One of the best written articles on Bitcoin I've seen so far. Great job, Chris.
Buffet likes commercial banks such as Wells Fargo and BofA or BAC, because they have the ability to create dollars out of thin air via fractional reserves. Bitcoin, OTOH, while it is expanding at the moment, will be fixed at 21,000,000 making owning bitcoin, for THEM, a purely speculative move; not something in which banks should be involved. It was the banking industry and powerful bankers that pushed for nations to go away from the gold standard to FIAT currencies at the beginning of the 20th century and the perpetual inflation that relentlessly erodes purchasing power and is the cruelest, most regressive tax of all.
Bitcoin will be the way to avoid much of that. Dollar cost averaging, as practiced by you, is the best way to accumulate bitcoin at the best price over the long term.
There is, however, ONE thing that worries me, perhaps unnecessiraily: In 1933 Frank D. Roosevelt OUTLAWED the private ownership of gold, the 'approximate' basis for the value of the U.S. Dollar and most currencies around the world. What is to prevent some future fascist government from doing exactly the same thing with Bitcoin by either fiat or international treaty?
They could put a ban on ownership, but bitcoin is far harder to confiscate than gold because accessing bitcoin requires information, which you can store entirely in your head (theoretically), or disperse geographically. I wouldn't worry about this in the USA. It would require extreme measures for the government to successfully seize the bitcoin of its citizens.
Nonetheless, I worry about the trend towards lawless government officials. I never thought I'd live to see the day when it would be a rampant in this country as it is in so many places around the world.
Thanks for the information. I recommend you as the best options teacher on the internet. I know you have been goin heavy on MSTR. I believe I watched the initial video where you had purchased it. It has performed really strong but I couldn't really play without exceeding my position size I allocated for bitcoin proxies, which I had set at 5% of my active portfolio and I had already missed the major dip, so I have been buying CLSK options instead which have also performed well. I'm thinking about increasing the bitcoin component to my portfolio to 10%, in which case, I could probably flip my CLSK options into one MSTR leap call option. I wondering if you think 10% is too high an allocation to bitcoin proxies. Also, I was curious if you had any insight into CLSK versus MSTR. In other industries, I have always favored the miners, so I suppose, I maintained that bias in my approach to bitcoin.
I suppose that's the apocalyptic scenario I was alluding to. Before that day, I have "hope" that "We the People" will avoid China's fate and overcome any attempt to criminalize decentralized crypto. Time will tell.
Thanks for this Chris. I've been "giving" BTC (& LTC, THETA, & others) to my grandkids for Christmas for years now. I say, "giving," because they just move from my account to theirs in my Ledger Nano S. Their dad's know how to get to my keys should I depart this "mortal coil" (as they say). But I must agree with Romeg's concern as well... I know you answered it in one way, but the problem inherently is: "Not your keys, not your Bitcoin!" What's to stop governments (The New World Order brand they seem to be moving towards), from shutting down all the exchanges (including Swan)? Nothing. What's to stop them from monitoring the blockchain (as they already do) to "catch" illegal "Bitcoin traffickers?" (as they can). Nothing again. Ultimately, what's to stop them from taking away your electronic devices/internet access if you are deemed a Bitcoin criminal? Nothing, as they well know. Unfortunately, all my gold & silver fell out of my boat on a fishing excursion. I THINK I can testify in court where that 5 fathom fishing hole is... maybe. [BTW, I also "hedge my bets" by giving them a couple of silver dollars & $100 in cash each year as well - SOMETHING will pay off on the "other side" of chaos!]
Right. They can do all of the above. They can take all of your things now and throw you in prison if they want to. But a currency that lives in cyberspace and only requires information to access is better than a physical currency that lives in your house and can be accessed with brute force.
In an extreme situation, though, an internet currency wouldn't be good if it were an apocalyptic situation with no internet access. Anything would be currency at that point. We'd go back to barter.
Here's an article (longish, but good) outlying the "problem" we have with "technology-in-bed-with-governments": Where do we go with BTC if "they" hold all the "off-switches"?
Where the Sidewalk Ends: The Death of the Internet
Thanks, Jeff, for sharing that link. It's a pretty depressing piece. I thought I'd share this quote that I found on Brietbar's page in response:
“This is no small thing, to restore a republic after it has fallen into corruption. I have studied history for years and I cannot recall it ever happening. It may be that our task is impossible. Yet, if we do not try then how will we know it can’t be done? And if we do not try, it most certainly won’t be done. The Founders’ Republic, and the larger war for western civilization, will be lost.”
“But I tell you this: We will not go gently into that bloody collectivist good night. Indeed, we will make with our defiance such a sound as ALL history from that day forward will be forced to note, even if they despise us in the writing of it.”
One of the best written articles on Bitcoin I've seen so far. Great job, Chris.
Buffet likes commercial banks such as Wells Fargo and BofA or BAC, because they have the ability to create dollars out of thin air via fractional reserves. Bitcoin, OTOH, while it is expanding at the moment, will be fixed at 21,000,000 making owning bitcoin, for THEM, a purely speculative move; not something in which banks should be involved. It was the banking industry and powerful bankers that pushed for nations to go away from the gold standard to FIAT currencies at the beginning of the 20th century and the perpetual inflation that relentlessly erodes purchasing power and is the cruelest, most regressive tax of all.
Bitcoin will be the way to avoid much of that. Dollar cost averaging, as practiced by you, is the best way to accumulate bitcoin at the best price over the long term.
There is, however, ONE thing that worries me, perhaps unnecessiraily: In 1933 Frank D. Roosevelt OUTLAWED the private ownership of gold, the 'approximate' basis for the value of the U.S. Dollar and most currencies around the world. What is to prevent some future fascist government from doing exactly the same thing with Bitcoin by either fiat or international treaty?
They could put a ban on ownership, but bitcoin is far harder to confiscate than gold because accessing bitcoin requires information, which you can store entirely in your head (theoretically), or disperse geographically. I wouldn't worry about this in the USA. It would require extreme measures for the government to successfully seize the bitcoin of its citizens.
Nonetheless, I worry about the trend towards lawless government officials. I never thought I'd live to see the day when it would be a rampant in this country as it is in so many places around the world.
Thanks for the information. I recommend you as the best options teacher on the internet. I know you have been goin heavy on MSTR. I believe I watched the initial video where you had purchased it. It has performed really strong but I couldn't really play without exceeding my position size I allocated for bitcoin proxies, which I had set at 5% of my active portfolio and I had already missed the major dip, so I have been buying CLSK options instead which have also performed well. I'm thinking about increasing the bitcoin component to my portfolio to 10%, in which case, I could probably flip my CLSK options into one MSTR leap call option. I wondering if you think 10% is too high an allocation to bitcoin proxies. Also, I was curious if you had any insight into CLSK versus MSTR. In other industries, I have always favored the miners, so I suppose, I maintained that bias in my approach to bitcoin.
I suppose that's the apocalyptic scenario I was alluding to. Before that day, I have "hope" that "We the People" will avoid China's fate and overcome any attempt to criminalize decentralized crypto. Time will tell.
Thanks for this Chris. I've been "giving" BTC (& LTC, THETA, & others) to my grandkids for Christmas for years now. I say, "giving," because they just move from my account to theirs in my Ledger Nano S. Their dad's know how to get to my keys should I depart this "mortal coil" (as they say). But I must agree with Romeg's concern as well... I know you answered it in one way, but the problem inherently is: "Not your keys, not your Bitcoin!" What's to stop governments (The New World Order brand they seem to be moving towards), from shutting down all the exchanges (including Swan)? Nothing. What's to stop them from monitoring the blockchain (as they already do) to "catch" illegal "Bitcoin traffickers?" (as they can). Nothing again. Ultimately, what's to stop them from taking away your electronic devices/internet access if you are deemed a Bitcoin criminal? Nothing, as they well know. Unfortunately, all my gold & silver fell out of my boat on a fishing excursion. I THINK I can testify in court where that 5 fathom fishing hole is... maybe. [BTW, I also "hedge my bets" by giving them a couple of silver dollars & $100 in cash each year as well - SOMETHING will pay off on the "other side" of chaos!]
Right. They can do all of the above. They can take all of your things now and throw you in prison if they want to. But a currency that lives in cyberspace and only requires information to access is better than a physical currency that lives in your house and can be accessed with brute force.
In an extreme situation, though, an internet currency wouldn't be good if it were an apocalyptic situation with no internet access. Anything would be currency at that point. We'd go back to barter.
Here's an article (longish, but good) outlying the "problem" we have with "technology-in-bed-with-governments": Where do we go with BTC if "they" hold all the "off-switches"?
Where the Sidewalk Ends: The Death of the Internet
https://www.zerohedge.com/news/2021-10-28/where-sidewalk-ends-death-internet
Thanks, Jeff, for sharing that link. It's a pretty depressing piece. I thought I'd share this quote that I found on Brietbar's page in response:
“This is no small thing, to restore a republic after it has fallen into corruption. I have studied history for years and I cannot recall it ever happening. It may be that our task is impossible. Yet, if we do not try then how will we know it can’t be done? And if we do not try, it most certainly won’t be done. The Founders’ Republic, and the larger war for western civilization, will be lost.”
“But I tell you this: We will not go gently into that bloody collectivist good night. Indeed, we will make with our defiance such a sound as ALL history from that day forward will be forced to note, even if they despise us in the writing of it.”
~ Mike Vanderboegh
Good quote. I collect them. This one is going into my file. Thanks for the response. Here's another one:
"You may choose to look the other way, but you can never say again that you did not know." —William Wilberforce