EP8: Satoshi Action Founder Dennis Porter joins Kurt Wallace to explain the legislation for Bitcoin freedom and strategic reserves in Montana, Arkansas, Oklahoma, Louisiana, Texas & Pennsylvania.
After seeing some of the anti bitcoin comments, it's evident that the US media has done it's job for the Fed to create FUD in the mainstream conscience.
Or, maybe it's Peter Schiff. Should I bring Peter on the show and argue with him for a while?
For sure I wish I'd bought Bitcoin in 2012 when Max Keiser was suggesting it. Then also I should have bought BTC this past June
Around 2016 I started buying silver from the bullion dealers, which has gone up and down a lot. Around 2018 I was surprised to see the bullion dealers started accepting Bitcoin for payment. Still you can buy gold and silver with Bitcoin from Provident and APMEX, which I think is crazy.
Bitcoin is theoretically even better than gold, as a Hard Asset, but that doesn't mean the value will just keep going up.
Bitcoin and gold and all the Asset Prices are sky high now, simply because of Inflation. Currently all the Inflation is going into the Asset Prices.
David, you nailed it. The value of limited supply is based on the debasement of the US dollar's worthless claim as the reserve currency. I'm a gold/silver bug and have had Bitcoin since 2009. It was obvious to those of us in the beginning that the technology was an affront on the devaluing of the fiat currency system for the benefit of a few. Gold and Bitcoin are not growing in value, the US Dollar is being exposed as the fraud that it is and shrinking in value due to manipulation.
SD Bullion has the 5th Release of "The Commanders" series, with Julius Caesar. $60 over spot price is really good for gold. If you pay in Bitcoin it's $70 or $80 over spot price. Not that I'd know how to go about the transaction.
It doesn't make sense that gold is worth 25% more than it was last year, because the cost of mining couldn't have gone up that much.
Now's not the time to buy gold or Bitcoin. Even silver will go back down to $20 during this next recession that's coming up in March or June. This will be a doozy.
On the upside, backing the us dolllar w Bitcoin could pay off the national debt… potentially eliminating taxation and debt and shifting new wealth. On the downside, it is possible that in 3-6 years bitcoin’s algorithm could be solved and/ or hacked, by AI. On the upside, security improvements could be made… but on the downside, improving security might not happen, at all. But I think if the USA government goes deep into Bitcoin, it will be secured.
Not sure if it's going to be possible to hack the Bitcoin blockchain but there's definitely speculation around quantum computing. The upside is cryptography can provide infinitely longer cryptographic strings alongside the growth of computing to stay ahead of potential attacks.
Kurt- Yes I definitely used the wrong terminology there. Should’ve been more precise w my words. Quantum computing- not hacked by AI. I agree on the additional upside of increasingly longer cryptographic string systems that (hopefully) safeguard.
Glad to see I'm not the only one who does not understand the hype. Yes, the blockchain technology behind bitcoin is impressive and important, but the underlying financial concept is seriously flawed in my view. It is pure speculation with no intrinsic value underlying it. It is like a stock in a non-existent company with zero earnings and hence an infinite P/E ratio. They say bitcoin has value because the amount is strictly limited. But I could just as easily declare 1,000 "Xcoins", never to be increased. Would that make it valuable?
It's a market reaction more than anything. If it were only a choice between 1000 Xcoins with the same structure as Bitcoin and global fiat currencies, Xcoins would become the tool for a store of value.
"It is pure speculation with no intrinsic value underlying it. It is like a stock in a non-existent company with zero earnings and hence an infinite P/E ratio." This describes the Federal Reserve Note except worse because it's a declining stock in a company that devalues it's notes on purpose.
What determines the tool of currency is whatever a group of two or more decides: tally sticks, teeth, metals, Kaynesian Fiat, BerkShares or Cryptocurrency.
Bitcoin has become a geo political tool for governments to hedge against one another's fiat as a global reserve. The characteristics of limited supply, immutable ledger and built in transaction system and possibly most important, not controlled by a central authority has a value as a free market alternative to government issued fiat garbage.
Russia is mining BTC for BRICS and the US Governments will store BTC plus open up mining opportunities.
Bitcoin may not be a usable currency for daily transactions in it's present form (maybe lightning network) but some cryptocurrency will become the mainstream form for transacting.
The global reaction to Bitcoin's limited supply is directly related to the failures of inflationary currency and the collusion between central bank's and governments.
Interesting. Yes, I agree that in a free market anything is worth whatever someone is willing to pay for it. In the stock market, there is fundamental analysis and technical analysis, where the latter makes little or no attempt to evaluate the fundamentals of the company behind a stock, instead trying only to predict what others will be willing to pay for it in the future. That makes for fads and bubbles, of course, and it seems to be a bigger and bigger part of stock valuations and even real estate these days, with everyone trying to get rich quick.
Just out of curiousity, what is to stop anyone with enough technical savvy from cloning Bitcoin? Suppose someone sets up a technical clone of Bitcoin. Let's call it Xcoin as before. Same concept of a limited number of coins. First, would that be legal, or is Bitcoin copyrighted? If it is legal, what reason would there be for newcomers to "invest" in Bitcoin rather than Xcoin? For that matter, what is to stop the originator of Bitcoin from setting up such a clone himself? It would not mean more Bitcoins but rather Xcoins. Then we could have Ycoins, and so on ad infinitum.
Great questions! The answer really lies in understanding the thesis of the technology.
From the premise of trading, investing and due diligence Bitcoin would not fall into the criteria of due diligence as a company structure. The due diligence of Bitcoin can only be based on the characteristics of the technology. And the basis for why it was created and continues to garner favor.
Bitcoin is an open source code technology currency transaction tool. It was published to the internet by a group of anonymous people under the name Satoshi Nakamoto.
Since the source code is available for anyone, there have been many versions of Bitcoin including exact duplicates. However, because of the technology of blockchain, the tokens in each blockchain are only native to that blockchain. It is impossible to send or receive Bitcoin from an exact cloned Bitcoin Blockchain.
The Bitcoin blockchain has had new forks of the blockchain to create a newer and more improved version of the original source code. Roger Ver who is now being criminally indicted by the US Government create Bitcoin Cash as a fork of Bitcoin to stay true to the original vision of Satoshi. As an example.
If you're interested in a rabbit hole. The NSA (#1 money launderer in the world) published a paper in the late 90's which describes the concept very similar to the Bitcoin blockchain.
The initial concept of the technology of blocks in a chain was in the early 80's the idea was to have a trusted network that all parties using the system could see in full transparency what is happening. It took 26 years for Bitcoin to occur as a peer to peer decentralized cash system. There were many iterations of the technology that were developed and improved overtime. Check out https://en.wikipedia.org/wiki/Stuart_Haber
Much of the development over the 26 years was open source so that developers could solve the problems inherent in the existing financial system of abuse, fraud and tyrannical control of central banks gaming fiat.
Gold/Silver does all of these things and you actually have the physical gold and silver. So why take a big risk and back a fiat currency with another fiat-like instrument (crypto) instead of the tried and true method of backing it with Gold and/or Silver? Prediction: Trump never does this. Some Austrian type economist will help him see the craziness of US Gov buying crypto, to save face he will smartly push some strawman proposal and when it fails he will point fingers to stay on good side of cypto-bros. Sell your bitcoin now before bubble bursts.
There is a movement in the states for a gold backed currency. In Florida we will soon have something call Gold-bucks, where the physical bucks are imbedded with a specified amount of gold, varying by the denomination of the bucks 1B, 10B, 100B, etc. So, this seems to be the exact opposite of crypto, or the collapsing value of the US Dollar, as it relies on physical gold imbedded in physical currency. These will be usable for small transactions, or larger ones if gold continues to escalate in dollar terms. So, is it legal for a state to issue its own currency (we used to have bank-notes in the states before the Federal Reserve)?
Do gold bucks make more sense that crypto, as they cannot be hacked or disappear due to an EMP wipe out of electric power. In effect, it creates gold backed currency.Maybe we should do this with a gold backed dollar...I read that there was Zero inflation over a century when gold backed the dollar.
Seems strange to have a story suggesting backing US Dollar with Crypto is a good idea on a blog titled Rand Paul Review. Has Rand Paul supported this? Seems like a guy like Rand Paul would say: buy gold/silver to back US Dollar, not another fiat-like currency. You can explain Bitcoin with your "blockchain technology": this, and "it is capped" that....but in the end you still cannot do anything in the real world with Blockchain.....and yeah I get that you might be able to build aps on Ethereum, but until people actually start building at scale with a crypto, and software companies start buying Ethereum at scale because of the ROI so they can build applications, Crypto investing is just a game of selling something worthless hopefully at a higher price to the next sucker. before any of you pro-crypto people try to pile on, I am going to do you a favor. I got a great investment for you...Tulips. The Dutch are going crazy for these and you can easily double your money.
Rand Paul was the first Senator to accept bitcoin during his 2016 campaign.
This is what Rand Paul said to Axios on HBO, "I've started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government."
After seeing some of the anti bitcoin comments, it's evident that the US media has done it's job for the Fed to create FUD in the mainstream conscience.
Or, maybe it's Peter Schiff. Should I bring Peter on the show and argue with him for a while?
Yes!
For sure I wish I'd bought Bitcoin in 2012 when Max Keiser was suggesting it. Then also I should have bought BTC this past June
Around 2016 I started buying silver from the bullion dealers, which has gone up and down a lot. Around 2018 I was surprised to see the bullion dealers started accepting Bitcoin for payment. Still you can buy gold and silver with Bitcoin from Provident and APMEX, which I think is crazy.
Bitcoin is theoretically even better than gold, as a Hard Asset, but that doesn't mean the value will just keep going up.
Bitcoin and gold and all the Asset Prices are sky high now, simply because of Inflation. Currently all the Inflation is going into the Asset Prices.
David, you nailed it. The value of limited supply is based on the debasement of the US dollar's worthless claim as the reserve currency. I'm a gold/silver bug and have had Bitcoin since 2009. It was obvious to those of us in the beginning that the technology was an affront on the devaluing of the fiat currency system for the benefit of a few. Gold and Bitcoin are not growing in value, the US Dollar is being exposed as the fraud that it is and shrinking in value due to manipulation.
SD Bullion has the 5th Release of "The Commanders" series, with Julius Caesar. $60 over spot price is really good for gold. If you pay in Bitcoin it's $70 or $80 over spot price. Not that I'd know how to go about the transaction.
It doesn't make sense that gold is worth 25% more than it was last year, because the cost of mining couldn't have gone up that much.
Now's not the time to buy gold or Bitcoin. Even silver will go back down to $20 during this next recession that's coming up in March or June. This will be a doozy.
On the upside, backing the us dolllar w Bitcoin could pay off the national debt… potentially eliminating taxation and debt and shifting new wealth. On the downside, it is possible that in 3-6 years bitcoin’s algorithm could be solved and/ or hacked, by AI. On the upside, security improvements could be made… but on the downside, improving security might not happen, at all. But I think if the USA government goes deep into Bitcoin, it will be secured.
Not sure if it's going to be possible to hack the Bitcoin blockchain but there's definitely speculation around quantum computing. The upside is cryptography can provide infinitely longer cryptographic strings alongside the growth of computing to stay ahead of potential attacks.
Kurt- Yes I definitely used the wrong terminology there. Should’ve been more precise w my words. Quantum computing- not hacked by AI. I agree on the additional upside of increasingly longer cryptographic string systems that (hopefully) safeguard.
Bitcoin is farts and moonbeams. Tulip bulbs of our time.
Glad to see I'm not the only one who does not understand the hype. Yes, the blockchain technology behind bitcoin is impressive and important, but the underlying financial concept is seriously flawed in my view. It is pure speculation with no intrinsic value underlying it. It is like a stock in a non-existent company with zero earnings and hence an infinite P/E ratio. They say bitcoin has value because the amount is strictly limited. But I could just as easily declare 1,000 "Xcoins", never to be increased. Would that make it valuable?
It's a market reaction more than anything. If it were only a choice between 1000 Xcoins with the same structure as Bitcoin and global fiat currencies, Xcoins would become the tool for a store of value.
"It is pure speculation with no intrinsic value underlying it. It is like a stock in a non-existent company with zero earnings and hence an infinite P/E ratio." This describes the Federal Reserve Note except worse because it's a declining stock in a company that devalues it's notes on purpose.
What determines the tool of currency is whatever a group of two or more decides: tally sticks, teeth, metals, Kaynesian Fiat, BerkShares or Cryptocurrency.
Bitcoin has become a geo political tool for governments to hedge against one another's fiat as a global reserve. The characteristics of limited supply, immutable ledger and built in transaction system and possibly most important, not controlled by a central authority has a value as a free market alternative to government issued fiat garbage.
Russia is mining BTC for BRICS and the US Governments will store BTC plus open up mining opportunities.
Bitcoin may not be a usable currency for daily transactions in it's present form (maybe lightning network) but some cryptocurrency will become the mainstream form for transacting.
The global reaction to Bitcoin's limited supply is directly related to the failures of inflationary currency and the collusion between central bank's and governments.
Interesting. Yes, I agree that in a free market anything is worth whatever someone is willing to pay for it. In the stock market, there is fundamental analysis and technical analysis, where the latter makes little or no attempt to evaluate the fundamentals of the company behind a stock, instead trying only to predict what others will be willing to pay for it in the future. That makes for fads and bubbles, of course, and it seems to be a bigger and bigger part of stock valuations and even real estate these days, with everyone trying to get rich quick.
Just out of curiousity, what is to stop anyone with enough technical savvy from cloning Bitcoin? Suppose someone sets up a technical clone of Bitcoin. Let's call it Xcoin as before. Same concept of a limited number of coins. First, would that be legal, or is Bitcoin copyrighted? If it is legal, what reason would there be for newcomers to "invest" in Bitcoin rather than Xcoin? For that matter, what is to stop the originator of Bitcoin from setting up such a clone himself? It would not mean more Bitcoins but rather Xcoins. Then we could have Ycoins, and so on ad infinitum.
Great questions! The answer really lies in understanding the thesis of the technology.
From the premise of trading, investing and due diligence Bitcoin would not fall into the criteria of due diligence as a company structure. The due diligence of Bitcoin can only be based on the characteristics of the technology. And the basis for why it was created and continues to garner favor.
Bitcoin is an open source code technology currency transaction tool. It was published to the internet by a group of anonymous people under the name Satoshi Nakamoto.
This whitepaper is essential reading for anyone who is interested in Bitcoin. https://bitcoin.org/bitcoin.pdf
Since the source code is available for anyone, there have been many versions of Bitcoin including exact duplicates. However, because of the technology of blockchain, the tokens in each blockchain are only native to that blockchain. It is impossible to send or receive Bitcoin from an exact cloned Bitcoin Blockchain.
The Bitcoin blockchain has had new forks of the blockchain to create a newer and more improved version of the original source code. Roger Ver who is now being criminally indicted by the US Government create Bitcoin Cash as a fork of Bitcoin to stay true to the original vision of Satoshi. As an example.
If you're interested in a rabbit hole. The NSA (#1 money launderer in the world) published a paper in the late 90's which describes the concept very similar to the Bitcoin blockchain.
https://news.bitcoin.com/did-the-nsa-invent-bitcoin-a-1996-research-paper-reignites-the-debate/
The initial concept of the technology of blocks in a chain was in the early 80's the idea was to have a trusted network that all parties using the system could see in full transparency what is happening. It took 26 years for Bitcoin to occur as a peer to peer decentralized cash system. There were many iterations of the technology that were developed and improved overtime. Check out https://en.wikipedia.org/wiki/Stuart_Haber
Much of the development over the 26 years was open source so that developers could solve the problems inherent in the existing financial system of abuse, fraud and tyrannical control of central banks gaming fiat.
Gold/Silver does all of these things and you actually have the physical gold and silver. So why take a big risk and back a fiat currency with another fiat-like instrument (crypto) instead of the tried and true method of backing it with Gold and/or Silver? Prediction: Trump never does this. Some Austrian type economist will help him see the craziness of US Gov buying crypto, to save face he will smartly push some strawman proposal and when it fails he will point fingers to stay on good side of cypto-bros. Sell your bitcoin now before bubble bursts.
Austrians are divided on Bitcoin some favor that it's not controlled by a central authority while others don't view it as intrinsic value.
An Austrian will tell Trump to End the Fed :)
The US government has a basket of strategic reserves. Bitcoin would just be another asset class. We'll see what happens. Interesting times.
Still wouldn’t trust it.
There is a movement in the states for a gold backed currency. In Florida we will soon have something call Gold-bucks, where the physical bucks are imbedded with a specified amount of gold, varying by the denomination of the bucks 1B, 10B, 100B, etc. So, this seems to be the exact opposite of crypto, or the collapsing value of the US Dollar, as it relies on physical gold imbedded in physical currency. These will be usable for small transactions, or larger ones if gold continues to escalate in dollar terms. So, is it legal for a state to issue its own currency (we used to have bank-notes in the states before the Federal Reserve)?
Do gold bucks make more sense that crypto, as they cannot be hacked or disappear due to an EMP wipe out of electric power. In effect, it creates gold backed currency.Maybe we should do this with a gold backed dollar...I read that there was Zero inflation over a century when gold backed the dollar.
Most of those “doctors” SHOULD have been in “garbage bags”…permanently.
Seems strange to have a story suggesting backing US Dollar with Crypto is a good idea on a blog titled Rand Paul Review. Has Rand Paul supported this? Seems like a guy like Rand Paul would say: buy gold/silver to back US Dollar, not another fiat-like currency. You can explain Bitcoin with your "blockchain technology": this, and "it is capped" that....but in the end you still cannot do anything in the real world with Blockchain.....and yeah I get that you might be able to build aps on Ethereum, but until people actually start building at scale with a crypto, and software companies start buying Ethereum at scale because of the ROI so they can build applications, Crypto investing is just a game of selling something worthless hopefully at a higher price to the next sucker. before any of you pro-crypto people try to pile on, I am going to do you a favor. I got a great investment for you...Tulips. The Dutch are going crazy for these and you can easily double your money.
Rand Paul was the first Senator to accept bitcoin during his 2016 campaign.
This is what Rand Paul said to Axios on HBO, "I've started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government."
Here's the interview. https://youtu.be/6BA9NP-Dbjs?si=EyhHOc5KRaNJ__gh
Surprising thanks for sharing.