9th. Circuit Ferry Fight Has Potential To Free Up Entrepreneurs

Assange Indictment Proves: Liberty Is Your Sword. Let Tech Be Your Shield

The bureaucratic system of the modern nation-state, administered by central banks, magistrates, presidents and prime ministers, has alienated us from the harmonious state of the world we belong to, depriving us of our innate rights and liberties.

Now, imagination from computer science inspires us to rediscover intrinsic value within ourselves — the wisdom of nature that governs our behavior and our rights to express ourselves freely and create our own life.

– NOZOMI HAYASE, PH.D.

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9th. Circuit Ferry Fight Has Potential To Free Up Entrepreneurs

Millennial Success Threatens Default Keynesian Fed-Heads

God forbid my generation gets ahead.

Ladies & gentlemen, boys and girls, I give you Default Keynesian 101. Today’s “economists” demonize my fellow millennials’ practice of fiscal responsibility.

It’s a miracle my generation can express financial-sovereignty at the apex of student loan debt/deceitful market signals. God forbid they enjoy the fruits of their hard-earned labor & actually get to retire before their parents…and grandparents for that matter.

Yet, we get shafted via inflation, and paying off the debts of irresponsible generations before us. After all, who’s gonna pay for THEIR retirement? Social security? I won’t see a single fiat cent of that. A mortgage? What on Earth is a mortgage?!

The only loser here is the Fed, and envious, privileged, and indoctrinated generations from a cynical, jaded, wrinkled, fiat era.

The only cure for this this toxic, monetary/fiscal chaos is sound money.

9th. Circuit Ferry Fight Has Potential To Free Up Entrepreneurs

Dropbit CEO Faces 30 Years for “money laundering”….sick

So much for privacy…

Larry Harmon, CEO of the Bitcoin wallet app, Dropbit, has been arrested and is currently in Youngstown Ohio federal jail. Charged with: – Conspiracy to launder money instruments – Operating an unlicensed money transmitting business. He faces up to 30 years.

9th. Circuit Ferry Fight Has Potential To Free Up Entrepreneurs

SFMTA: Improving Mobility or Blocking Competition?

The point of different city transport agencies nationwide is to foster mobility. These MTAs run the local or regional transit service, and in some cases manage parking, taxis, roads, and other right-of-way issues. But many of them do a poor job. They manage transit services marred by misallocation and lack of innovation, helping explain why ridership has declined recently even as urban cores grow. But worse is that these MTAs, aiming to protect their fiefdoms, often stifle private competition that arises in response to these public failures. This double whammy perfectly describes the San Francisco Municipal Transportation Agency (SFMTA).”

Read the full article at the Catalyst.

Trump Is Right: Afghanistan Is A ‘Loser War’

Trump Is Right: Afghanistan Is A ‘Loser War’

“After three years of the Trump presidency, the Washington Post is breathlessly reporting that Donald Trump is a boor who insults everyone, including generals used to respect and even veneration. He’s had the impertinence to ask critical questions of his military briefers. For shame!

Read full article by Doug Bandow from the American Conservative.

bitcoin is Dead: Finale

bitcoin is Dead: Finale

Click here for Part 5

For the audio version, check out my podcast A Boy Named Pseu where you can download it on all podcast platforms. (read starts at 8:54)

Read full piece here.

If bitcoin is dead, then it has no value proposition

Bitcoin’s mere existence is its greatest marketing campaign. As we’ve covered above, the characteristics it possesses naturally creates interest, appeal, profit, controversy, and grief. Any of these sums that get spread amongst the public serves as a proxy-marketing mouth piece that breathes life into bitcoin. The result? The best PR bitcoin could possibly ever ask for. Only, bitcoin never asked in the first place. Such PR is eloquently demonstrated in an article by Thomas Kuhn, CFA of Mine Digital. In his piece Why Bitcoin Is Not Failing, it’s clear to see that bitcoin’s life is legitimized by analyzing certain value propositions it possesses.

Unforgeable Costliness

Bitcoin’s construction is based off of the Philosophy of Monetary Value. Simply put, this theory claims monetary value is a thing that exists, and is the same theory Nick Szabo used when he created Bit Gold. Such value should come with unforgeable costliness.

Gold in itself is the best real-world, tangible example of this theory. Everyone agrees gold is very high in value. This value is demonstrated through its durability, scarcity, difficulty and costliness to obtain, and nearly impossible to counterfeit.

A primary catalyst of bitcoin’s value is the Halvening, (also spelled as halving) or the moment when Bitcoin’s block subsidy gets cut in half, roughly every four years. The halving is a crucial feature of bitcoin because it maintains its fixed inflation rate.

Like gold, bitcoin is a scarce asset. It’s capped with a 21 million supply, which also contributes to its volatile nature. Yes, there will only be 21 million bitcoin created in all existence.

Thus, this increases its monetary demand and emphasizes its store of value. Plus it looks pretty. As Nick Szabo states in the Bit Gold White Paper.

“Precious metals and collectibles have an unforgeable scarcity due to the costliness of their creation. This once provided money the value of which was largely independent of any trusted third party…

“Thus, it would be very nice if there were a protocol whereby unforgeably costly bits could be created online with minimal dependence on trusted third parties, and then securely stored, transferred, and assayed with similar minimal trust. Bit gold.”

This missing protocol is what Satoshi Nakamoto’s Gold 2.0 needed, and achieved.

Proof-of-Work

The construction of the Bitcoin network itself creates and sustains its life. This is done through bitcoin’s security system, Proof-of-Work. The proof of work system was originally created by one of the original Bitcoin Core contributors, Adam Back.

In May of 1997, Back created the Denial of Service Counter-Measure solution, Hash Cash. The protocol was originally proposed as a mechanism to throttle systematic abuse of un-metered internet resources such as email, and anonymous remailers.

The first reference of proof-of-work can be analyzed in the Hash Cash White Paper published on 1st August 2002 as, “the hashcash CPU cost-function computes a token which can be used as a proof-of-work.”

In layman’s terms, Back’s big idea behind proof-of-work was to make someone pay a price for coercively sending you unsolicited internet usage like spam mail, or any form of a DoS/DDoS attack.

You don’t have to be a romantic to see that the relationship between the technological innovations of Szabo’s Bit Gold and Back’s Hash Cash is a match made in heaven. In order to create such “unforgeably costly bits” and to keep them as such, you need the process of mining that digital gold to be really expensive. Plus, it’s got to be equally expensive (if not more) to undo all that hard work from the get-go. Ergo, that’s what Proof-of-Work is for. And believe me, it’s totally worth it, because we say so.

Bitcoin’s value proposition and its source of life was perfectly articulated by Dan Held in an interview on the Honey Project. Held explains that price doesn’t necessarily follow security, so much as security follows price.

“What breaths life into bitcoin is the shared allusion that we all have; that it has value.

It’s our belief that its genetic code is really good.

It’s our belief that the traits it has as money give it a fighting chance.

And so us believing that together by storing our money that was fiat currency (like dollars and Yen and Euros) by taking that money which is a representation of our time and energy, (because we had to expend either or to earn it),

…when we store that [time and energy] in bitcoin’s ledger, we give it power. And that power essentially builds that wall.”

In his piece, Khun further griefs that:

“the will that some parties have for the technology to fail is bizarre, bordering on the crazy. It is not analysis, they write as if their opinion carries weight into the essence of the established idea, that it might affect the mechanics of Bitcoin and that they themselves could perhaps will it into destruction with their focused mind and needy, damaged reputation.”

Clearly, the opposite has been demonstrated. The fact people want bitcoin to fail proves its very existence. In a way, their efforts are their own proof of work (or failure rather). They can’t fight it without legitimizing its value.

But, you know. Bitcoin is dead.

Conclusion

Bitcoin incentivizes innovation and prosperity. By analyzing real-world use cases, it’s clear that it provides hope to those during the most hopeless of times. It allows us to think clearly, be scrappy, crafty, and live as sovereign individuals.

The improvements and needed solutions for the network signal entrepreneurial opportunity to voluntary market participants, and developers who may or may not be new to the scene. These individuals are willing to take the risk of diving into the uncertain, (yet very certain) space for financial, educational, and spiritual growth.

Bitcoin embodies the power of free-markets and the natural human incentive to retain one’s sovereignty. So long as individuals strive to be free, bitcoin will have a long, fruitful life.

So why isn’t bitcoin dead? Simple. People like it.

bitcoin is Dead: Part 5

bitcoin is Dead: Part 5

Click here for Part 4

For the audio version, check out my podcast A Boy Named Pseu where you can download it on all podcast platforms. (read starts at 8:54)

Read full piece here.

If bitcoin is dead, then so is its volatility

Bitcoin’s volatility further demonstrates why it is not dead. By analyzing its hypersensitivity in price over time, it’s evident that bitcoin is not only resilient, but appreciates in value. This characteristic repeatedly attracts more speculators during every bull run bitcoin goes through.

The ability of bitcoin to withstand these volatile gyrations in the market is what attracts newcomers. Those few who manage to stick around after the hype-cycle become financially, and emotionally invested in bitcoin by learning the ins and outs of how and why it works. If the community is fortunate enough, these “new coiners” (or folks who have yet to buy bitcoin, as the great Nik Bhatia has coined), become evangelists, and educate “‘no coiners,” or to-be-converted skeptics. For more insight, I highly recommend reading Chapter 3 of The Little Bitcoin Book,Bitcoin’s Price and Volatility. Therefore, the volatile nature of bitcoin not only increases its monetary value, but it’s fandom as well.

In 2019 alone, companies like Unchained CapitalRiver FinancialHodl HodlGiveBitcoin.ioBlockFi and countless others have sprouted from this network effect. This goes without mentioning the countless new books, articles, and podcasts that have hit the scene. Plus, all of which may or may not be products of employees or let alone founders of the companies.

Players from the traditional, legacy financial world are entering the bitcoin playing field.

Fidelity has job openings hiring for bitcoin miners. The CEO of Twitter himself, Jack Dorsey, has even provided grants up to $100K to bitcoin developers and companies. Dorsey is also a huge contributor to the space as a whole by being one of the firsts to have an app on the market that lets you buy bitcoin adjacent to your fiat: The Cash App. Amazing what being the CEO of Square Crypto allows you to achieve. Not to mention, he works closely with Casa.

Casa is a company which is striving to achieve developments and functionality on the Lighting Network. For the new-coiners reading this, The Lightning Network is the layer 2 solution on top of the bitcoin blockchain (layer 1) that allows for fast, cheap, and easy everyday (smaller) purchases that won’t conflict with the competitive real estate for larger settlement payments on the blockchain.

The Lightning Network alone has had multiple improvements in 2019. Developer implementations like advancements on multisig, new proposals such as taproot, AMPs, and Easypaysy, are just a few new innovations that provide faster, user-friendly payments. Many of these innovations have been rolled out and companies like Casa, Breez, Zap, and many others have seized the opportunity to operate their business on the network’s new infrastructure and provide use cases.

As demonstrated above, this boom-bust price effect attracts new investors and companies alike. After learning of bitcoin’s unusual and unique characteristics, new entrepreneurs seek the opportunity to work within the space. Many are fortunate to reap from the benefits both during the hype cycle, (The Bull Period), and even after the hyper cycle (The Bear Period).

The Bear Period in particular, can be seen as the “building” period. This is when the industry as a whole grinds as individual companies, entrepreneurs, and single content creators do their R&D on bitcoin, share their work to inform the fanbase and greater public, release products, etc. Over the years, crypto in general (especially with 2017’s ICO boom), bitcoin incentivizes opportunists to profit off solutions they create. Such competitive alternatives and solutions like privacy such as Monero, or on-chain atomic swaps from Decred, may even be useful to bitcoin’s functionality. So if bitcoin is dead, so is the entire crypto industry.

Products such as hardware and software like, wallets, nodes, new client updates etc. allow the community to grow the network by joining the network. New products become featured or sponsored in content from the variety of mediums like podcasts, press releases from blogs announcing new protocol updates to the Lightning Network, or BIP proposals, etc. It’s almost like a self-shilling bitcoin family revolving door. Man, I love capitalism!

Critics of the mainstream fail to recognize the unique traits of bitcoin in-depth. Speculators and journalists who publish articles of FUD, slandering its characteristics like volatility, ironically breathe life into bitcoin merely by giving it the time of day. It’s this very same self-sustaining volatility which commands bitcoin’s contagious network effect. This network effect impacts culture and governments, whose impact in turn moves the market, and comes full circle by keeping its nature volatile. Speculators, laborers, tradesmen, career politicians, entrepreneurs, and professionals of all kinds then become incentivized to flex their monetary muscles as they recognize opportunity in the industry.

But, you know. Bitcoin is dead.

bitcoin is Dead: Part 4

bitcoin is Dead: Part 4

Click here for Part 3

For the audio version, check out my podcast A Boy Named Pseu where you can download it on all podcast platforms. (read starts at 8:54)

Read full piece here.

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.

In the article “Bitcoin and Gift Cards Are Powering a Million Dollar Remittance Market in Africa,” Bitcoin Magazine’s Colin Harper revealed the following:

  • “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.

But, you know. Bitcoin is dead.

bitcoin is Dead: Part 3

bitcoin is Dead: Part 3

Click here for Part 2

For the audio version, check out my podcast A Boy Named Pseu where you can download it on all podcast platforms. (read starts at 8:54)

Read full piece here.

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.”

The open letter revealed the following

  • 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.

But, you know. Bitcoin is dead.

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