If bitcoin is dead, then Nigerians aren’t living off it
Bitcoin is empowering the dominant medium of exchange to the masses in West Africa. How? Gift cards.
The digital asset exchange, Paxful, is outcompeting other Western exchanges by enabling thousands in West Africa (Nigerians in particular) to buy gift cards for remittance, which accounts for two-thirds of the exchange’s USD volume.
“Paxful is able to onboard financially disconnected citizens of developing countries on a level that non-P2P [over-the-counter] exchanges like Coinbase simply cannot…Paxful services trades in more than 70 currencies around the world and has made much of its traction in geographic regions that many bigger exchanges have not.”
Nigerians account for likely 50 percent or more of Paxful users who trade gift cards.
of the roughly $65 million in gift card trades processed through Paxful in October 2019, $32.5 million of them came from Nigerians.
How exactly does this work? Harper explains:
“an African immigrant will purchase gift cards out of the country (typically from the U.S.) for cash; they will send a picture of this gift card and proof of purchase to a friend or family member back home; the recipient makes a trade on Paxful, selling the gift card (typically at a discount) for bitcoin; they then take this bitcoin and trade it for their local currency and transfer this into their bank account.”
This right here proves that third world countries recognize bitcoin as actual money and that its value is legit. These people would do away with their native currency for bitcoin any day because they have lost faith in fiat.
The spirit of bitcoin is working through the people who need it most, and also works through the markets (companies/industries like start ups or exchanges) to provide the needed bitcoin. It’s a fly-wheel that keeps spinning via the momentum of supply and demand, and shows no sign of pumping the breaks any time soon.
If bitcoin is dead, then the President didn’t tweet about it
Governments have officially recognized bitcoin as a threat to the modern financial system. In an article from The Daily HODL, Congressmen, French Hill and Bill Foster, wrote a letter in September urging the Fed to “consider creating a national digital currency as the rise of crypto and projects like Facebook’s Libra threaten paper money.”
Belief that the US dollar risks getting left behind as digitization sweeps the globe and governments around the world move to modernize their monetary systems and reinvent how they transfer, distribute and create money.
concerns about the status of today’s US dollar, a decidedly old instrument that is one stop in a long line of early colonial currency and paper money known as Continental currency that was first issued by Congress roughly 240 years ago.
governments are facing the emergence of a massive project that can scale instantly, that can cross borders without banks and onboard a built-in userbase of billions to send money around the globe as easily as email (AKA bitcoin)
The revelations are forcing lawmakers to rethink how to tackle the threat to the US dollar. Instead of assuming that the technologies underpinning digital assets will suddenly disappear
many are devising plans to create competitive products to mitigate the risks of obsolescence or significant loss of leverage of traditional currencies.
To this last point,it’s inevitable that their efforts fall short. The whole point of bitcoin is to be decentralized and free from a trusted, single point of failure. While having the feds run a digital currency of their own, (to quote Hillary Clinton), “what difference does it make?”
Truthfully, there’s literally no difference because it’s not backed by a hard currency, which is why Satoshi Nakamoto created bitcoin in the first place.Unless they decide to back fiat by a crypto hard cap, we’d all be suckers to take them at their word of proposing such a solution.
Unfortunately, such news didn’t get as viral as a tweet from everyone’s favorite tangerine. The President of the United States of America himself, Donald J. Trump, tweeted that he was not a fan of bitcoin. Even if Trump doesn’t fully understand how bitcoin works, he understands well enough that bitcoin would threaten his monetary policy of keeping interest rates low and continuing trade wars with China.
However, what Trump did/didn’t say about bitcoin or how he said it is irrelevant. His tweet is a prime example of the Streisand effect, the phenomenon whereby an attempt to hide, remove, or censor a piece of information has the unintended consequence of publicizing the information more widely. The point is, if bitcoin wasn’t on your radar, it is now.
No doubt the average Joe started talking or thinking about bitcoin, even if they had no idea what it was. Regardless, now grandma and the whole world knows of its existence.
After hearing January 3rd’s episode of Tales From the Crypt, it’s an understatement to say I’m inspired by Alex Leishman and his mission to bring free banking to those who need and deserve it most. Responsible banking is long a thing of the past. No proof of reserves? No use in offering financial services. Period. What is the point if most Americans can’t even make interest on their savings? It’s only a matter of time before negative interest rates become a reality in the states just as it already has in many countries. Instead, Keynesianism plagues the minds of not only Americans but the rest of the world. They’re incentivized into irrational spending of funds and resources that shouldn’t be spent, or worse, don’t even exist.
It’s no surprise the price of BTC shot up over the weekend. After the President ordered the killing of Iran’s most popular general, oil prices soared past $70 a barrel. Saudi stock prices dipped in fear of Iranian retaliation via attacking oil infrastructure in Saudi Arabia. Naturally these tensions lead to gold reaching its highest level in seven years as global investors are looking for safer and reliable options. Is bitcoin one of them? Could bitcoin fulfill Nik Bahtia’s prediction of becoming apart of the triumvirate of liquidity sooner than we think?
Won’t authoritarians learn from their past authoritarians? This is how empires fall. Inflating the money supply for corporate, imperial greed. FDR confiscated gold via executive act 6102. Maybe we should be lucky we haven’t reached hyper bitcoinizaiton? Otherwise, would our government attempt to seize or private keys? Come knocking on the door and threaten you and your family at gun point to hand over your bitcoin because it’s the only sound currency on Earth that can pay to fund a world war?
The mere fact Alex was mocked by friends and family in civil society for questioning why the Federal Banking act isn’t illegal is appalling. God forbid anyone thinks for themselves these days. These are the kinds of questions everyone should be asking. It’s not a conspiracy to consider that this is intentionally programmed into the failed system, dictated by corrupt authoritarians. Ray Dalio was right when he wrote that profound blog post on LinkedIn, “The World Has Gone ad, And The System Is Broken.”
It was questions like this that Ron Paul was criticized for asking during both of is Presidential campaigns. The hard truth is, nobody asks these questions because they’re either ignorant of the problems, or they wanna keep their cushy, or sticky waged jobs as they count their fiat before bed. Can you blame them though? As much as it kills me to ask that question, it’s also a hard truth that not just bitcoiners, but anyone who’s knowledgeable of how this crippling financial system dominates the world is what inconceivably keeps it rotating on its fragile axis. At any moment that axis will snap and have us hurtling straight into that black hole sun of our desolate future that (quite literally) will bleed us into bankruptcy. As Ron Paul states many times over, this is not what the founding fathers wanted. This is not the American Dream.
Yes, it’s the fractional reserve central banking system that enables this country to fund decades-long wars.
Interventionism for imperialistic wet dreams (nightmares rather), as well as economic interventionism, is anti-American. Therefore, being anti-bitcoin is anti-American, and so is war. Land of the free? Home of the brave? How is any of that possible when government has total control of the fruits of your labor? Where your money goes, who you’re allowed to send money to and when. Satoshi Nakamoto’s goal was to cure the economic cancer that is the Central Banking system: a permission-less, P2P cash system. For once, voluntary participants of the network are now able to seize full financial sovereignty by running a full node. These new-born sovereign individuals are validating that every transaction is true, not counterfeit, and that you are the sole owner of this bearer asset that is digital gold.
This, bitcoin, is the very first time in the world that we as individuals actually own something. As Marty brings up at 28:40
“what do you really own at the end of they day?”
“How we move our money is how we express our desires.”
If this is taken away from us, then we have no say in what we believe in. We can’t boycott a military industrial complex. We are slaves.
Like bitcoin, River Financial is competing with the Central Bank by offering a robust, secure service built on sound policy of human incentive (if being self-hosted in a volt worth a couple grand isn’t enough for you, tough). Having Executive Act 6102 framed on the wall in the River Financial office should be a tradition and custom in every financial institution in America, to remind them that governments can seize the wealth of individuals in an economy that lacks a truly free money. It’s a reminder of what this country was founded on, and how important property right are to individual liberty. The hope and will for new, earned opportunities. To lavish in the fruits of your hard, well-deserved labor. To invest in yourself so that you can nurture the skills necessary for maximal success, and minimal force. Bitcoin is the juiciest fruit of my labor, and River Financial is ready to garden and ripe for the pickings.
If bitcoin is dead, then everyone abandoned the network
By mere speculation the, WSJ piece claimed “one reason for the slowdown could be the sobering reality that creating new global monetary standards requires more than computer code.”
Yeah, they’re right…
In fact, it takes an entire network of individuals to voluntarily download the required software/client to their computer and connect to the Bitcoin Network.
In order to run a fully-validated node to ensure that each of their transactions is kosher, it takes approximately 8 hours — a couple days to download over 11 years worth of every single transaction on the ledger.
Luckily, the growing industries that are surrounding bitcoin are commoditizing supplies and resources to mine and issue the currency. In fact, the need for efficient mining operations is incentivizing the use of renewable energy. Now, nearly 80% of the energy consumed in bitcoin mining is renewable.
Short story long, code is peanuts to the remaining requirements of a new global, monetary policy. It takes the cooperation of strangers all around the world to plug into the network while investing their own resources with the uncertainty of financial gain in return.
Despite all these tedious requirements, this miraculously never stopped anyone from joining the network that is adamantly growing as more people continue to learn about bitcoin from bull-run hypes, and bearish periods of learning, researching, and developing in the ecosystem.
What matters to these voluntary participants is that they collaboratively nurture and cultivate bitcoin’s main end-goal: provide a solution to the failed monetary policy that is the central banking cartel. Their dedication to till the soil of the decentralized, validated, trust-less currency is what helps keep bitcoin alive.
The issuing of the bitcoin currency itself and the participants that operate around it is what powers the network. But that’s only one piece of the pie.
Fellow choir boy and crypto addict,@ZaneWithSpoon, tells me his story of becoming the CTO of Dispatch Labs. Zane shares how he got into crypto, buying his first bitcoins, differences between Ethereum and Bitcoin, surviving the 2017 ICO Pump and Dump, and the future of crypto. We also get into Zane’s new endeavor, Genity, and the importance in understanding the value of your data…honestly this episode is pretty much Turing Complete .
Is it, now? Well, haven’t you heard? The 11 year fad of magic internet money is long over. Nobody is buying, trading, selling, or even “HODLing.” This volatile ecosystem of market booms and busts, degenerate gamblers, terrorists and drug dealers has finally bit the dust…at least that’s what the media would want you to think.
According to the Bitcoin Obituaries from 99Bitcoins.com, multiple articles have claimed that bitcoin has “died” 378 times since its genesis, and 40 times in 2019 alone! This fear-mongering narrative has been pushed from the mainstream media, prominent figures in the crypto space, as well as my own friends. Why? Satoshi only knows. Honestly there’s nothing honest about it. Bitcoin is alive and well, and is still very much in its infancy. If you look closely, you might think this infant is gorging itself with one-up mushrooms from Mario Brothers because of the miraculous exponential growth the industry has gone through in 2019.
The goal of this article is to call out the bull against the bitcoin bull market, and use real-world examples of bitcoin’s influential and impactful livelihood.
This will be covered in 7 parts by analyzing the hypotheses that if bitcoin is dead, then
the Mainstream Media isn’t talking about it
everyone abandoned the network
the President didn’t tweet about it
Nigerians aren’t living off it
so is its volatility
it has no value proposition
* (I highly recommend using ctrl/cmd F: “if bitcoin is dead, then <fill in the blank>”) *
The points above will aid in explaining how bitcoin will continue to grow in-spite of regulations and negative rhetoric which plagues the mainstream. The robust, and passionate nature of those who make up the Bitcoin Network are the ones that will carry this sovereign movement from the cradle, and beyond the grave. Bitcoin is here to stay. Let’s debunk some FUD.
If bitcoin is dead, then the Mainstream Media isn’t talking about it
The latest claim of Bitcoin’s demise made my “Today’s News and Views” bar on LinkedIn, where a piece from The Wall Street Journal titled, “If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t” started making the rounds.
The piece claimed that data reported from Flipside Crypto revealed “only 14% of the 18 million bitcoins outstanding exchanged hands during the last week of November, down from more than 50% last year.”
There seemed to be an expectation of increased enthusiasm in BTC. This new interest was to stem from “old money”, seasoned investors, as journalist Flex Yang reports in Bitcoin Magazine. However, Yang claims these investors tend to favor traditional financial products like stocks, bonds or commodities. It seems they just couldn’t stomach the market volatility of BTC.
As we saw in 2019’s “Black Swan” incidents, news stories like Facebook’s launch of Libra, and China considering deploying blockchain-based state policy skyrocketed BTC prices past $10,000. Naturally however, the peak was soon followed by a dip which very well could have been the main motivation for the old-timers to start dumping their BTC, and lowering the price further as we saw in mid-December.
The piece also claimed the majority of the cryptocurrency is controlled by a relatively small group: About 8.5% of wallets hold 99% of all the bitcoin in circulation.
True, but not in the misleading way you might think. Bitcoin isn’t trading because it’s being HODL’d by purest, fan-boy (and girl) HODLers. These are the “true believers” (if you will), or as coined by Trace Mayer, “the HODLers of last resort”. These are the individuals that give bitcoin its true value as a store of value, and believe it will one day replace the current fiat financial system with the hard, sound monetary cure that is bitcoin.
In fact, an analysis from Coin Metrics reported the number of Bitcoin addresses that hold any amount of satoshis reached a new all-time high of 28,393,045 between October and November 2019, from 28,384,557 in January 2018.
Bitcoin Magazine’s Vlad Costea revealed that Coin Metrics co-founder, Jacob Franek, doubted the increase was due to a greater number of individuals withdrawing bitcoin from exchanges, but rather the opposite, “since the overall supply held by exchanges and custodians continues to increase.”
A phrase my mouth keeps running into these days is, “intellectually dishonest.” I’m not entirely sure that’s appropriate in this scenario though. It might be giving the WSJ a bit too much credit by assuming they actually understand how bitcoin works. The WSJ piece fails to take any of the above into consideration. The owners of non-custodial bitcoin wallets are most likely, predominantly HODLers. These HODLers truly understand the value and virtue of bitcoin (which we’ll get into later), and are the ones keeping it from dying.
Happy New Year everyone! Thank you all so much for your support this year. I really couldn’t have done it without you guys giving a crap. Today’s episode I’m gonna share a new article I wrote that you can read via the link below (but reading’s for losers, so who am I kidding?). Really, thank you all so much for an awesome year, and I look forward to making 2020 Buck Wild and weird with all you kooks.
@RolloMcFloogleand I kick off Christmas early (and every holiday for that matter). We talk traditions, free-market success stories, 7 fish, FUD, and on the greatest holiday miracle of them all:bitcoin…and fruitcake. Enjoy, and MERRY CHRISTMAS!
Tyler White is the Social Media Manager of BRD Wallet. He joins the show to talk entrepreneurship, marketing and of course, crypto. He shares his experience of breaking big at YouNow, touring, discovering crypto and joining BRD, starting two businesses of his own PLUS running BRD’s social media (all while attending college), juggling the obstacles of life, and staying anchored in what you believe in.
Guy Swann joins the show to talk about, of course, bitcoin. We cover everything from Guy’s background, what bitcoin’s purpose is, the difference between Proof of Work v.s Proof of Stake, the bcash fork, the Lightning network, how to use bitcoin as a real money in you every day life, and much more. If you don’t know ANYTHING about bitcoin, we got the fix for you. Economics; simple human agency and incentive, is the glue that solidifies the immutability, and is the breath of life, that enriches the power of the Bitcoin Network. Share this episode out, and don’t forget to #buybitcoin.
Antony Davies is an associate professor of economics at Duquesne University and Mercatus Affiliated Senior Scholar at George Mason University. His primary research interests include econometrics and public policy.
Find Mr. Davies at his website: antolin-davies.com
His podcast: www.wordsandnumbers.org
And on Learn Liberty: http://www.learnliberty.org/speakers/antony-davies/
Scott talks to Trita Parsi about an event being hosted next week by Parsi's organization, the Quincy Institute, which will pit advocates of a restrained foreign policy against war hawks in a series of panel discussions. The event is Wednesday, February 26 in...
Gareth Porter comes on the show to promote his new book, The CIA Insider's Guide to the Iran Crisis: From CIA Coup to the Brink of War, cowritten with John Kiriakou. Porter and Scott recap the entire modern history of U.S. relations with Iran, focusing on the inflated...
Cliff Maloney of Young Americans for Liberty joins the show to talk about the "Defend the Guard" movement popping up in state legislatures around the country. The legislation on which the movement is based calls for an end to the calling up of states' national guard...
Danny Sjursen is back for part two of his conversation with Scott about America's foreign policy disasters, this time focusing on what Sjursen calls "the coming battle for Eurasia." According to an old theory of geopolitics, the power that controls central...
79 Minutes Some Strong Language Pete invited Richard Grove to return to the show to give an overview of the legacy of the presidency of Woodrow Wilson, explaining how his reign, more than any, led to the Leviathan government we have today. Richard is the proprietor of...
43 Minutes Suitable for All Ages Pete welcomes Mises.org editor Ryan McMaken back to the show. A recent article that Ryan wrote for Mises.org entitled "Why Open Borders Between States In America Might Lead To Disaster" led to quite the ruckus on social media so Pete...
44 Minutes Suitable for All Ages Pete invited Campaign for Liberty head, Norman Singleton, to come on the show. Norman worked for Congressman Ron Paul from 1997-2012. Mr. Singleton served as Legislative Aide on Education and Workforce issues for Congressman Paul from...
77 Minutes Some Strong Language Ryan Dawson of The Anti-NeoCon report did an exclusive Ask Me Anything for Pete's supporter group that included discussions about the Democratic party, Trump's "Deal of the Century" to the Palestinians, the Civil War and a few other...
On FPF #453, I discuss Trump's firing of impeachment witnesses, insider attacks in Afghanistan, and Iraq. Trump fired EU Ambassador Sondland and NSC Ukraine expert Vinland. Both men testified in the House impeachment hearing providing Democrats with great soundbites...
On FPF #452, I discuss Trump's acquittal and the special guest at his State of the Union address. I explain how impeachment turned into dangerous anti-Russia propaganda. Adam Schiff and the Democrats used undying zombie of Russiagate to try to remove Trump from...
Michael Maharry returns to the show to discuss Afghanistan and his new book, Constitution Owner's Manual. Mike and Kyle describe how Trump has ramped up the war in Afghanistan. Mike answers questions about how the Constitution can be used to limit the president's...
On FPF #450, I discuss the House vote to repeal the 2002 Authorization for Use of Military Force. The bill was passed in 2002, allowing President Bush to start a war with Saddam's regime in Iraq. Saddam was hung in 2006 and, his army disbanded. However, both...
Yan Pritzker graces me with his presence and knowledge. Welcome to understanding bitcoin for dummies...not really. Bottom line is, if you're confuzzled on how bitcoin works, Yan is your man. Enjoy. Follow me @MrPseu Follow Yan @skwp GiveBitcoin.io Buy Inventing...
Fellow choir boy and crypto addict,@ZaneWithSpoon, tells me his story of becoming the CTO of Dispatch Labs. Zane shares how he got into crypto, buying his first bitcoins, differences between Ethereum and Bitcoin, surviving the 2017 ICO Pump and Dump, and the future of...
Happy New Year everyone! Thank you all so much for your support this year. I really couldn't have done it without you guys giving a crap. Today's episode I'm gonna share a new article I wrote that you can read via the link below (but reading's for losers, so who am I...
Will Porter tells it like it is. Debunking the Russia Gate fiasco. Listen and learn. Thanks! My Lovelies: @LibertyMugs @PeterRQuinones @DeanOFiles @TheCryptoconomy @SallyMayweather @CrowdFundedGov @BroHistoryPod @BitingBulletPod @jenniferm_q @WKPAnCap @Kyaaale...
Freedom Zealot Podcast January 21, 2017: Sheriff David Clarke of Milwaukee County, Wisconsin abducted a citizen who gave him a dirty look; after the victim filed a complaint, Clarke threatened to beat him, and told him to be grateful he wasn't summarily executed for...
Freedom Zealot Podcast December 31, 2016: Michael Whiteley is in prison because Silvia Candio, the "Black Widow of Bonneville County," claimed he kidnapped and raped her. The legal record proves otherwise. The leading expert on DEA undercover operations, Michael...
Michael Whitely didn't kidnap or rape Sylvia Canido. According to her, he was framed for that crime after she was raped -- and impregnated -- by an Idaho Falls Police officer. Now in his late sixties and in very poor health, Whitely will die in prison, barring...
Municipal code enforcement is everyday Communism. The whole point of Communism, according to the Manifesto explaining it, is "the abolition of private property." If the state can fine or imprison you for the way you use "your" property, do you really own it?...