Sooo, you run a bunch of computers to 'mine' BitCoin'. You waste energy to create what? Some imaginary 'coins' that reside on some computer? I don't buy it. There is no real value to that. If I would go out and actually mine gold in California, then I would have a solid piece of gold that has an inherent value: it is a noble metal and besides being 'precious', it has many uses in electronics, optics, etc. Plus, you can exchange this to your local currency and buy stuff. This BitCoin stuff will one day end very badly... It's the emperor's new clothes.
The fact that you said "waste energy" shows that you didnt watch or read any of the content listed above. Start with the Jordan Peterson video.
Bitcoin is salvaging energy that cannot get to market due to transportation costs. They move the miners to the source of the energy like geothermal of gas flares.
There is no such thing as intrinsic value. All value is subjective - See Carl Menger. Only 10% of golds value is from industrial use. The rest is art work/Jewelry. every year your gold gets diluted 2% by miners. When the price goes up more dilution occurs as it opens up new mines. To verify gold is really gold requires physical tests. Bitcoin only needs math to verify. Hence gold doesnt scale as an international monetary system as you cant move 100M of Gold in 10 minutes. I would take the time to learn about Bitcoin. The media has parroting these same falsehoods for a decade now
Perhaps the fixation on energy is not the optimal way to view the quality of a currency. We have a glut of energy doomers of late, all decrying the coming collapse and dystopian future. Instead, it might be more constructive to focus on the best characteristics we would hope a currency might have (none will be perfect). I am by no means an expert on cryptocurrency, but I do have some serious reservations, including with regards to what appear to be the two main selling points that crypto advocates rely on. The first is that crypto is more secure than government issue and the second is that crypto is less easily manipulated, due to its fixed amount (in the case of Bitcoin, at least). I fail to see how a digital entity can be more secure than a physical currency and when advocates respond about the levels of encryption and blockchain, I think that they are hoping rather than seeing. It seems logical to me that, if I can deposit, hold, and withdraw crypto, then anyone motivated enough can gain access to my account and then easily withdraw my funds also from the comfort of their own home. And it cannot be argued that such a scenario is impossible. When money is God for many, their levels of motivation, ingenuity, and persistence know no bounds. Well, what if we put the highest level of authentication in place in order to gain access to your account? Then we get into biometric and digital identification and that is an even quicker road to the hot place. But Bitcoin will never issue any additional currency, so it represents the true free market we've all dreamt of, right? Please correct me if I'm wrong, but isn't Bitcoin divisible? So a penny is the bottom line of divisibility for a dollar, but does Bitcoin have any limitation on divisibility and, if so, who designates that? Is potentially infinite divisibility any better than the issuance of infinite additional dollars into circulation? And since Bitcoin/crypto exist only in the electronic realm, how can anyone be assured that the system itself can't be breached and additional currency created or similar manipulations? Contrary to your closing thought, I think the media has done a wonderful job of warping peoples' minds into the belief that crypto represents financial rebellion and financial freedom, when I can only conclude thus far it is most likely a well constructed honey pot.
Bit coin is a digital currency. Block chain is a cyber network. Anything is better than central bank fiat, but that's not saying much. I am suspicious that the whole model will be perverted and undermined by gov't-finance partners rendering the goal of a secure and private medium of exchange unattainable.
In my opinion there's plenty of blockchains/ledger/contract systems more suitable for the task of doing the job academic journals are in fact not doing..
Substack went down so ignore if this is posted twice. Thanks for all these fantastic videos. For the publication/funding ledger, do you envision an altcoin layer on top of BTC? Or do you think everything can be done with BTC alone?
Jessica: I just got into BTC and I was expecting medical information and to my vast surprise I find a goody box of wonderful wonderful Bitcoin information, and THANKS so much! Masterful gift to us all!
Bitcoin is a con, not because it’s a private business currency just like a casino’s digital poker chip, but because electricity is 100% FREE.
It’s a matter of infrastructure for electricity that cost ZERO to capture and use. Electricity infrastructure is by far “cheaper to build and maintain than sidewalks and roads.” It’s all such a scam, both the cost (charging people) for the use of digital currency, which costs ZERO, just like electricity. And the same goes for clean water and communications, which is also abundant and totally FREE—once you wrap your head around the reality that “electricity is infinitely abundant and totally free,” minus the cheap utility infrastructure paid for by cheap fair trade tax (no other tax necessary, not even for society’s limited, subordinate government). My hydro-electric damn says so, and that’s just one of thousands of ways to capture renewable energy for electricity. Damn you bought engineers and money-junkies straight to hell.
Yes, sir, it cost money for road & bridges too; fair trade tax. And Again, it’s only the cost for the infrastructure, not the kilowatt. Digital Money is also mostly free to make and manage, because electricity and so therefore communication is also if FREE, minus the infrastructure.
Anything can be for profit, but not everything must be for profit, particularly our utility infrastructure. Create whatever you like and charge whatever you wish, so long as you don’t put a toll meter at the end of my driveway to charge me beyond fair trade tax to access Main Street and our open, fair trade market. Same with water, coms, energy and water waste management—all MUST be public and paid for and maintained by fair trade tax to pay private businesses conducting fair bidding.
Any engineer or economic scientist who wishes to put $500 thousand on the table to challenge these “facts”—so not to waste my time—and then put up his or her life too if loses the debate, just the same as so many brainwashed soldiers fighting and dying over the fraud of energy scarcity, I’ll be there, and I’ll win that debate, not in theory, but in reality. I’m sick of getting “put in my place” or “gaslit” by the money junkies who insist on making an abundance scarce via rigged markets (like the BS Super Bowl) to cheat the poor and artificially sustain poverty and war, indefinitely.
We have been “schooled” stupid, that’s all. We’ve been “brain-trained” insane; how we are forced to think about electricity, the fraud of overpopulation and war. It’s all total bullshit.
"Bitcoin can be stored in your mind with simple memorization of your key phrase."????
if so, what if all our minds are controlled??? Or somebody dies, or there is power outage, or you are forgetful and don't remember the amounts you own, 'somebody' accesses it and takes 5$ worth every month? The digital world is for PARASITES, like the old good BILL SET-Ag (that last bacwards please..)
NO, there are enough ATOMS in this world, that people can trade among themselves with what we got, just put it in the right place and use it for the right stuff, like items NOT 'Made In China'...!!! Have your possessions in YOUR HANDS, be it Au/Ag or the old fashioned $, EURO, Jen, whatever.
JUST DO NOT ALLOW A TRANSFER of HUMAN TIME and WORK by their MINDS, HEARTS AND HANDS INTO SOME HACKABLE VIRTUAL WORLD of Zuckerberg's et al.....
We used to think in 0 and 1's on digital platforms, BUT now, NO MORE, there are two more choices between LIES AND THE TRUTH. Ask Google.
Imagine somebody asks: Where is your home?
answer: In my mind.
Will you pay for this? Let me check with my mind. Etc., etc.
That's like shrinking even the 15 min cities into a total annihilation.
That saying 'everything is in your mind' by MD's, fit's here so good.
What bugs me about bitcoin is how it makes the rich richer . The first to get into the pyramid are the winners and everyone else hopefuls. The utility was that exchange costs would be cheaper ,and that it can be private from authorities . I t was initially utilized by organized crime. Mostly i see its primarily used as aspeculative pyramid type thing. The main value is the blockchain ledger. In reality the blockchain would solve problems in tracking and accounting of commodity trading, but then those manipulating markets would need to already completely capture the market to accept it. Once the blockchain can be appkied to all commodities then central planning and gdp can better and more accurate. Even feeding into a central digital currency backed by blockchains of commodities in different sectors, and be a more better actual proxy for gdp economy and thus psuedo fiat. But bitcoin is just an idea that includes an alternative to the corruption of fiat but initself has its own problems.
Now, where i could see some interesting use of privatecapital is in the creation of a blockchain based on land purchase and put into community trusts . This the blockchain is based on a finite value , and likely one of the most accurate and measurable….land
Please see the last image in this thread regarding how the rich get richer when you can print money out of thin air and give to your buddies in foreign countries.
Myfriend here in canada created the first crypto fund. He really had to do a bunch of research to get everything past the regulatory commision. I am pretty sure when i spike to him in the process that the original claim of bitcoin ofnot being traceable and able to sieze accounts has been proven false .
But it alot harder to seize than physical objects. If mishandled your keys and hand them over then its been seized. But its far easier to jurisdictionally move with BTC than with gold or USD.
Special K - "When banks loan you money, they print that money into existence, diluting all other dollar holders. Most people don’t know this and think the loan is coming from other bank customers who have savings deposited at the bank. Not so."
Indeed, commercial bank deposits are the result of lending, not the other way around.
From a system standpoint Commercial Banks do not loan out the public’s savings. It is absolutely false to speak of the commercial banks as financial intermediaries not only because they are capable of “creating credit” but also because all savings held in the commercial banks originate within the banking system.
It's simple if you know the difference between a debit and a credit: an IOU begets bank credit, at the same time on the other side of the journal, that debt begets a counterpart, new credit money. Hence, money is debt viz all money is an IOU.
In this system all assets, liabilities, credits and debits are IOU's, no CASH is ever printed or specie minted in this process. This is a credit based system and the above describes the CB's unique ability, the prestidigitation or creation of credit money from thin air (EX NIHILO), or manna from heaven.
The ability of this special club (and you ain't in it) is in counterdistinction from their customers: NB's (non banks) and other financial intermediaries (Non CB's, S&L's, Thrifts, Credit Unions, etc.) who use already existing CREDIT MONEY, none of these ends creates new "money", but it can create new debt.
Ones and Zeros floating around in the aether. Not my idea of money.
Real physical silver coins, such as we had before 1965, is the best answer.
They cannot be counterfeited.
For internet commerce, you could still use credit cards, but only if you have real silver metal in the bank.
What do you think fiat money is?
What is your dollar or euro? It's less than ones and zeros, because they can be created in a whim, at the will of bankers.
Bitcoin, on the other hand, cannot be created in infinite quantity, and requires energy to create it.
Do you see the difference?
Fiat isn’t money either. Fiat is a derivative of money. The US constitution states that
“no state…shall make any Thing but gold and silver Coin a Tender in Payment of Debts.”
Bitcoin, like fiat is just another derivative of real money. One that is controlled by the few.
Fiat is money. It is the legal tender. The government is forcing you to use it to pay your bills, your taxes, etc.
And no, Bitcoin is not controlled by the few, lol. It is controlled by the miners which keeps the network running.
It's clear you have no clue what you are talking about ..
So you are saying there are NO whales manipulating the price?
Manipulating the price is one thing.
This happens with EVERYTHING in a free market.
But printing currency at will, is a completely different thing.
Once again, you prove you have no idea what you're talking about.
It's not meant to be an offense to you, it's an observation.
I have no time for this, sorry.
Have a good day,
Bitcoin is not private though. Monero is. Bitcoin is the on and off-ramp to crypto and privacy coins.
A Zcash is even more private
I agree, Monero is fantastic, and they can’t seem to control it, which I think is what blackrock are trying to do with BTC.
We all need to dis-intermediate, because intermediation is how we are controlled, bled and suppressed.
Intermediation prevents (real) innovation, and perpetuates control-structures..
Sooo, you run a bunch of computers to 'mine' BitCoin'. You waste energy to create what? Some imaginary 'coins' that reside on some computer? I don't buy it. There is no real value to that. If I would go out and actually mine gold in California, then I would have a solid piece of gold that has an inherent value: it is a noble metal and besides being 'precious', it has many uses in electronics, optics, etc. Plus, you can exchange this to your local currency and buy stuff. This BitCoin stuff will one day end very badly... It's the emperor's new clothes.
The fact that you said "waste energy" shows that you didnt watch or read any of the content listed above. Start with the Jordan Peterson video.
Bitcoin is salvaging energy that cannot get to market due to transportation costs. They move the miners to the source of the energy like geothermal of gas flares.
There is no such thing as intrinsic value. All value is subjective - See Carl Menger. Only 10% of golds value is from industrial use. The rest is art work/Jewelry. every year your gold gets diluted 2% by miners. When the price goes up more dilution occurs as it opens up new mines. To verify gold is really gold requires physical tests. Bitcoin only needs math to verify. Hence gold doesnt scale as an international monetary system as you cant move 100M of Gold in 10 minutes. I would take the time to learn about Bitcoin. The media has parroting these same falsehoods for a decade now
Perhaps the fixation on energy is not the optimal way to view the quality of a currency. We have a glut of energy doomers of late, all decrying the coming collapse and dystopian future. Instead, it might be more constructive to focus on the best characteristics we would hope a currency might have (none will be perfect). I am by no means an expert on cryptocurrency, but I do have some serious reservations, including with regards to what appear to be the two main selling points that crypto advocates rely on. The first is that crypto is more secure than government issue and the second is that crypto is less easily manipulated, due to its fixed amount (in the case of Bitcoin, at least). I fail to see how a digital entity can be more secure than a physical currency and when advocates respond about the levels of encryption and blockchain, I think that they are hoping rather than seeing. It seems logical to me that, if I can deposit, hold, and withdraw crypto, then anyone motivated enough can gain access to my account and then easily withdraw my funds also from the comfort of their own home. And it cannot be argued that such a scenario is impossible. When money is God for many, their levels of motivation, ingenuity, and persistence know no bounds. Well, what if we put the highest level of authentication in place in order to gain access to your account? Then we get into biometric and digital identification and that is an even quicker road to the hot place. But Bitcoin will never issue any additional currency, so it represents the true free market we've all dreamt of, right? Please correct me if I'm wrong, but isn't Bitcoin divisible? So a penny is the bottom line of divisibility for a dollar, but does Bitcoin have any limitation on divisibility and, if so, who designates that? Is potentially infinite divisibility any better than the issuance of infinite additional dollars into circulation? And since Bitcoin/crypto exist only in the electronic realm, how can anyone be assured that the system itself can't be breached and additional currency created or similar manipulations? Contrary to your closing thought, I think the media has done a wonderful job of warping peoples' minds into the belief that crypto represents financial rebellion and financial freedom, when I can only conclude thus far it is most likely a well constructed honey pot.
“cannot be seized and can be accessed anywhere in the world that has an internet connection.”
And therein lies the fatal weakness.
But uts actually not true
So much wrong with academic publishing now. While responding to a terrible response piece in one journal I found they had published hundreds of articles in just a few months... https://okaythennews.substack.com/p/breaking-sokal-cubed-is-this-the
Bit coin is a digital currency. Block chain is a cyber network. Anything is better than central bank fiat, but that's not saying much. I am suspicious that the whole model will be perverted and undermined by gov't-finance partners rendering the goal of a secure and private medium of exchange unattainable.
In my opinion there's plenty of blockchains/ledger/contract systems more suitable for the task of doing the job academic journals are in fact not doing..
Substack went down so ignore if this is posted twice. Thanks for all these fantastic videos. For the publication/funding ledger, do you envision an altcoin layer on top of BTC? Or do you think everything can be done with BTC alone?
I think Bitcoin is the best chain for hash and stash as it’s the most secure.
OpenTime stamps can collect many hashes for one transaction spend.
The data itself likely needs IPFS/bittorrent or some tools folks are building on Nostr.
Lightening can help moving the peer review fees if BTC transactions get too large.
Thank you for a treasure trove of information on this subject. I totally get blockchain but have been blocked on crypto.
Jessica: I just got into BTC and I was expecting medical information and to my vast surprise I find a goody box of wonderful wonderful Bitcoin information, and THANKS so much! Masterful gift to us all!
Bitcoin is a con, not because it’s a private business currency just like a casino’s digital poker chip, but because electricity is 100% FREE.
It’s a matter of infrastructure for electricity that cost ZERO to capture and use. Electricity infrastructure is by far “cheaper to build and maintain than sidewalks and roads.” It’s all such a scam, both the cost (charging people) for the use of digital currency, which costs ZERO, just like electricity. And the same goes for clean water and communications, which is also abundant and totally FREE—once you wrap your head around the reality that “electricity is infinitely abundant and totally free,” minus the cheap utility infrastructure paid for by cheap fair trade tax (no other tax necessary, not even for society’s limited, subordinate government). My hydro-electric damn says so, and that’s just one of thousands of ways to capture renewable energy for electricity. Damn you bought engineers and money-junkies straight to hell.
Money has a price and isnt free. It costs money to make a hydo-electric damn.
Yes, sir, it cost money for road & bridges too; fair trade tax. And Again, it’s only the cost for the infrastructure, not the kilowatt. Digital Money is also mostly free to make and manage, because electricity and so therefore communication is also if FREE, minus the infrastructure.
Anything can be for profit, but not everything must be for profit, particularly our utility infrastructure. Create whatever you like and charge whatever you wish, so long as you don’t put a toll meter at the end of my driveway to charge me beyond fair trade tax to access Main Street and our open, fair trade market. Same with water, coms, energy and water waste management—all MUST be public and paid for and maintained by fair trade tax to pay private businesses conducting fair bidding.
Any engineer or economic scientist who wishes to put $500 thousand on the table to challenge these “facts”—so not to waste my time—and then put up his or her life too if loses the debate, just the same as so many brainwashed soldiers fighting and dying over the fraud of energy scarcity, I’ll be there, and I’ll win that debate, not in theory, but in reality. I’m sick of getting “put in my place” or “gaslit” by the money junkies who insist on making an abundance scarce via rigged markets (like the BS Super Bowl) to cheat the poor and artificially sustain poverty and war, indefinitely.
We have been “schooled” stupid, that’s all. We’ve been “brain-trained” insane; how we are forced to think about electricity, the fraud of overpopulation and war. It’s all total bullshit.
Please offer your "Free Energy" to the market.
👍🏽Yes, thank you, but to the world for free via infrastructure, not the “market profiteers.”
Well said, sir.
WHAT???
"Bitcoin can be stored in your mind with simple memorization of your key phrase."????
if so, what if all our minds are controlled??? Or somebody dies, or there is power outage, or you are forgetful and don't remember the amounts you own, 'somebody' accesses it and takes 5$ worth every month? The digital world is for PARASITES, like the old good BILL SET-Ag (that last bacwards please..)
NO, there are enough ATOMS in this world, that people can trade among themselves with what we got, just put it in the right place and use it for the right stuff, like items NOT 'Made In China'...!!! Have your possessions in YOUR HANDS, be it Au/Ag or the old fashioned $, EURO, Jen, whatever.
JUST DO NOT ALLOW A TRANSFER of HUMAN TIME and WORK by their MINDS, HEARTS AND HANDS INTO SOME HACKABLE VIRTUAL WORLD of Zuckerberg's et al.....
We used to think in 0 and 1's on digital platforms, BUT now, NO MORE, there are two more choices between LIES AND THE TRUTH. Ask Google.
Imagine somebody asks: Where is your home?
answer: In my mind.
Will you pay for this? Let me check with my mind. Etc., etc.
That's like shrinking even the 15 min cities into a total annihilation.
That saying 'everything is in your mind' by MD's, fit's here so good.
What bugs me about bitcoin is how it makes the rich richer . The first to get into the pyramid are the winners and everyone else hopefuls. The utility was that exchange costs would be cheaper ,and that it can be private from authorities . I t was initially utilized by organized crime. Mostly i see its primarily used as aspeculative pyramid type thing. The main value is the blockchain ledger. In reality the blockchain would solve problems in tracking and accounting of commodity trading, but then those manipulating markets would need to already completely capture the market to accept it. Once the blockchain can be appkied to all commodities then central planning and gdp can better and more accurate. Even feeding into a central digital currency backed by blockchains of commodities in different sectors, and be a more better actual proxy for gdp economy and thus psuedo fiat. But bitcoin is just an idea that includes an alternative to the corruption of fiat but initself has its own problems.
Now, where i could see some interesting use of privatecapital is in the creation of a blockchain based on land purchase and put into community trusts . This the blockchain is based on a finite value , and likely one of the most accurate and measurable….land
Please see the last image in this thread regarding how the rich get richer when you can print money out of thin air and give to your buddies in foreign countries.
It makes the poor richer too @ >100% per year, and gives the unbanked an opportunity to save.
Myfriend here in canada created the first crypto fund. He really had to do a bunch of research to get everything past the regulatory commision. I am pretty sure when i spike to him in the process that the original claim of bitcoin ofnot being traceable and able to sieze accounts has been proven false .
No one said it wasn't traceable.
But it alot harder to seize than physical objects. If mishandled your keys and hand them over then its been seized. But its far easier to jurisdictionally move with BTC than with gold or USD.
Special K - "When banks loan you money, they print that money into existence, diluting all other dollar holders. Most people don’t know this and think the loan is coming from other bank customers who have savings deposited at the bank. Not so."
Indeed, commercial bank deposits are the result of lending, not the other way around.
From a system standpoint Commercial Banks do not loan out the public’s savings. It is absolutely false to speak of the commercial banks as financial intermediaries not only because they are capable of “creating credit” but also because all savings held in the commercial banks originate within the banking system.
It's simple if you know the difference between a debit and a credit: an IOU begets bank credit, at the same time on the other side of the journal, that debt begets a counterpart, new credit money. Hence, money is debt viz all money is an IOU.
In this system all assets, liabilities, credits and debits are IOU's, no CASH is ever printed or specie minted in this process. This is a credit based system and the above describes the CB's unique ability, the prestidigitation or creation of credit money from thin air (EX NIHILO), or manna from heaven.
The ability of this special club (and you ain't in it) is in counterdistinction from their customers: NB's (non banks) and other financial intermediaries (Non CB's, S&L's, Thrifts, Credit Unions, etc.) who use already existing CREDIT MONEY, none of these ends creates new "money", but it can create new debt.