Is Bitcoin “Bigger than General Electric”?

GeneralElectric I’ve seen a lot of headlines like these lately, and so I’ll take a moment to point out how wrong-minded they are. To compare Bitcoin (or any cryptocurrency) to a company is just wrong. As I keep saying, Bitcoin is not an investment. That is, It’s not a share of ownership in a corporation, like a stock. It’s not a promise of debt repayment, like a bond. Bitcoin is a …

ROSC 15: Building Ourselves a City

ROSC15 Theorizing is one thing; doing is quite another. No matter how good you think your theories are, applying them to the real world is always a revelation. More than that, actually doing is far more fun that theorizing. And right now hundreds of thousands of young people (and a lot of older ones too) are building the economy of the future. It’s a magnificent thing to be part of. The …

Advice To Bitcoiners Who Are Finding Themselves Rich

Bitcoiners A lot of Bitcoiners are waking up to find themselves rich these days, and I suspect that most of them have little experience handling significant amounts of money. And so, having been around the block a few times, I think I should pass along some lessons. Shut your mouth. Seriously. Tell your spouse, of course, and if there’s someone else you trust deeply, but after that shut up. If asked …

ROSC 14: The Bitcoin House

BitcoinHouse It’s been a strange but recurring theme in my life that when a cluster of bad things hit, something good follows close behind. Often, I learn later that the good thing was initiating just as the bad things struck. But whatever that is and however it works, it happened to me again. There is currently so much going on that I barely know where to begin.

The Day Bitcoin Was Hacked

BitcoinHacked In the ninth year of Satoshi, at 9:30am UTC on a cold February morning, Bitcoin was hacked. The hacker (or hackers) found a way to take advantage of a command in Satoshi’s original code. Then, using some very impressive number-crunching power, they played man-in-the-middle and intercepted transactions as they approached the big Bitcoin miners.

If You Love Bitcoin, Promote Good Altcoins

Altcoins Bitcoin spawns strong emotions in people, once they wrap their minds around it. And for good reason, of course: Bitcoin is the future, being born in our midst. One of the ways this goes off the rails, however, is when people think about Bitcoin in the old way. In particular, they think of the crypto-economy as if it were a zero-sum game. They fear the altcoins (Litecoin, Ethereum and the …

ROSC 4: The Sanitarium

TheSanitarium When I walked into our latest TCM lunch, I saw a few new members, two of whom were young women. That made me feel good, because there had been a flaw in most 20th century liberty movements, in that they never drew many women. Liberation movements of the past featured lots of women, many of whom showed more courage than the men. So, I took it as a healthy sign …

The Rise of the Superfluous Class, Part 2

Superfluous2Class You’ve gotta love serious people. “Dan,” my new friend from the superfluous class, showed up to Jay’s precisely on time. And he didn’t waste my time with a confirmation call; he just did what he said. We walked in together. I greeted Michele (again, that’s mi-KEL-ay, the Italian version of Michael), who pointed to his largest table. By the time we sat, he was on his way over with a …

An Important Update On The Bitcoin Block Size Wars

BitcoinBlock There is a huge argument going in the Bitcoin world right now, including some (apparently) very devious dealings. If you’re interested at all, please listen to this magnificent podcast. Afterward, you can see this important article on the seemingly devious dealings… combined with invoking the violent arm of the state.

Financial Repression Is Here, and Bitcoin Is the Only Escape

financialrepression When I warned about bankers planning “financial repression” back in 2014, I wasn’t sure how long it would be before it arrived, or where. And when I wrote about the banning of cash last February, I was worried that the money monopolists were accelerating toward open repression. Unfortunately, it turns out that they were in a hurry and have now withdrawn all currency worth more than a few dollars (US$1.50) …

A Short Note to the Bitcoin Community: This Is the Time

BitcoinCommunity I’m not sure how much of the Bitcoin community I reach, but I think this is an important moment for us, and I want to get this out. Please pass it along if you see it as useful. Thanks. Threat Over, Time to Get Busy The Bitcoin XT effort seems to be over. I opposed it for two primary reasons: It was sold through fear. That always drives me away. …

The Right Time Will Never Come

righttime Lots of good people are frustrated with the world, and I understand that only too well. They are, furthermore, eager for the world to improve, and I respect that a great deal. Their problem arises, however, right on the heels of these desires, when they ask the question, “What should I do?” And that’s where the wheels fall off. All the Popular Answers Are Wrong The world is full of …

Slayer of Empires: How Bitcoin Could Become Far Bigger Than You Think

SlayerofEmpires Paul Rosenberg was recently invited to the Bitcoin Investor’s conference in Las Vegas as a keynote speaker. This is the recording of his speech, given October 30th, 2015, at the D Hotel & Casino. We think you’ll enjoy it. You can find other videos from the conference here.

Bitcoin: Let It Fork!

bitcoinfork There has been a lot of commotion in the Bitcoin world lately. A few of the core developers (an informal group that maintain the program) made a big splash by saying that the “block size” (a technical issue) had to be increased or else horrible problems would ensue. They’re calling their plan “Bitcoin XT.” What I Learned At first, I simply didn’t want to be bothered with this. Just about …

Man Is Not Always Blind

manblind These words (which I picked up from Abraham Joshua Heschel) are true, even if it doesn’t seem like it. Humanity may be blind – willingly blind – for sickening lengths of time, but mankind is not always blind. Our present government/corporate culture – the loud, flashing, vapid cloud of distraction and fear that surrounds us – not only promotes blindness toward anything outside of itself, but requires this blindness for …

What’s New at the Bitcoin Colony

As I’ve mentioned in the past, Bitcoin is an invasion into the status quo. It is not a modification of the dominant financial system or even an extension of it… it’s a Klingon colony that dropped to Earth in 2009. As I’ve also mentioned in the past, what matters about Bitcoin is not the technology itself (which is fascinating but not perfect), and it’s certainly not the dollar exchange rate. …

Whether You Love It or Hate It, You’re Missing What Really Matters About Bitcoin

MattersAboutBitcoin Bitcoin made big news over the past year or so, when the price spiked and made some people rich. The possibility of fast money always generates a lot of commotion, and it certainly did this time. Personally, I didn’t want the price of Bitcoin to spike; it grabbed people’s attention for all the wrong reasons. Cryptocurrencies—of which Bitcoin is the first, the best known, and currently the most important—are a …

Coming for Your Accounts: Solutions

planB After running last week’s article (They’re Coming for Your Accounts), we received a number of questions about how to actually protect oneself. So, this week I’d like to address that subject. First Words I need to make an important point before I proceed, however: I am not involved in the financial industry, and I do not know the many rules that apply to IRAs, 401(k)s, and so on. So, please …

Switching Scripts

script Almost all of us were raised to follow a more or less uniform script through our lives. Sometimes it was specifically taught to us, and other times we just absorbed it by watching others. But regardless of how we were trained, there are two primary problems with following this script: Following a script is unbecoming to a thinking being and leads in bad directions. Such scripts reflect what worked a …

Bitcoin Is a Revolution, Not an Investment

bitcoin revolution It has been interesting to see large numbers of people pay attention to Bitcoin in the past year or so. The reason for that attention was the exchange price of Bitcoin, which made a lot of early adopters wealthy. (One of the few times when the right guys got rich.) The idea of getting rich quick always sells, and it did this time too. Along with it came a lot …