitcoin price is zero.

    I can’t comment on his thesis because I haven’t read it thoroughly and I’m not a “coiner”. But the tone of the piece reminds me of the feminist chain letters* that used to go around the alternative UK scene** in the 80s/90s.

    The thrust of the blurb bit at the top of the letter was always “this is ours, for us, women only” (i.e not contaminated by men who would only be in it for the money) , and that was the emotional draw-in for a lot of the people who sent money to the person at the top of the list, before crossing them off, making six photocopies of the amended list, adding a (different) friends name and address to the bottom of each copy, and mailing them to the six people.

    * you’d think they wouldn’t be so foolish, but feels seemed to be stronger than reals. Who woulda thunk it?

    ** feminism was still a minority interest, not the law of the land

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  27. Dave Pinsen says: • Website
    @Miro23

    As the process accelerates, the entire economy goes dark, and we have actually starved the beast. The only receipts governments will receive after that event horizon are voluntary, crowdfunded contributions.
     
    This gets a prize for the most off the wall article of 2018.

    Bitcoin is fascinating, but it's not so easy to "starve the beast". The US has a proven record of going after oil producing states that want to price their output in anything other than US dollars, so why wouldn't they also go after bitcoin mines? - after all, they're large scale computer farms in fixed locations.

    Then there's the question of the "black" Bitcoin economy. The concept is already being tested in Southern Europe, for example in Spain, where the black (cash) economy is conservatively estimated at 25% of GDP. Neoliberal free trade has driven whole traditional production sectors underground (eg. shoemaking, clothing). Fleets of Chinese shipping containers full of these goods make paying taxes and social security an impossible burden, so the workshops go "black", and the state tries to catch them - but even if they do, it just converts some low wage hat makers into welfare recipients.

    The winners are the big box stores (e.g. Decathlon for sports goods), that are 100% China sourced and provide every conceivable item in one place at the lowest price. They take the whole market and can make big profits out of very low cost purchasing and big volumes. Their owners get rich and Spain gets an unemployment welfare state.

    Result, that the "beast" is only half starved. It extracts some rents from the big Free Trade importers, chases after the Black Economy and makes up the rest with large scale government borrowing (bond issuance) in the conveniently created ZIRP (zero interest rate policy) environment. Also the EEC political overseers of free trade and open borders are personally very well looked after by the Special Interests they protect.

    The real proton torpedo into the heart of the Death Star would probably be much simpler.

    Just collect and spend 90% of taxes locally (at county or state level), with each community organizing its own schools, healthcare, justice and policing (and passing its own legislation). The United States would then convert into a loose Confederation, with no FED, and Washington stripped of the right to issue debt - and with a more or less irrelevant President.

    Pushing most tax and spending to the local level, without giving locals control over who gets to move in, would effectively end the welfare state. No locality would want to risk attracting poor and sick people who would be a fiscal drain.

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    • Agree: Alden
    • Replies: @Miro23

    Pushing most tax and spending to the local level, without giving locals control over who gets to move in, would effectively end the welfare state. No locality would want to risk attracting poor and sick people who would be a fiscal drain.
     
    And there would be a potential double barrier to immigration, at the state, and county level. Each of them would discuss/vote on/implement their own immigration policy - without any input from Washington (after all it's their back yard, not Washington's, and they're paying for it).

    There may be a local demand for workers from Mexico, in which case they could agree a set of specific work contracts with health checks, enforced entry and exit dates - no family members, and no question of US citizenship. Since the foreign workers paid their taxes, they would get the same benefits as citizens.
    , @Johan Schmidt
    Arguably this is how it already works in Denmark. Everyone looks at their eye-watering 70% top rate of income tax, but fails to notice that the top rate of national income tax is only about 15%. The rest goes to the local authority where taxes are filed. This prevents redistribution as you've identified.
    , @Expletive Deleted
    In England the heritors (local property owners who paid tax from which Poor Relief (the dole) was obtained ) were very assiduous in making sure that non-native destitute didn't overstay their welcome in their parish, and Overseers of the Poor were engaged to expedite their rapid passage to .. anywhere else.

    The Harpenden Overseers of the Poor accounts include two entries, in 1708 and 1710, for “the charges with a great Belled (bellied) woman of 3 shillings and 5 shilling & 6 pence respectively” – almost certainly payments for dumping a pregnant woman in another parish just before the child was born. The plight of one poor woman passing through the parish is detailed in the accounts for 2 April 1743:

    * Pd James Cheworth for Eating and Drinking and for Lodging of a poor woman being in a very poor condition taken up on the Kings Highway: 2s 6d
    * Pd Elizabeth Halsey for sitting up with the Woman all Night and for nurseing of her: 1 shilling
    * Pd the same Woman more for Reliefe and to pass her away (ie see her over the parish boundary) : 1s.6d."
     

    From other account-books it seems that in recalcitrant cases a squad of sturdy fellows would literally frog-march them to the edge of the parish and wave a cheery farewell. A task for which the authorities were charged a generous beer-allowance, to refresh the escorts after their solemn duty was discharged.
    After all, they had to have been born somewhere, and that was where they should apply for assistance. Not whichever comfy village they'd "accidentally" fetched up in. There was no way they would be allowed to drop an anchor baby there. All in all a race against time, for all the parishes en route.
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  28. Keep your Bitcoins, Liberty will rise again!

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  29. Flip says:

    “Money is gold, and nothing else.”
    -John Pierpont Morgan

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  30. Anonym says:

    There are some good points, but not those relating to bitcoin IMO. The cell death bit in relation to borders of the cell being compromised is very good IMO. I can see why Steve posted it.

    Other than that, a few points came to me. One is the old slashdot copypasta, which I can’t find for the life of me. It starts out “You have picked a (select one) a) technocratic, b)… approach to fighting spam”, and then explains why each aproach won’t work. It was pretty funny. Substitute WN for fighting spam.

    Just found it:

    Your post advocates a

    ( ) technical ( ) legislative ( ) market-based ( ) vigilante

    approach to fighting spam. Your idea will not work. Here is why it won’t work. (One or more of the following may apply to your particular idea, and it may have other flaws which used to vary from state to state before a bad federal law was passed.)

    ( ) Spammers can easily use it to harvest email addresses
    ( ) Mailing lists and other legitimate email uses would be affected
    ( ) No one will be able to find the guy or collect the money
    ( ) It is defenseless against brute force attacks
    ( ) It will stop spam for two weeks and then we’ll be stuck with it
    ( ) Users of email will not put up with it
    ( ) Microsoft will not put up with it
    ( ) The police will not put up with it
    ( ) Requires too much cooperation from spammers
    ( ) Requires immediate total cooperation from everybody at once
    ( ) Many email users cannot afford to lose business or alienate potential employers
    ( ) Spammers don’t care about invalid addresses in their lists
    ( ) Anyone could anonymously destroy anyone else’s career or business

    Specifically, your plan fails to account for

    ( ) Laws expressly prohibiting it
    ( ) Lack of centrally controlling authority for email
    ( ) Open relays in foreign countries
    ( ) Ease of searching tiny alphanumeric address space of all email addresses
    ( ) Asshats
    ( ) Jurisdictional problems
    ( ) Unpopularity of weird new taxes
    ( ) Public reluctance to accept weird new forms of money
    ( ) Huge existing software investment in SMTP
    ( ) Susceptibility of protocols other than SMTP to attack
    ( ) Willingness of users to install OS patches received by email
    ( ) Armies of worm riddled broadband-connected Windows boxes
    ( ) Eternal arms race involved in all filtering approaches
    ( ) Extreme profitability of spam
    ( ) Joe jobs and/or identity theft
    ( ) Technically illiterate politicians
    ( ) Extreme stupidity on the part of people who do business with spammers
    ( ) Dishonesty on the part of spammers themselves
    ( ) Bandwidth costs that are unaffected by client filtering
    ( ) Outlook

    and the following philosophical objections may also apply:

    ( ) Ideas similar to yours are easy to come up with, yet none have ever
    been shown practical
    ( ) Any scheme based on opt-out is unacceptable
    ( ) SMTP headers should not be the subject of legislation
    ( ) Blacklists suck
    ( ) Whitelists suck
    ( ) We should be able to talk about Viagra without being censored
    ( ) Countermeasures should not involve wire fraud or credit card fraud
    ( ) Countermeasures should not involve sabotage of public networks
    ( ) Countermeasures must work if phased in gradually
    ( ) Sending email should be free
    ( ) Why should we have to trust you and your servers?
    ( ) Incompatiblity with open source or open source licenses
    ( ) Feel-good measures do nothing to solve the problem
    ( ) Temporary/one-time email addresses are cumbersome
    ( ) I don’t want the government reading my email
    ( ) Killing them that way is not slow and painful enough

    Furthermore, this is what I think about you:

    ( ) Sorry dude, but I don’t think it would work.
    ( ) This is a stupid idea, and you’re a stupid person for suggesting it.
    ( ) Nice try, assh0le! I’m going to find out where you live and burn your
    house down!

    The second is that there are a lot of legitimate reasons for taxes. Maybe if our armies and navies shot illegal infiltrators and their vehicles, those taxes would have some value.

    The third is that the state is pretty wily about getting their taxes.

    Fourth, this could be (((written))) by someone looking to part a tribal enemy of their hard-earned. Every bubble has a cohort of greater fools at the end who get left holding the bag. It would be great if some virulent anti-Semites wind up not being able to afford to have another child because they blew the money on bitcoin.

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  31. Aardvark says:

    IIRC, the FBI already seized millions in Bitcoin and is preparing to auction it off.
    The deep state owns endless amounts of computing resources that could be used to corrupt or invade the system. Always remember they have more time on their hands than you do and nearly unlimited financial resources to solve any problem. The IRS already hired a company to figure out the identity of an estimated 50% of the user base. They will be looking for what they think is their due.

    I see crypto currencies suffering from the same problem Linux has. There is a bewildering array of choices and new choices being introduced all the time. Other choices have probably withered away already or will in a short time ahead. For people who do not have the time, skill or inclination to sort out the differences between assorted cryptos, they are unlikely to become users of it until Fed steps in and forces its version on them.

    That being said, I do think encryption technologies can be used to aggravate the State, which is the primary reason they attempt to outlaw or weaken cryptographic technologies where they can. I find it idiotic there are export bans or controls on products that contain encryption technologies, as though no other country in the world has mathematicians who could also produce encryption technology.

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    • Replies: @edlyle
    "The problem with Linux" ??? Current installed base for Android is approx 2.5 billion. Android runs on top of the Linux kernel. The "choices" of Linux you appear to be referring to are called distributions. distrowatch.com shows Linux Mint as the most used distro currently. If you can use Windows XP, then you can use Mint. Linux has already won the race for end-users because the installed base of OS running on the Linux kernel worldwide have surpassed any other OS. I imagine that most Android users are not aware that at the kernel level they are running Linux. Without the LAMP stack (Linux, Apache, MySQL, and PHP/Python/Perl) much of the internet as we know it would cease to exist. I moved to Linux (desktop) approx ten years ago. Current Linux distros (such as Mint) do not require any tech knowledge to install and use.
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  32. Sunbeam says:

    If someone is knowledgeable about this whole topic, I’d like for them to explain something.

    What happens to Bitcoin when Quantum Computers become a thing (if they haven’t already of course – in certain circles).

    Bitcoin was created with what, the best technology 2010 had to offer?

    What about Bitcoin stops Quantum Computation from breaking the encryption used?

    Now you might make the claim on some grounds that Quantum Computing is a pipedream. But is there any reason to think it won’t be relatively easy to break this once Quantum Computers have been developed for a few years?

    As an aside, I imagine that Quantum Computing is a game changer, with ramifications that go far beyond our parochial notions of borders, bitcoins, starving the beast, immigration, or basically anything you can think of right now.

    Seems to me that Quantum Computing shares a key feature (and it will no doubt affect that field as well) with Artificial Intelligence. You pretty much have to start out assuming it is impossible for any possible current concern to truly remain relevant.

    Yes, I know that is a strong statement, but come on, you can pick out possible ramifications till the cows come home, and not have scratched the surface.

    And intelligence (and come to think of it people like Goldman Sachs) have every motivation to develop this. And more money than some university/NSF partnership could ever throw at it.

    One thing, good or bad, is this technology would escape the clutches of our favorite ass clowns pretty quickly. Too many other places you could use it.

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    • Replies: @anon
    Bitcoin is based on elliptic curve cryptography, so it seems the answer is yes:

    https://en.wikipedia.org/wiki/Elliptic-curve_cryptography#Quantum_computing_attacks
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  33. Let’s bite off a teeny piece of this bloated essay: “One reason for this bullish projection is that many technologists believe Bitcoin will replace gold, which has a market cap of $2T.”

    [1] What does it mean to say that “gold has a market cap of 2 trillion dollars”? Does this mean that for people to buy all the gold in the world, they will need to spend cumulatively no more than $2 T?

    [2] Where is the evidence that this assertion is true? What prevents people from bidding up the price of gold (or anything else) without limit? What prevents governments from creating as many dollars as they want to (i.e., inflating the currency)?

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  34. sabril says:

    I agree with most of the other posters. It’s difficult to see how Bitcoin — or any other cryptocurrency — is going to put much of a dent in the Left. There are plenty of avenues for the government to levy taxes.

    A more promising technology, perhaps, is sexbots. What happens to feminism when for $1000 a man can buy an android which is just as realistic as Pris from Bladerunner (minus the attempts to kill her human masters, of course)? It’s difficult to say, but my impression is that as a group, women in society derive much of their power from the fact that a large percentage of men desperately crave sex and validation from women.

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    • Replies: @YetAnotherAnon
    Won't happen IMHO, the validation bit is important, and can you get that from a rented Schiffer 2000, no matter how realistic?

    Now if the Chinese actually clone real but programmable women in a Stepford stylee, all bets are off.
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  35. tl;dr.

    In the investment business, we say this guy is talking his book. He’s long Bitcoin, and getting more schmucks to buy bitcoin drives the price up while taking it off his hands.

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  36. Miro23 says:
    @Dave Pinsen
    Pushing most tax and spending to the local level, without giving locals control over who gets to move in, would effectively end the welfare state. No locality would want to risk attracting poor and sick people who would be a fiscal drain.

    Pushing most tax and spending to the local level, without giving locals control over who gets to move in, would effectively end the welfare state. No locality would want to risk attracting poor and sick people who would be a fiscal drain.

    And there would be a potential double barrier to immigration, at the state, and county level. Each of them would discuss/vote on/implement their own immigration policy – without any input from Washington (after all it’s their back yard, not Washington’s, and they’re paying for it).

    There may be a local demand for workers from Mexico, in which case they could agree a set of specific work contracts with health checks, enforced entry and exit dates – no family members, and no question of US citizenship. Since the foreign workers paid their taxes, they would get the same benefits as citizens.

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  37. “Personally, I don’t know anything about currency, much less crypto-currency.”

    Steve, who put you up to publishing this rubbish?

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    • Agree: Tyrion 2
    • LOL: Coemgen
    • Replies: @Erik L
    my guess is he is sincere in his expectation that publishing it would cause his readers to educate him. And they did. His readership is majority rational and well-informed; an excellent resource for shortcutting through bunk
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  38. @Dave Pinsen
    Pushing most tax and spending to the local level, without giving locals control over who gets to move in, would effectively end the welfare state. No locality would want to risk attracting poor and sick people who would be a fiscal drain.

    Arguably this is how it already works in Denmark. Everyone looks at their eye-watering 70% top rate of income tax, but fails to notice that the top rate of national income tax is only about 15%. The rest goes to the local authority where taxes are filed. This prevents redistribution as you’ve identified.

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    • Replies: @Dave Pinsen
    Interesting.
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  39. Bartolo says:

    The article contains some great analysis, but ultimately, Austin Lee (as a bitcoin holder) only wants your money, just like the Left/government he deplores. Let me explain.

    Bitcoin has been through a rough patch lately and its value is down 40 % from its all time high… less than two (2!) months ago. Bitcoin holders are nervous, since they have realized that their beloved bitcoins, the currency that would make millionaires of them, cannot grow in value unless fresh money from new investors keeps coming in.

    But new investors, just like bitcoin holders, want to make a buck. They understand that, in order for them to double their investment, bitcoin has to go all the way up to 24.000$. That´s a lot, and 4000$ more than the all time high. They look at the cryptospace and realize that it makes more sense to buy some other crypto-asset (NOT crypto-currency) that is backed by some product or service and costs only one dollar, or even a few cents only. It´s much, muuuuch easier for, crypto “X” to go from 12 cents to 36 cents (treble its value) that it is for bitcoin to go from 12.000$ to 24.000$. Plus, many people cannot afford to buy a whole bitcoin, and it just feels a bit unsatisfactory to buy 0.05 bitcoin when you can buy 500 tokens of crypto “X” that will easily multiply their value. I know 5 new cryptoinvestors and none of them shows the slightest interest in Bitcoin. When you see someone praising Bitcoin, it´s always someone who bought into bitcoin when it was cheap. Every. Single. Time.

    Since opinion leaders in the crypto-space are people who have been following blockchain (Bitcoin´s underlying technology) for a long time, they are ALL Bitcoin holders. Thus, they create a climate of opinion that is artificially favourable to Bitcoin, a project that has not future… and not just because new money won´t flow in. There two other reasons:

    (1) “Muh Cryptography”-fallacy: Bicoin holders say cryptography cannot be defeated and a decentralized netwoks cannot be brought down. So what? The government can and will outlaw its possession and/or use. They will go after the people, not after the coin. Few will be willing to secretly travel to Cambodia to illegally enjoy their 3 million dollars in Bitcoin there because they risk jail for holding or using Bitcoin in the US.

    (2) As others have pointed out, Bitcoin´s technology is junk. It´s outdated. And it´s community, being “decentralized”, cannot agree on any reform of the code. Hence the many forks and the failed attempts at improvement.

    How to kill the leftist juggernaut? I don´t know. But bitcoin ain´t it. Don´t be the bigger fool.

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    • Replies: @Jack Hanson
    "Money is overthrown and abolished by blood." - Spengler
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  40. Joer says:

    Steve: where is the link to the whole essay?

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  41. biz says:
    @Felix...

    Because if Bitcoin wins, it takes away the state’s ability to tax. And if the state loses the ability to tax, the left no longer has any financial incentive to capture the state — or to import millions of foreigners to swing elections.
     
    I don't buy that for one second. The Left was created for one purpose and one purpose only: the destroy white people. So long as white people exist, their enemy will continue to perpetuate the Left and use it to try to annihilate them.

    The Left was created for one purpose and one purpose only: the destroy white people.

    Really? The French Revolution? Theodore Roosevelt and the progressive era? The Bolsheviks? The New Deal? Atlee’s NHS? All foundational moments for the Left in various forms and all seem pretty non-racial to me.

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    • Replies: @Luke Lea

    The Left was created for one purpose and one purpose only: the destroy white people.

    Really? The French Revolution? Theodore Roosevelt and the progressive era? The Bolsheviks? The New Deal? Atlee’s NHS? All foundational moments for the Left in various forms and all seem pretty non-racial to me.
     

    But you have to admit at least two of them killed a lot of white people.

    What's really happening, it seems to me, is that in its naive, hurried attempt to universalize its values, the West is in danger of destroying itself. Not that these values might not be universalized, but it can't be done in a single generation. Will take centuries.

    , @songbird
    I think he is talking ultimate reason or culmination.

    The answer to the Fermi Paradox might be Brazil.
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  42. NOTA says:

    Please oh please inflate this bubble a little more. Maybe if we give you some fuzzy tribal or political reasons, we can convince someone else to be the last fool in the greater-fool-theory investment strategy.

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  43. biz says:

    The tone of this one reminds me of all the ads on Fox news and during Limbaugh’s radio program. Half are pushing cash for gold and the other half are pushing gold for cash.

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    • Replies: @Autochthon
    Nah; they all want you to go long on pillows and corny shirts.
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  44. @anon
    The Republic of Zimbabwe is a shithole NOT a hell hole!

    Spinal Tap articulated the difference in an unforgettable way 30 years ago:

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  45. If, as has happened since the advent of the Industrial Revolution, an economy gains in productivity by an average amount of 2.5% per year, then the amount of money or credit in circulation must expand by a like amount if the true price of the goods produced is to remain accurately indexed to the costs of production.

    If the number of units of bitcoin remain constant then the supply of them, like gold, cannot expand to keep pace with gains in productivity (or population). This produces an artificial scarcity of medium of exchange which drives up the value of the bitcoin–just what the author pushes as its virtue. The value increases for the holders of the currency; they need have done nothing at all to add to the productivity of the economy. They extract a profit as rentiers. The final effect of this kind of monetary policy is stagnation. The holders of the fixed currency hold on to what they’ve got. They have no incentive to invest to expand the economy if such expansion results in the enrichment of a middle class. If rent extraction trumps productivity as the royal road to riches, the economy will ultimately contract.

    Present monetary policy is aware of the debilitating effect of a gold (or any other fixed base) based money. But they have taken it one step further. They believe that they can influence the rate of growth and capital investment by deliberately adjusting the supply and demand of money itself by tinkering with interest rates and selling or buying Treasury bonds. When supply of money outruns gains in productivity then Gold buggers and Bitcoiners deplore this policy as inflationary.

    Since gains in productivity can only be averaged then anticipating rate of growth is like betting on which rain drop on the windshield will run next or when and where a laminar flow will turn turbulent.

    No clear answer in sight. Both sides are half right/half wrong.

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  46. Luke Lea says:

    I wish this article would have been longer. For those who don’t understand how blockchains work, here is a good into I found for why bitcoin can’t go on much longer: https://goo.gl/jvVhNp

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    • Replies: @CJ
    Thanks for the link to that kaspersky.com article. Good expository writing. If you haven’t read it already, here’s a piece on cryptocurrency from a financial industry POV:

    Ten years in, nobody has come up with a use for blockchain
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  47. anonymous • Disclaimer says:

    According to a presentation by Natalya Kaspersky, of Kaspersky Lab internet security company:

    “Bitcoin is a project of American intelligence agencies, which was designed to provide quick funding for US, British and Canadian intelligence activities in different countries. [The technology] is ‘privatized,’ just like the Internet, GPS and TOR. In fact, it is dollar 2.0. Its rate is controlled by the owners of exchanges,” one of the slides read.

    Taken from Russian publication Sputnik.

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  48. Luke Lea says:
    @biz

    The Left was created for one purpose and one purpose only: the destroy white people.
     
    Really? The French Revolution? Theodore Roosevelt and the progressive era? The Bolsheviks? The New Deal? Atlee's NHS? All foundational moments for the Left in various forms and all seem pretty non-racial to me.

    The Left was created for one purpose and one purpose only: the destroy white people.

    Really? The French Revolution? Theodore Roosevelt and the progressive era? The Bolsheviks? The New Deal? Atlee’s NHS? All foundational moments for the Left in various forms and all seem pretty non-racial to me.

    But you have to admit at least two of them killed a lot of white people.

    What’s really happening, it seems to me, is that in its naive, hurried attempt to universalize its values, the West is in danger of destroying itself. Not that these values might not be universalized, but it can’t be done in a single generation. Will take centuries.

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  49. flayotters says: • Website

    This appears to be the classic ‘if we all stopped paying taxes they couldn’t put us all in jail’ tax refusenik’s lament. It just has the gloss of next-gen tech on it for pseudo-relevence.
    Newsflash: they will put you all in jail, every last one of you, especially if you are a white male.
    OTOH there are some excellent quotable paras in there re: the left (or whatever you want to call it).

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  50. Erik L says:
    @John Achterhof
    "Personally, I don't know anything about currency, much less crypto-currency."

    Steve, who put you up to publishing this rubbish?

    my guess is he is sincere in his expectation that publishing it would cause his readers to educate him. And they did. His readership is majority rational and well-informed; an excellent resource for shortcutting through bunk

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  51. Anonymous • Disclaimer says:
    @Daniel H
    I bought $100 of bitcoin, through Coinbase, in early 2017. When all the talk about how much had been appreciating got to my ears I checked out how much my $100 investment had gained. It stood at $678 in early December. Shocked. I sold out the next day.

    1) There is an electronic trail of my deposit into Coinbase for $100.

    2) There is an electronic trail of my withdrawal from Coinbase for $678. I don't know how this can be hidden from the government. Clear as day, I made $578 in capital gains.

    I don't buy the hype. Anyway, at this point it's reckless investment. 20% moves up or down in a single day? No thanks. If it goes dirt cheap again, then I will buy.

    Coinbase is an exchange that follows government laws and regulations and requires ID to use. And cash balances on Coinbase are insured by the FDIC.

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  52. anon • Disclaimer says:

    This guys advice is all hogwash. If you still want to buy into the spirit of the argument, a more logical approach would be:

    1. If you are really wealthy, structure your investments in a low tax territory, viz: use Swiss banks, Lichtenstein, Caribbean etc., But if are wealthy, you already knew that!

    2. For the Hoi polloi, First, go get a good book or books on tax planning, minimization, avoidance – depending on your desire for aggressiveness.

    3. Do some simple acts everyday that will minimize taxation: Do as much of your daily transactions in cash. A $ bill is far, far better than any cryptocurrency in ensuring anonymity. Even if you do small transactions like baby sitting, gardeners, handyman payments in cash, it will add up. Try to do as much transaction as possible in cash.

    4. If you really, really want out of $, Bullion is far more reliable store of value. You can buy gold bars at very low overhead and they are an excellent store of value. They maintain their value well in a high inflation environment that will be inevitable when the debts are monetized.

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  53. @Dave Pinsen
    Bitcoin is another example of Neal Stephenson being prescient, although even he didn't guess that crypto currencies would effectively be another form of fiat currency (his cryptocurrency in Cryptonomicon was backed by gold). Re this essay though:

    Because if Bitcoin wins, it takes away the state’s ability to tax.
     
    It doesn't take away the state's ability to tax any more than the success of the euro or gold does. The author kind of has this backward. What gives the state the ability to tax is its police power. A state without its own currency can still tax its citizens in some other means of exchange (silver, foreign currency, cattle, whatever). The reason the U.S. demands taxes be paid in dollars is to give dollars value, which in turn supports the value of the debt it issues, etc.

    The IRS and the banking system can’t see the transactions of 10% of the economy anymore — and can’t tax them.
     
    The IRS and state and local authorities tax them the same way they tax cash businesses now. The have ways to estimate what your revenue is, and they can check the costs you report, so they have a rough idea of what you owe in taxes. Sure, some transactions in bitcoin will go untaxed, as some cash transactions are untaxed now. But does the author think you can open a factory, restaurant, or some other enterprise and not pay taxes on your income? Good luck with that.

    And bear in mind that the state has other forms of taxation beyond income taxes, such as property taxes, sales taxes, etc. How is bitcoin supposed to get you out of paying property taxes? Does it make your house invisible?

    In short: don't buy bitcoin because you think it will destroy the state. Buy it because you think it makes sense as a long term investing/speculating opportunity. But if you do, keep this chart in mind.

    https://twitter.com/AndySwan/status/954863678662299649

    I guess I wasn’t the only one who saw bitcoin and thought “Kongbucks”?

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  54. nebulafox says:

    You know, I’m getting involved in a crypto startup right now. The founder is enthusiastic about the idea of me going abroad for a bit because of the regulations he thinks might happen in the US, that, and the contacts we’re making for business in Asia. I haven’t thought about all of this: I was mainly attracted by the cool mathematics and the opportunity to get paid for learning it while coding.

    I tend to be skeptical about doomsday or gold rush articles, really, so I’m not going to pay too much attention to this, still. But there’s no denying we might be on the cusp of something big here. This will be the ticket for people who don’t want to trade in USD anymore decades from now, if things really do blow up. Thankfully, I’m young, dumb, unattached, and… well, a lot of things, so if things go belly-up, I’ll be able to dust myself off and move on.

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  55. bartok says:

    Shorter: “I want hip leftist billionaire Jack Dorsey to like me!”

    Jack Dorsey is your enemy and will never be induced to turn.

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  56. @God Emperor Putin
    Crypto currencies are great...Bitcoin is not. BTC is a dinosaur, there are much better ones now. ETH (smart contracts), XMR (private) and XRB (fast and feeless) are much more useful. BTC only lives on as a currency pair. But that won’t last long.

    I have to buy BTC to buy any other crypto. Once that goes away watch for the crash.

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  57. @Bartolo
    The article contains some great analysis, but ultimately, Austin Lee (as a bitcoin holder) only wants your money, just like the Left/government he deplores. Let me explain.

    Bitcoin has been through a rough patch lately and its value is down 40 % from its all time high... less than two (2!) months ago. Bitcoin holders are nervous, since they have realized that their beloved bitcoins, the currency that would make millionaires of them, cannot grow in value unless fresh money from new investors keeps coming in.

    But new investors, just like bitcoin holders, want to make a buck. They understand that, in order for them to double their investment, bitcoin has to go all the way up to 24.000$. That´s a lot, and 4000$ more than the all time high. They look at the cryptospace and realize that it makes more sense to buy some other crypto-asset (NOT crypto-currency) that is backed by some product or service and costs only one dollar, or even a few cents only. It´s much, muuuuch easier for, crypto "X" to go from 12 cents to 36 cents (treble its value) that it is for bitcoin to go from 12.000$ to 24.000$. Plus, many people cannot afford to buy a whole bitcoin, and it just feels a bit unsatisfactory to buy 0.05 bitcoin when you can buy 500 tokens of crypto "X" that will easily multiply their value. I know 5 new cryptoinvestors and none of them shows the slightest interest in Bitcoin. When you see someone praising Bitcoin, it´s always someone who bought into bitcoin when it was cheap. Every. Single. Time.

    Since opinion leaders in the crypto-space are people who have been following blockchain (Bitcoin´s underlying technology) for a long time, they are ALL Bitcoin holders. Thus, they create a climate of opinion that is artificially favourable to Bitcoin, a project that has not future... and not just because new money won´t flow in. There two other reasons:

    (1) "Muh Cryptography"-fallacy: Bicoin holders say cryptography cannot be defeated and a decentralized netwoks cannot be brought down. So what? The government can and will outlaw its possession and/or use. They will go after the people, not after the coin. Few will be willing to secretly travel to Cambodia to illegally enjoy their 3 million dollars in Bitcoin there because they risk jail for holding or using Bitcoin in the US.

    (2) As others have pointed out, Bitcoin´s technology is junk. It´s outdated. And it´s community, being "decentralized", cannot agree on any reform of the code. Hence the many forks and the failed attempts at improvement.

    How to kill the leftist juggernaut? I don´t know. But bitcoin ain´t it. Don´t be the bigger fool.

    “Money is overthrown and abolished by blood.” – Spengler

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  58. @Dave Pinsen
    Pushing most tax and spending to the local level, without giving locals control over who gets to move in, would effectively end the welfare state. No locality would want to risk attracting poor and sick people who would be a fiscal drain.

    In England the heritors (local property owners who paid tax from which Poor Relief (the dole) was obtained ) were very assiduous in making sure that non-native destitute didn’t overstay their welcome in their parish, and Overseers of the Poor were engaged to expedite their rapid passage to .. anywhere else.

    The Harpenden Overseers of the Poor accounts include two entries, in 1708 and 1710, for “the charges with a great Belled (bellied) woman of 3 shillings and 5 shilling & 6 pence respectively” – almost certainly payments for dumping a pregnant woman in another parish just before the child was born. The plight of one poor woman passing through the parish is detailed in the accounts for 2 April 1743:

    * Pd James Cheworth for Eating and Drinking and for Lodging of a poor woman being in a very poor condition taken up on the Kings Highway: 2s 6d
    * Pd Elizabeth Halsey for sitting up with the Woman all Night and for nurseing of her: 1 shilling
    * Pd the same Woman more for Reliefe and to pass her away (ie see her over the parish boundary) : 1s.6d.”

    From other account-books it seems that in recalcitrant cases a squad of sturdy fellows would literally frog-march them to the edge of the parish and wave a cheery farewell. A task for which the authorities were charged a generous beer-allowance, to refresh the escorts after their solemn duty was discharged.
    After all, they had to have been born somewhere, and that was where they should apply for assistance. Not whichever comfy village they’d “accidentally” fetched up in. There was no way they would be allowed to drop an anchor baby there. All in all a race against time, for all the parishes en route.

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    • Replies: @Dave Pinsen
    Interesting. There's a lot we can learn from the past. Moldbug made that point a lot.
    , @Benjaminl
    Is it true that Vagrancy Laws used to be used for this purpose, in the U.S.?

    A town could kick out incoming ne'er-do-wells and send them somewhere else... until the Supreme Court decided that was Unconstitutional.

    I have the impression that the Warren Court really did everything possible to undermine social order and cohesion during its term -- not just with big splashy cases like Miranda rights, school prayer, abortion and the death penalty -- but with all these smaller measures that can no longer be taken to make sure that your home town is a nice place.
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  59. @sabril
    I agree with most of the other posters. It's difficult to see how Bitcoin -- or any other cryptocurrency -- is going to put much of a dent in the Left. There are plenty of avenues for the government to levy taxes.

    A more promising technology, perhaps, is sexbots. What happens to feminism when for $1000 a man can buy an android which is just as realistic as Pris from Bladerunner (minus the attempts to kill her human masters, of course)? It's difficult to say, but my impression is that as a group, women in society derive much of their power from the fact that a large percentage of men desperately crave sex and validation from women.

    Won’t happen IMHO, the validation bit is important, and can you get that from a rented Schiffer 2000, no matter how realistic?

    Now if the Chinese actually clone real but programmable women in a Stepford stylee, all bets are off.

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    • Replies: @sabril

    Won’t happen IMHO, the validation bit is important, and can you get that from a rented Schiffer 2000, no matter how realistic?
     
    I'm not sure. Consider this analogy: You are a 25-year-old super-rich trust fund baby; as a result a lot of girls flirt with you (and more) who would never give you the time of day if you were just an ordinary peasant. Probably it's not as good as if the girl loves you for who you are, but I think that's 99% fairy tale. i.e.generally speaking girls love men for what they offer not who they are.

    Fundamentally, is "you love me because I paid $2000 to Sexy Sexdroids, Inc." all that much different from "you love me because I am a successful professional"?
    ]
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  60. Anon87 says:

    This reminds me of the junk direct mail you recieve once you end up on a list, with lots of underlined messages to butter you up or fire you up. Obama is taking away your guns! Trump is poisoning your water!! Then the pitch comes for the donation/buy bitcoins.

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  61. This guy has an interesting thesis but messes up the details.

    If bitcoin or some other distributed cryptocurrency takes off, it will be massively harmful to the United States, (more specifically the U.S. Government) but not for the reason he thinks.

    Currently the U.S. dollar is the most trusted fiat currency in the world. Fiat currency is a wonderful technological innovation for a variety of reasons but it requires a high-trust environment. Specifically, I have to trust that there is not widespread counterfeiting of the currency, and that the source of the currency (a printing press at the Federal Reserve, or nowadays a computer) is not going to go crazy, print out a ton of currency, and cause hyperinflation.

    If two nations wish to trade with one another, their options are to trade using a commodity such as gold, or a fiat currency, and for various reasons fiat currency is a much more efficient choice. If they choose fiat currency (which essentially all countries have), they need U.S. dollars, or their own fiat currencies. However in order to give their own fiat currencies credibility they will typically hold a reserve of U.S. denominated securities such as U.S. treasury bills, or actual dollars. So either way, in order to trade, they need to get some U.S. currency.

    So they need to do something to get U.S. dollars. Typically this has involved exporting manufactured goods to the U.S. in exchange for dollars. From the perspective of the U.S., this is basically free stuff, as currency costs very little to print. This is why we have run a trade deficit for longer than I have been alive, without an economic collapse. If a normal country ran a trade deficit for even a fraction of that time, they would end up with a massive unpleasant economic correction. This is also why manufacturing jobs have been decimated while service industry jobs have not. To get U.S. currency it is much easier to give the U.S. 10,000 widgets than to perform some random service. Note that teachers, doctors, nurses, lawyers, etc., in the U.S. make much more than their foreign counterparts, while people in manufacturing jobs either justify a slightly higher wage with improved productivity, or lose their job entirely.

    Anyway this is the true peace dividend of WWII and the cold war–that the dollar become the most trusted fiat currency. In order for country A and B to trade with one another, they need to give America some stuff, even if America is not directly involved in their trade! Kinda crazy when you think about it.

    If a distributed cryptocurrency takes off, then this becomes unnecessary. The trade deficit shrinks to zero, interest rates shoot up, Americans become poorer in real terms, and the people who control the Federal Reserve become much less important.

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    • Replies: @Anonymous

    If a distributed cryptocurrency takes off, then this becomes unnecessary. The trade deficit shrinks to zero, interest rates shoot up, Americans become poorer in real terms, and the people who control the Federal Reserve become much less important.
     
    Certain Americans become poorer in real terms, but certain other Americans will benefit.
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  62. songbird says:
    @biz

    The Left was created for one purpose and one purpose only: the destroy white people.
     
    Really? The French Revolution? Theodore Roosevelt and the progressive era? The Bolsheviks? The New Deal? Atlee's NHS? All foundational moments for the Left in various forms and all seem pretty non-racial to me.

    I think he is talking ultimate reason or culmination.

    The answer to the Fermi Paradox might be Brazil.

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  63. Abe says: • Website
    @larry lurker
    What sometimes gets glossed over is the fact that Bitcoin really proved itself to be a viable currency via illicit "Darknet" markets like Silk Road. (Gwern has a good post about how SR worked.)

    When you can use a cryptocurrency (with a public ledger!) to purchase cocaine and not end up getting arrested, that's a pretty good proof of concept.

    What sometimes gets glossed over is the fact that Bitcoin really proved itself to be a viable currency via illicit “Darknet” markets like Silk Road.

    I was just thinking about this and will share a thought I dared not mention to my wife for fear of so upsetting her she’d ruin the rest of her day fretting over the potentialities. But cryptocurrencies would be a perfect complement to a burgeoning for-profit kidnapping industry. No need for drop-off notes lovingly crafted out of newspaper cut-outs. Simply provide a public key, a BitCoin amount, and an implicit promise little Richie Rich Jr. will be returned with all 10 fingers still attached upon timely payment. I’ll leave the issue of laundering the tainted ransom BitCoin as an exercise to the reader. Of course, thankfully this is only speculative as a burgeoning for-profit kidnapping industry would first require an exploding Third World-derived population with a vibrant tradition of for-profit kidnapping, which of course our wise leaders would never be so foolish as to allow to establish itself in these United States…

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  64. martin2 says:
    @larry lurker
    What sometimes gets glossed over is the fact that Bitcoin really proved itself to be a viable currency via illicit "Darknet" markets like Silk Road. (Gwern has a good post about how SR worked.)

    When you can use a cryptocurrency (with a public ledger!) to purchase cocaine and not end up getting arrested, that's a pretty good proof of concept.

    Yes the uncomfortable and embarrassing fact is that bitcoin has real value since certain types of men can anonymously buy drugs, guns and CHILD PORN with it.

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    • Replies: @larry lurker
    As my grandmother was fond of saying: "If your secure communications platform (or cryptocurrency) isn’t being used by terrorists and pedophiles, you’re probably doing it wrong." If you can buy it with cash, you should be able to buy it with Bitcoin.
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  65. Abe says: • Website
    @Rod1963
    God almighty this guy is a Bitcoin nutter and shill. He knows full well if Bitcoin can't attract more monied fools into the Ponzi, it's finished. Hence this rambling, long winded diatribe.

    He's no different than the Silver bugs saying Silver was going to $200 a oz and then got blow torched when it imploded at $60.00.

    Or the pump monkeys on TV who during the last RE bubble were encouraging everyone and their illegal alien nanny to buy homes on loans they could never pay to begin with.

    Personally, buying Bitcoin before the mania made sense - provided it was throw a way money. Now it, doesn't. There is no central clearing house and the price fluctuations say "stay away", no real currency should lose %50 of it's value in a day, outside of say Zimbabwe or similar hell hole. its being gamed.

    God almighty this guy is a Bitcoin nutter and shill. He knows full well if Bitcoin can’t attract more monied fools into the Ponzi, it’s finished. Hence this rambling, long winded diatribe.

    Yup. In fact this strikes me as the type of affinity-scam that the devilishly effective Russian Internet Trolls of lumpen-press imagination would actually try to dip their beaks in (a measure of our elites’ blinkingly painful stupidity is the fact that by going all-in on the “Russian tweets of Devil Hillary arm-wrestling Jesus stole the election” narrative, they are carrying out the second phase of what was probably the Kremlin’s actual plan, which was “salt social media with intentionally maladroit and traceable instances of Russian ‘meddling’ to bait butt-hurt lumpen media into leading a ‘resistance’ movement that paralyzes the US executive for the next 4 years and gives Russia a freer hand abroad.” 4D chess? Can our great and good even play checkers?).

    I’m sure there are radical socialist/MeToo pussy-hatter/Muslim/and gender-questioning otherkin versions of this spiel for BitCoin out there as well.

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  66. Daniel H says:
    @miss marple
    Bitcoin seems to attract foreign schemers like moths to a flame. When the bubble bursts, I imagine it'll hurt worst in someplace like India or at least among certain ethnic groups. A lot of white people, especially those over 40, are wary of this as an investment. Personally I'm cynical about gold as well though it would probably only be worth a little less in the long run for those who bought high. Maybe silver would work as a hedge against inflation. What I'd be curious about, if I were dabbling in such matters, would be certain foreign currencies and those nifty collectors coins.

    >>>Bitcoin seems to attract foreign schemers like moths to a flame. When the bubble bursts, I imagine it’ll hurt worst in someplace like India or at least among certain ethnic groups

    You are right. Most Bitcoin activity recently has been centered in China and South Korea. Two nations whose people, despite their evident intelligence, have a deeply flawed weakness for gambling. When Chinese or Koreans are piling into something, it’s time to get out.

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  67. GU says:

    Yeah, if you’re willing to commit tax fraud, you can probably do that easier with Bitcoin than with $. But as soon as the IRS audits you, there’s a very good chance you’ll get caught. And you better believe they’ll throw the book at Bitcoin tax cheats.

    I just don’t see it.

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  68. This guy bought at the top, so he’s down 50%, and needs to create some new buyers so he can get out. He figures Trump voters are suckers.

    There are some decent points in there but this reads really shady to me.

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  69. CJ says:
    @Luke Lea
    I wish this article would have been longer. For those who don't understand how blockchains work, here is a good into I found for why bitcoin can't go on much longer: https://goo.gl/jvVhNp

    Thanks for the link to that kaspersky.com article. Good expository writing. If you haven’t read it already, here’s a piece on cryptocurrency from a financial industry POV:

    Ten years in, nobody has come up with a use for blockchain

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    I was at a blockchain-in-healthcare conference (this just in: there's no use for blockchain in healthcare), and in conversation with another participant he was saying that "well, blockchain's kinda like relational databases... when they were invented, no one knew what to do with them either."

    I was... skeptical... of this claim.
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  70. @martin2
    Yes the uncomfortable and embarrassing fact is that bitcoin has real value since certain types of men can anonymously buy drugs, guns and CHILD PORN with it.

    As my grandmother was fond of saying: “If your secure communications platform (or cryptocurrency) isn’t being used by terrorists and pedophiles, you’re probably doing it wrong.” If you can buy it with cash, you should be able to buy it with Bitcoin.

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    • Replies: @Johann Ricke

    When you can use a cryptocurrency (with a public ledger!) to purchase cocaine and not end up getting arrested, that’s a pretty good proof of concept.
     
    How do you know the fuzz are not laying low, while hoovering up all evidence of illegal activity, until they feel they've got enough material to justify their budget for a given period, before rolling up the entire cast of characters involved in said activity? It may be like a fishing trawler that drags its net through a given area until enough fish have been netted, upon which the net is raised, and its contents are harvested.
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  71. gdpbull says:
    @TelfoedJohn
    Bitcoin is not a tax-destroying torpedo, it’s an old crytocurrency. You have to pay a extra fee (A TAX) of approx $20 every time you send, say, $20 (=$40 total), and then wait hours for it to go through. Also, every transaction is recorded on a global ledger, which authorities can use to figure out how to tax you even more.

    Far better cryptocurrencies exist. Monero is completely private. And Raiblocks is instant and feeless.

    The cost of a transaction is high now because of the sudden surge in transaction volume. If that volume remains, eventually that will be an incentive for more miners who do the transactions as part of their blocks and the transaction costs will come down.

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  72. The proof of work required for bitcoin is amenable to mass production of specialized “mining” hardware. This is the kind of thing that governments and other large institutions can manufacture as a military armament.

    A better proof of work would require CPU computation and substantial RAM — which means people can use their personal computers to compete with the bureaucracies.

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  73. anon • Disclaimer says:
    @Sunbeam
    If someone is knowledgeable about this whole topic, I'd like for them to explain something.

    What happens to Bitcoin when Quantum Computers become a thing (if they haven't already of course - in certain circles).

    Bitcoin was created with what, the best technology 2010 had to offer?

    What about Bitcoin stops Quantum Computation from breaking the encryption used?

    Now you might make the claim on some grounds that Quantum Computing is a pipedream. But is there any reason to think it won't be relatively easy to break this once Quantum Computers have been developed for a few years?

    As an aside, I imagine that Quantum Computing is a game changer, with ramifications that go far beyond our parochial notions of borders, bitcoins, starving the beast, immigration, or basically anything you can think of right now.

    Seems to me that Quantum Computing shares a key feature (and it will no doubt affect that field as well) with Artificial Intelligence. You pretty much have to start out assuming it is impossible for any possible current concern to truly remain relevant.

    Yes, I know that is a strong statement, but come on, you can pick out possible ramifications till the cows come home, and not have scratched the surface.

    And intelligence (and come to think of it people like Goldman Sachs) have every motivation to develop this. And more money than some university/NSF partnership could ever throw at it.

    One thing, good or bad, is this technology would escape the clutches of our favorite ass clowns pretty quickly. Too many other places you could use it.

    Bitcoin is based on elliptic curve cryptography, so it seems the answer is yes:

    https://en.wikipedia.org/wiki/Elliptic-curve_cryptography#Quantum_computing_attacks

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  74. Rod1963 says:
    @Miro23

    As the process accelerates, the entire economy goes dark, and we have actually starved the beast. The only receipts governments will receive after that event horizon are voluntary, crowdfunded contributions.
     
    This gets a prize for the most off the wall article of 2018.

    Bitcoin is fascinating, but it's not so easy to "starve the beast". The US has a proven record of going after oil producing states that want to price their output in anything other than US dollars, so why wouldn't they also go after bitcoin mines? - after all, they're large scale computer farms in fixed locations.

    Then there's the question of the "black" Bitcoin economy. The concept is already being tested in Southern Europe, for example in Spain, where the black (cash) economy is conservatively estimated at 25% of GDP. Neoliberal free trade has driven whole traditional production sectors underground (eg. shoemaking, clothing). Fleets of Chinese shipping containers full of these goods make paying taxes and social security an impossible burden, so the workshops go "black", and the state tries to catch them - but even if they do, it just converts some low wage hat makers into welfare recipients.

    The winners are the big box stores (e.g. Decathlon for sports goods), that are 100% China sourced and provide every conceivable item in one place at the lowest price. They take the whole market and can make big profits out of very low cost purchasing and big volumes. Their owners get rich and Spain gets an unemployment welfare state.

    Result, that the "beast" is only half starved. It extracts some rents from the big Free Trade importers, chases after the Black Economy and makes up the rest with large scale government borrowing (bond issuance) in the conveniently created ZIRP (zero interest rate policy) environment. Also the EEC political overseers of free trade and open borders are personally very well looked after by the Special Interests they protect.

    The real proton torpedo into the heart of the Death Star would probably be much simpler.

    Just collect and spend 90% of taxes locally (at county or state level), with each community organizing its own schools, healthcare, justice and policing (and passing its own legislation). The United States would then convert into a loose Confederation, with no FED, and Washington stripped of the right to issue debt - and with a more or less irrelevant President.

    Just collect and spend 90% of taxes locally (at county or state level), with each community organizing its own schools, healthcare, justice and policing (and passing its own legislation). The United States would then convert into a loose Confederation, with no FED, and Washington stripped of the right to issue debt – and with a more or less irrelevant President.

    Not happening. Try it and you either end up dead or in prison along with all your buddies. The Feds take that sort of behavior as a direct attack on them.

    You would have to wait until there is already a social/economic collapse across the board before trying it. It also won’t fly in “diverse” regions where there are lots of 3rd worlders. You’d have to deal with them first.

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    • Replies: @Anonymous
    Empires always die internally, are never deposed by external forces until they are so weak an otherwise easily resistable infection or disease takes them down.

    That was, and is, my beef with Harold Covington's otherwise excellent novels in regard to the fictional Northwest American Republic. Breaking a piece off an otherwise functional United States of America is a nonstarter for many reasons.

    What could work, though is being present and ready when the breakup of the United States is something that is going to happen anyway, and seeing to it you get your piece for your people. The waiting is the hardest part, not to imply that Tom Petty would have approved.

    The United States of America is a former republic turned current empire, and is therefore doomed. Empires are never eternal. However, inevitable and imminent are quite different things. Just as the Boers could have held on another fifty years had it not been for television and the God-damned Dutch Reformed Church, the USA will probably survive most people over 40 reading this now.
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  75. Dave Pinsen says: • Website
    @Expletive Deleted
    In England the heritors (local property owners who paid tax from which Poor Relief (the dole) was obtained ) were very assiduous in making sure that non-native destitute didn't overstay their welcome in their parish, and Overseers of the Poor were engaged to expedite their rapid passage to .. anywhere else.

    The Harpenden Overseers of the Poor accounts include two entries, in 1708 and 1710, for “the charges with a great Belled (bellied) woman of 3 shillings and 5 shilling & 6 pence respectively” – almost certainly payments for dumping a pregnant woman in another parish just before the child was born. The plight of one poor woman passing through the parish is detailed in the accounts for 2 April 1743:

    * Pd James Cheworth for Eating and Drinking and for Lodging of a poor woman being in a very poor condition taken up on the Kings Highway: 2s 6d
    * Pd Elizabeth Halsey for sitting up with the Woman all Night and for nurseing of her: 1 shilling
    * Pd the same Woman more for Reliefe and to pass her away (ie see her over the parish boundary) : 1s.6d."
     

    From other account-books it seems that in recalcitrant cases a squad of sturdy fellows would literally frog-march them to the edge of the parish and wave a cheery farewell. A task for which the authorities were charged a generous beer-allowance, to refresh the escorts after their solemn duty was discharged.
    After all, they had to have been born somewhere, and that was where they should apply for assistance. Not whichever comfy village they'd "accidentally" fetched up in. There was no way they would be allowed to drop an anchor baby there. All in all a race against time, for all the parishes en route.

    Interesting. There’s a lot we can learn from the past. Moldbug made that point a lot.

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  76. Dave Pinsen says: • Website
    @Johan Schmidt
    Arguably this is how it already works in Denmark. Everyone looks at their eye-watering 70% top rate of income tax, but fails to notice that the top rate of national income tax is only about 15%. The rest goes to the local authority where taxes are filed. This prevents redistribution as you've identified.

    Interesting.

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  77. gunner29 says:

    His point about Russia economically going tits up and not having an extended civil was was something I had forgot about. We won’t be Fighting in the Streets until we have our own collapse and peeps that had something to loose, have lost it, and then they’ll be ready to fight the lefty dirtbags.

    As long as they have some level of comfort, they won’t jeopardize that. But end that comfort and all bets are off…..

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  78. David F says:

    This is one of the stupidest fucking things I have ever read. The author exhibits the mental functions and logic of a 12 year old.

    Way too many things to refute here. One of the ones that cracked me up the most was that if they hit me with a wrench they still cant get my password, and therefore they can never take my money without my consent.

    I could see one of two things as a possible outcome of that. First, if you hit me with a wrench enough times I will almost most certainly tell you my password. Second, if I somehow manage to withhold that info from them, then they beat me to death and that money disappears into the ether.

    Either way that does not translate to a win for me.

    Another thing that would put a stop to this immediately, what it the PTB just shut down the electrical grid, or the internet.

    Fucking dumb ass mother fucker. I cant believe I just wasted 5 minutes commenting on this.

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  79. boomstick says:

    Could you buy a house or another large, public asset such as a business with bitcoins? The state could probably go after you for discovering how you bought it and how you paid any taxes.

    You could probably argue about gold or drugs acting in the bitcoin role. Or maybe cash.

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  80. 1. The premise of decentralized currency that isn’t controlled by any government is a huge conceptual improvement over present fiat currencies. In the distant future, I’d expect some form of decentralized currencies to replace fiat currencies and make the world a better place.

    2. For the near term, existing cryptocurrencies have too many problems and inefficiencies to become dominant currencies. As investments, they are highly risky, and I would avoid.

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  81. anon • Disclaimer says:
    @CJ
    Thanks for the link to that kaspersky.com article. Good expository writing. If you haven’t read it already, here’s a piece on cryptocurrency from a financial industry POV:

    Ten years in, nobody has come up with a use for blockchain

    I was at a blockchain-in-healthcare conference (this just in: there’s no use for blockchain in healthcare), and in conversation with another participant he was saying that “well, blockchain’s kinda like relational databases… when they were invented, no one knew what to do with them either.”

    I was… skeptical… of this claim.

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  82. I don’t quite understand the details of how this mass tax evasion scheme is supposed to work.

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  83. sabril says:
    @YetAnotherAnon
    Won't happen IMHO, the validation bit is important, and can you get that from a rented Schiffer 2000, no matter how realistic?

    Now if the Chinese actually clone real but programmable women in a Stepford stylee, all bets are off.

    Won’t happen IMHO, the validation bit is important, and can you get that from a rented Schiffer 2000, no matter how realistic?

    I’m not sure. Consider this analogy: You are a 25-year-old super-rich trust fund baby; as a result a lot of girls flirt with you (and more) who would never give you the time of day if you were just an ordinary peasant. Probably it’s not as good as if the girl loves you for who you are, but I think that’s 99% fairy tale. i.e.generally speaking girls love men for what they offer not who they are.

    Fundamentally, is “you love me because I paid $2000 to Sexy Sexdroids, Inc.” all that much different from “you love me because I am a successful professional”?
    ]

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    • Replies: @YetAnotherAnon
    "Fundamentally, is “you love me because I paid $2000 to Sexy Sexdroids, Inc.” all that much different from “you love me because I am a successful professional”?"

    But that isn't how a man thinks, is it? We have hamsters too, just not as all-powerful, and the hamster says "she's attracted to me" and asketh not why.

    Most guys would still prefer a real if average female (who wants you) to a robot 10. There's just something about an ordinary (or even sub-par) girl when she's on heat. I think I'll stop there.
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  84. sabril says:
    @Felix...

    Because if Bitcoin wins, it takes away the state’s ability to tax. And if the state loses the ability to tax, the left no longer has any financial incentive to capture the state — or to import millions of foreigners to swing elections.
     
    I don't buy that for one second. The Left was created for one purpose and one purpose only: the destroy white people. So long as white people exist, their enemy will continue to perpetuate the Left and use it to try to annihilate them.

    The Left was created for one purpose and one purpose only: the destroy white people.

    That’s about as true as saying that the purpose of cancer is to kill its host, which is to say, not at all. Leftism is just the end result of individual people pursuing status, wealth, and power by virtue-signalling, moral-crusading, etc. To be sure, the consequences are extremely destructive just like cancer.

    But we need to understand what we are dealing with.

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  85. Anonymous • Disclaimer says:
    @miss marple
    Bitcoin seems to attract foreign schemers like moths to a flame. When the bubble bursts, I imagine it'll hurt worst in someplace like India or at least among certain ethnic groups. A lot of white people, especially those over 40, are wary of this as an investment. Personally I'm cynical about gold as well though it would probably only be worth a little less in the long run for those who bought high. Maybe silver would work as a hedge against inflation. What I'd be curious about, if I were dabbling in such matters, would be certain foreign currencies and those nifty collectors coins.

    Say what you want about gold, it will never be worth nothing. In fact, the chance of it going down to its 1972 value adjusted for inflation is unimaginable. At today’s price you might lose half its value, if governments all quit deficit spending and behave properly. What are the odds of that? The only other gold killer would be if the earth were hit by a solid gold asteroid big enough to be recoverable but not so big as to kill us all like the dinosaurs, or if they invented a machine that could transmute elements cheaply. Those seem only slightly more likely occurrences.

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  86. Anonymous • Disclaimer says:
    @Rod1963

    Just collect and spend 90% of taxes locally (at county or state level), with each community organizing its own schools, healthcare, justice and policing (and passing its own legislation). The United States would then convert into a loose Confederation, with no FED, and Washington stripped of the right to issue debt – and with a more or less irrelevant President.
     
    Not happening. Try it and you either end up dead or in prison along with all your buddies. The Feds take that sort of behavior as a direct attack on them.

    You would have to wait until there is already a social/economic collapse across the board before trying it. It also won't fly in "diverse" regions where there are lots of 3rd worlders. You'd have to deal with them first.

    Empires always die internally, are never deposed by external forces until they are so weak an otherwise easily resistable infection or disease takes them down.

    That was, and is, my beef with Harold Covington’s otherwise excellent novels in regard to the fictional Northwest American Republic. Breaking a piece off an otherwise functional United States of America is a nonstarter for many reasons.

    What could work, though is being present and ready when the breakup of the United States is something that is going to happen anyway, and seeing to it you get your piece for your people. The waiting is the hardest part, not to imply that Tom Petty would have approved.

    The United States of America is a former republic turned current empire, and is therefore doomed. Empires are never eternal. However, inevitable and imminent are quite different things. Just as the Boers could have held on another fifty years had it not been for television and the God-damned Dutch Reformed Church, the USA will probably survive most people over 40 reading this now.

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  87. Anonymous • Disclaimer says:
    @SimpleSong
    This guy has an interesting thesis but messes up the details.

    If bitcoin or some other distributed cryptocurrency takes off, it will be massively harmful to the United States, (more specifically the U.S. Government) but not for the reason he thinks.

    Currently the U.S. dollar is the most trusted fiat currency in the world. Fiat currency is a wonderful technological innovation for a variety of reasons but it requires a high-trust environment. Specifically, I have to trust that there is not widespread counterfeiting of the currency, and that the source of the currency (a printing press at the Federal Reserve, or nowadays a computer) is not going to go crazy, print out a ton of currency, and cause hyperinflation.

    If two nations wish to trade with one another, their options are to trade using a commodity such as gold, or a fiat currency, and for various reasons fiat currency is a much more efficient choice. If they choose fiat currency (which essentially all countries have), they need U.S. dollars, or their own fiat currencies. However in order to give their own fiat currencies credibility they will typically hold a reserve of U.S. denominated securities such as U.S. treasury bills, or actual dollars. So either way, in order to trade, they need to get some U.S. currency.

    So they need to do something to get U.S. dollars. Typically this has involved exporting manufactured goods to the U.S. in exchange for dollars. From the perspective of the U.S., this is basically free stuff, as currency costs very little to print. This is why we have run a trade deficit for longer than I have been alive, without an economic collapse. If a normal country ran a trade deficit for even a fraction of that time, they would end up with a massive unpleasant economic correction. This is also why manufacturing jobs have been decimated while service industry jobs have not. To get U.S. currency it is much easier to give the U.S. 10,000 widgets than to perform some random service. Note that teachers, doctors, nurses, lawyers, etc., in the U.S. make much more than their foreign counterparts, while people in manufacturing jobs either justify a slightly higher wage with improved productivity, or lose their job entirely.

    Anyway this is the true peace dividend of WWII and the cold war--that the dollar become the most trusted fiat currency. In order for country A and B to trade with one another, they need to give America some stuff, even if America is not directly involved in their trade! Kinda crazy when you think about it.

    If a distributed cryptocurrency takes off, then this becomes unnecessary. The trade deficit shrinks to zero, interest rates shoot up, Americans become poorer in real terms, and the people who control the Federal Reserve become much less important.

    If a distributed cryptocurrency takes off, then this becomes unnecessary. The trade deficit shrinks to zero, interest rates shoot up, Americans become poorer in real terms, and the people who control the Federal Reserve become much less important.

    Certain Americans become poorer in real terms, but certain other Americans will benefit.

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    • Replies: @SimpleSong
    True, true! I actually think it would be healthy--the more productive elements of society would be rewarded.
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  88. edlyle says:
    @Aardvark
    IIRC, the FBI already seized millions in Bitcoin and is preparing to auction it off.
    The deep state owns endless amounts of computing resources that could be used to corrupt or invade the system. Always remember they have more time on their hands than you do and nearly unlimited financial resources to solve any problem. The IRS already hired a company to figure out the identity of an estimated 50% of the user base. They will be looking for what they think is their due.

    I see crypto currencies suffering from the same problem Linux has. There is a bewildering array of choices and new choices being introduced all the time. Other choices have probably withered away already or will in a short time ahead. For people who do not have the time, skill or inclination to sort out the differences between assorted cryptos, they are unlikely to become users of it until Fed steps in and forces its version on them.

    That being said, I do think encryption technologies can be used to aggravate the State, which is the primary reason they attempt to outlaw or weaken cryptographic technologies where they can. I find it idiotic there are export bans or controls on products that contain encryption technologies, as though no other country in the world has mathematicians who could also produce encryption technology.

    “The problem with Linux” ??? Current installed base for Android is approx 2.5 billion. Android runs on top of the Linux kernel. The “choices” of Linux you appear to be referring to are called distributions. distrowatch.com shows Linux Mint as the most used distro currently. If you can use Windows XP, then you can use Mint. Linux has already won the race for end-users because the installed base of OS running on the Linux kernel worldwide have surpassed any other OS. I imagine that most Android users are not aware that at the kernel level they are running Linux. Without the LAMP stack (Linux, Apache, MySQL, and PHP/Python/Perl) much of the internet as we know it would cease to exist. I moved to Linux (desktop) approx ten years ago. Current Linux distros (such as Mint) do not require any tech knowledge to install and use.

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    • Replies: @Massimo Heitor

    “The problem with Linux” ??? Current installed base for Android is approx 2.5 billion. Android runs on top of the Linux kernel.
     
    I think he meant Desktop Linux. The Linux Kernel, server Linux, and Linux-esque features like the bash shell on Mac/Windows desktops are wildly successful.
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  89. @biz
    The tone of this one reminds me of all the ads on Fox news and during Limbaugh's radio program. Half are pushing cash for gold and the other half are pushing gold for cash.

    Nah; they all want you to go long on pillows and corny shirts.

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  90. Maciano says:

    I don’t want to blow my own horn, but I figured this out in 2013.

    This is why I have donated bitcoin to Sailer, Molyneux, Antiwar.com, Cochran, Jayman, Bill Still, and dozens of other altmedia figures over the years. I hope some of you HODLed your bitcoin when I donated.

    So, while Steve repeatedly said he cashed out his bitcoin immediately after receiving it, I sure hope he HODLed some.

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  91. @larry lurker
    As my grandmother was fond of saying: "If your secure communications platform (or cryptocurrency) isn’t being used by terrorists and pedophiles, you’re probably doing it wrong." If you can buy it with cash, you should be able to buy it with Bitcoin.

    When you can use a cryptocurrency (with a public ledger!) to purchase cocaine and not end up getting arrested, that’s a pretty good proof of concept.

    How do you know the fuzz are not laying low, while hoovering up all evidence of illegal activity, until they feel they’ve got enough material to justify their budget for a given period, before rolling up the entire cast of characters involved in said activity? It may be like a fishing trawler that drags its net through a given area until enough fish have been netted, upon which the net is raised, and its contents are harvested.

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  92. Benjaminl says:
    @Expletive Deleted
    In England the heritors (local property owners who paid tax from which Poor Relief (the dole) was obtained ) were very assiduous in making sure that non-native destitute didn't overstay their welcome in their parish, and Overseers of the Poor were engaged to expedite their rapid passage to .. anywhere else.

    The Harpenden Overseers of the Poor accounts include two entries, in 1708 and 1710, for “the charges with a great Belled (bellied) woman of 3 shillings and 5 shilling & 6 pence respectively” – almost certainly payments for dumping a pregnant woman in another parish just before the child was born. The plight of one poor woman passing through the parish is detailed in the accounts for 2 April 1743:

    * Pd James Cheworth for Eating and Drinking and for Lodging of a poor woman being in a very poor condition taken up on the Kings Highway: 2s 6d
    * Pd Elizabeth Halsey for sitting up with the Woman all Night and for nurseing of her: 1 shilling
    * Pd the same Woman more for Reliefe and to pass her away (ie see her over the parish boundary) : 1s.6d."
     

    From other account-books it seems that in recalcitrant cases a squad of sturdy fellows would literally frog-march them to the edge of the parish and wave a cheery farewell. A task for which the authorities were charged a generous beer-allowance, to refresh the escorts after their solemn duty was discharged.
    After all, they had to have been born somewhere, and that was where they should apply for assistance. Not whichever comfy village they'd "accidentally" fetched up in. There was no way they would be allowed to drop an anchor baby there. All in all a race against time, for all the parishes en route.

    Is it true that Vagrancy Laws used to be used for this purpose, in the U.S.?

    A town could kick out incoming ne’er-do-wells and send them somewhere else… until the Supreme Court decided that was Unconstitutional.

    I have the impression that the Warren Court really did everything possible to undermine social order and cohesion during its term — not just with big splashy cases like Miranda rights, school prayer, abortion and the death penalty — but with all these smaller measures that can no longer be taken to make sure that your home town is a nice place.

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  93. @Anonymous

    If a distributed cryptocurrency takes off, then this becomes unnecessary. The trade deficit shrinks to zero, interest rates shoot up, Americans become poorer in real terms, and the people who control the Federal Reserve become much less important.
     
    Certain Americans become poorer in real terms, but certain other Americans will benefit.

    True, true! I actually think it would be healthy–the more productive elements of society would be rewarded.

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  94. @sabril

    Won’t happen IMHO, the validation bit is important, and can you get that from a rented Schiffer 2000, no matter how realistic?
     
    I'm not sure. Consider this analogy: You are a 25-year-old super-rich trust fund baby; as a result a lot of girls flirt with you (and more) who would never give you the time of day if you were just an ordinary peasant. Probably it's not as good as if the girl loves you for who you are, but I think that's 99% fairy tale. i.e.generally speaking girls love men for what they offer not who they are.

    Fundamentally, is "you love me because I paid $2000 to Sexy Sexdroids, Inc." all that much different from "you love me because I am a successful professional"?
    ]

    “Fundamentally, is “you love me because I paid $2000 to Sexy Sexdroids, Inc.” all that much different from “you love me because I am a successful professional”?”

    But that isn’t how a man thinks, is it? We have hamsters too, just not as all-powerful, and the hamster says “she’s attracted to me” and asketh not why.

    Most guys would still prefer a real if average female (who wants you) to a robot 10. There’s just something about an ordinary (or even sub-par) girl when she’s on heat. I think I’ll stop there.

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  95. Melendwyr says: • Website
    @utu

    Cryptography means they can’t take your money without your consent.
     
    But they can send you to jail until you give the consent.

    Or torture you and your family until you consent. Or simply destroy everything you’ve spent your life building, while you wait for your trial.

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  96. @edlyle
    "The problem with Linux" ??? Current installed base for Android is approx 2.5 billion. Android runs on top of the Linux kernel. The "choices" of Linux you appear to be referring to are called distributions. distrowatch.com shows Linux Mint as the most used distro currently. If you can use Windows XP, then you can use Mint. Linux has already won the race for end-users because the installed base of OS running on the Linux kernel worldwide have surpassed any other OS. I imagine that most Android users are not aware that at the kernel level they are running Linux. Without the LAMP stack (Linux, Apache, MySQL, and PHP/Python/Perl) much of the internet as we know it would cease to exist. I moved to Linux (desktop) approx ten years ago. Current Linux distros (such as Mint) do not require any tech knowledge to install and use.

    “The problem with Linux” ??? Current installed base for Android is approx 2.5 billion. Android runs on top of the Linux kernel.

    I think he meant Desktop Linux. The Linux Kernel, server Linux, and Linux-esque features like the bash shell on Mac/Windows desktops are wildly successful.

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  97. MB says: • Website

    You don’t need to be a computer scientist to understand the most important point about cryptography: no amount of violence can solve a math problem. Put another way, there are equations we can write where it’s easy to check the answer but very difficult to find the solution.

    One word.
    AI

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  98. utu says:
    @Rocks Off
    Non-ironic appeals to the left-right binary political tribal system always have a slight reek of retard.

    To be a nationalist is to be beyond the left-right tribal system, which was designed to make sure neither side had the policies to threaten power. Especially for those concerned with maintaining whiteness. For one of the clearest manifestations of higher white civilization is a fairly high-tax, redistributive society where the differences between rich and poor are managed. The métisse nature of the US kept it from reaching this goal (it did pretty well in the 60's-70's) while the purer northern European social democracies were able to do so post-WW2. A nationalist must stay well away forom the partisan sheep pens are betters have devised for us.

    A sovereign currency is the foundation stone upon which a nation is founded. It's the ability of the state to demand taxes being paid in its local currency which gives it value. Appeals to the deficit are also always troubling. The deficit is a false construct. There is no reason an economically healthy nation cannot spend more than it takes in with taxes. With a fiat currency there is actually no true link between taxation and spending. It is a political decision to issue debt to cover the difference between taxes and spending. This difference could just as easily be monetized up to certain limits before inflation kicks in. But having the world's global reserve currency means there is lots of wiggle room for monetization.

    A nation based on whiteness is a nation where the beta male can thrive. Libertarians are the political equivalent of alpha males (although individually they are often omegas!), it is an egotistical and selfish ideology more suited for non-white societies, just like being a "pick-up artist" comes more naturally to non-whites. What exactly is going to happen to the demographic mix of the US when the government loses its ability to collect taxes? Libertarians are the ideological enemies of nationalists and for the most part they are race neutral; which means attempting to preserve some even aspects of whiteness is not part of their plan.

    That said, there is nothing wrong with buying crypto-currencies as an investment strategy but trying to turn these purchases into political activism is surely going to be rather ineffective.

    Good point about libertarians.

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  99. Tyrion 2 says:
    @Tyrion 2
    Steve, this guy is a scammer.

    His essay's style closely maps 'buy this book' to learn of 'how I incredibly lost 50 pounds and now look like Thor' websites. Or the infinite number of more straightforward financial scams on the net. Read one and you will notice the similarity of structure, the hooks, the repeats and all that.

    His call to buy Bitcoin is based on the genuine usefulness of cryptocurrency. On this he is right and also the Blockchain technology undergirding most of the crypto-currencies.

    Note the plural. It is infinite.

    He is telling you to buy as many Iphone 1s as possible and hold on for dear life! Sure Bitcoin can be adapted but new cryptocurrencies, competitor currencies, are released every day. Many are better. That Bitcoin holds any value above what it achieves from people buying and selling it in order enter and exit 'dark' markets is a testament to the human weakness for pyramid schemes.

    Indeed Bitcoin is slowly even losing the dark market role as it is antiquated technology and is not only poor for privacy already but, disasterously, future developments in government surveillance of the Blockchain will likely render all past transactions public! In 2012 you had privacy, in 2018 you no longer have privacy for 2012 and so on...

    There is one more wrinkle to my point. Bitcoin has so far functioned as the gateway crypto-currency. That is on most exchanges it was impossible to transfer directly from your preferred government currency to your preferred crypto-currency. This was not there by design but due to the slow adaption of the exchanges. It is increasingly not the case and will certainly not be the case in the future.

    Finally, his cute synthesis of libertarian and nationalist/traditionalist concerns based on 'institutional leftism' needing to capture the state for money is...well...cute. It is hopelessly naieve and simplistic...and seemingly designed for his sales pitch.

    Power beats money, especially for the worst of people. And if the modern left is about anything it is about imposing its increasingly bizarre dogma on the rest of the world, starting with those closest to but still outside of the progressive elite. The motivations for individuals pushing this are infinite. Some just like the pure pleasure of humiliating others, while some need the temporary tranquility found by the clinically anxious when they manage to rearrange their environment into whatever neat pattern they are obsessing about today. Some even havr open-hearted and honestly thought through arguments!

    Anyway, do not buy Bitcoin. This essay is a fantasy that the writer is selling to you. Pyramid schemes constantly recruit the next generation of salesman. This guy is a recruit.

    Buying a fungible technological product in order to hold it as an investment is insane. It is the opposite of a store of value. It will inevitably become outdated and in the meantime you haven't even got any use for it. The long-term Bitcoin price is zero.

    Just to keep updated: Bitcoin has lost more than 30% since the original post.

    As i wrote:

    Buying a fungible technological product in order to hold it as an investment is insane. It is the opposite of a store of value. It will inevitably become outdated and in the meantime you haven’t even got any use for it. The long-term Bitcoin price is zero

    Sell why you can. Except the Jew obsessives here. You guys hold on for dear life. You wouldn’t want to trust someone like me.

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