There is one rule that I have about these crypto projects: There is Bitcoin, and then there are the rest of the junkpile. They should not be mixed together.
One has value based upon the way it's structured, while the rest do not. The rule about currencies is that they are NOT money; they are substitutes for money with none of the forms that make them intrinsically valuable. In other words, the also-rans are just additional forms of fiat currency.
and the reason for getting involved with any of these in the first place is: To avoid using fiat currencies, which have zero intrinsic value.
Very insightful and enlightening Jordan and very informative in many ways. Well covered as usual and for me and others I know very helpful in many ways..
An interesting read. However, shouldn't Bitcoin have competition? How could Bitcoin be the only legitimate medium of such crypto exchange? I welcome any medium that offers more security than Fiat currency. For me that would be ownership of precious metals and real estate. However, I'm not so naive as to believe the government cannot take anything it wants from me at any time for any reason. You might guess I believe all powerful, rapacious, government is the biggest mistake man ever created.
I find this very informational for someone like me who doesn't know much about Crypto and Bitcoin, but I still go back to one of my perceived worries with Bitcoin and that is what happens if there is no internet or electricity? Is there a good way around this problem? Have there been any ideas about being able to somehow turn Bitcoins into something more tangible that can be traded hand to hand, or another idea that gets around the need for computers interacting with each other?
Agreed. I have fears the entire Crypto world including Bitcoin can be shut down at the flick of a switch. There is nothing governments cannot control. And how can people rely on BTC when the price fluctuates so wildly. A currency needs stability of value. BTC sounds like a scam and is based on nothing. Bit like fiat.
If there's one thing governments don't permit, it's competition to their monopolies. They don't let people print paper money that functions as an alternative to the dollar, and they're not going to let people have cryptocurrency (including Bitcoin) that are alternatives to the Central Bank Digital Currencies they're rolling out.
bitcoin maxi cope. And if you believe in the principles of bitcoin, you shouldnt be trying to weaponize the state against all its competition because scamming exists in the space.
You deny any merit to the altspace, or innovation, decrying it all as a giant scam...obviously there is scamming and opportunism in the space, but doesnt take much of a look and a working knowledge of things to see how things like ethereum or defi or hell, blockchain based social media(like Steemit and Odysee and hive) innovated the space.
Being a bitcoin maxi is embarassing enough, but to do so and also be looking to prop bitcoin up using antithetical ethos to bitcoin (government control and regulation over its competition) is just embarrassing
I agree with your indictment of the crypto industry in general, but when the authorities are done with the scammers they are most certainly going to come for Bitcoin. Nothing will be permitted to stand in the way of the new CBDCs.
I disagree that the SEC is going after “scammers”. SBF had many friends in Washington, including Gary Gensler. The SEC didn’t shut down FTX; FTX shut down when it ran out of money to fund its Ponzi scheme.
The SEC worked on behalf of Lubin and Buterin to shut down their main competitor, and the SEC gave ETH a free pass because they said it was “decentralized”.
Where is the evidence that the SEC is protecting ordinary American investors? Every scam, from Madoff to FTX, seems free to run its course, while the SEC pursues Martha Stewart and Kim Kardashian.
Like every other government agency, the SEC is completely captured by the industry it is supposed to regulate. Instead of protecting the public, they protect the entrenched interests from competition.
Good luck with that. Bitcoin requires zero central control point. You can't "come for" it. It will just bend like the willow, and the wind passes through.
That's funny. When they make Bitcoin illegal, how many people do you think will be willing to risk jail to keep using it? Demand will plummet, and the value will go to zero.
I have no problem with Bitcoin maximalists making their arguments based on the merits of Bitcoin (over every other coin/token).
However, I think you would be blind to not see the alarming trend within the bitcoin maxi community to cheer on Gary Gensler and his army of crooks, using the “regulation by enforcement” tyranny that is also the SOP of the ATF, EPA, and other alphabet agencies.
Gary Gensler, as CFO of the Hillary Clinton campaign, signed the checks paying Perkins Coie to solicit the Steele Dossier. He is an enemy of mankind, and the worst type of kleptocratic Deep State creature.
If you’re on his side in a regulatory issue, you are either a fool or an authoritarian in drag. Cheering on a regulator to shut down competition is just another form of corporatism.
So you don’t like the way Coinbase does business? Don’t use them. You don’t cheer on a federal regulator to shut them down when there is no objective evidence that they’ve done anything illegal.
And no, SEC “rules” drawn up by unelected SEC suits are not laws, even if they carry the force of law. They are an unconstitutional overreach that should be opposed, just as they should be when done by the ATF or any other agency.
Jordan, can you share any trusted resources to learn about investing in Bitcoin? In fact, I would pay you to explain this to me bc I am so confused about it. I'm late to the party bc I felt like if it was a good thing, the gov't would find a way to make it illegal. LOL
Much truth in what you write, also much overlooked or swept aside. The industry isn’t going away. Just like the internet stocks in the nineties, there are good businesses in there among the dogs. There are a lot of innovative projects that have value. There is also a predominance of crap projects and con artists and thieves.
Bitcoin is in a class of its own at this point and there’s no disputing that.
As far as Coinbase goes, I think you are missing the mark to some extent. I think the SEC is being a bully which is the hallmark of our current administration. Coinbase has made a good faith effort to find out exactly what the SEC wants, besides to protect the corrupt tradfi industry and our declining national currency. If regulation by lawfare is the way we want our country run, they are doing a great job. Don’t forget, Gary Gensler is an MIT man, just like SBF’s GF’s parents in the Econ department. You don’t think that Gary and the rest of the politicos in DC were cozying up to SBF before they weren’t? Kid ripped people off for big money, so of course he’s released to his...parents, both big Democrat activists and advisers on practically no bond. Gimme a break. If you think Coinbase is getting what they deserve, I respectfully disagree. As far as venture capitalists cashing in on hot trends, what else is new? That is not a crypto specific phenomenon. One final important point: Coinbase’s business model was in place before the SEC approved the company going public in April 2021? What changed? Nothing.
Not fully operational on all levels yet but in the very near future will be. Totally decentralized, proof of work, setting up Qapps now, take a look for yourself.
Thank you for writing this. This is something almost no one understands. The amount of time I've spent disabusing people of the notion that Bitcoin is the same as all the other "crypto", or that "Bitcoin and that stuff is just a scam". Ugh.
In the name of fake global warming, the move to "green" energy will make it harder to supply constant power and therein lies the impracticality of cryptos and bitcoins. No power, no money. Also, no CBDCs and no smart phone surveillance.
Further proof of the swindle is that someone (obviously an insider) shorted Coinbase just 24 minutes before the SEC announcement and made an estimated $2.3 million on an $86k bet.
Great post, and as usual I agree.
Thank you sir!
Correct. It's going to be one of the great pleasures in life, watching the entire crypto bourse slide into the sewer, all of it returning to NAV.
Mark it all zero!
There is one rule that I have about these crypto projects: There is Bitcoin, and then there are the rest of the junkpile. They should not be mixed together.
One has value based upon the way it's structured, while the rest do not. The rule about currencies is that they are NOT money; they are substitutes for money with none of the forms that make them intrinsically valuable. In other words, the also-rans are just additional forms of fiat currency.
and the reason for getting involved with any of these in the first place is: To avoid using fiat currencies, which have zero intrinsic value.
Very insightful and enlightening Jordan and very informative in many ways. Well covered as usual and for me and others I know very helpful in many ways..
An interesting read. However, shouldn't Bitcoin have competition? How could Bitcoin be the only legitimate medium of such crypto exchange? I welcome any medium that offers more security than Fiat currency. For me that would be ownership of precious metals and real estate. However, I'm not so naive as to believe the government cannot take anything it wants from me at any time for any reason. You might guess I believe all powerful, rapacious, government is the biggest mistake man ever created.
I find this very informational for someone like me who doesn't know much about Crypto and Bitcoin, but I still go back to one of my perceived worries with Bitcoin and that is what happens if there is no internet or electricity? Is there a good way around this problem? Have there been any ideas about being able to somehow turn Bitcoins into something more tangible that can be traded hand to hand, or another idea that gets around the need for computers interacting with each other?
Agreed. I have fears the entire Crypto world including Bitcoin can be shut down at the flick of a switch. There is nothing governments cannot control. And how can people rely on BTC when the price fluctuates so wildly. A currency needs stability of value. BTC sounds like a scam and is based on nothing. Bit like fiat.
I will buy Bitcoin when it’s backed by Gold, Silver, Platinum or other similar, hard and immutable asset. That is when Bitcoin becomes all powerful
If there's one thing governments don't permit, it's competition to their monopolies. They don't let people print paper money that functions as an alternative to the dollar, and they're not going to let people have cryptocurrency (including Bitcoin) that are alternatives to the Central Bank Digital Currencies they're rolling out.
https://open.substack.com/pub/gomakeitreal/p/cryptocurrency-is-a-fairytale
bitcoin maxi cope. And if you believe in the principles of bitcoin, you shouldnt be trying to weaponize the state against all its competition because scamming exists in the space.
You deny any merit to the altspace, or innovation, decrying it all as a giant scam...obviously there is scamming and opportunism in the space, but doesnt take much of a look and a working knowledge of things to see how things like ethereum or defi or hell, blockchain based social media(like Steemit and Odysee and hive) innovated the space.
Being a bitcoin maxi is embarassing enough, but to do so and also be looking to prop bitcoin up using antithetical ethos to bitcoin (government control and regulation over its competition) is just embarrassing
Any coin that is *subject* to regulation is a failcoin.
I agree with your indictment of the crypto industry in general, but when the authorities are done with the scammers they are most certainly going to come for Bitcoin. Nothing will be permitted to stand in the way of the new CBDCs.
https://open.substack.com/pub/gomakeitreal/p/cryptocurrency-is-a-fairytale
I disagree that the SEC is going after “scammers”. SBF had many friends in Washington, including Gary Gensler. The SEC didn’t shut down FTX; FTX shut down when it ran out of money to fund its Ponzi scheme.
The SEC worked on behalf of Lubin and Buterin to shut down their main competitor, and the SEC gave ETH a free pass because they said it was “decentralized”.
Where is the evidence that the SEC is protecting ordinary American investors? Every scam, from Madoff to FTX, seems free to run its course, while the SEC pursues Martha Stewart and Kim Kardashian.
Like every other government agency, the SEC is completely captured by the industry it is supposed to regulate. Instead of protecting the public, they protect the entrenched interests from competition.
Good luck with that. Bitcoin requires zero central control point. You can't "come for" it. It will just bend like the willow, and the wind passes through.
That's funny. When they make Bitcoin illegal, how many people do you think will be willing to risk jail to keep using it? Demand will plummet, and the value will go to zero.
The people who step into boxcars at riflepoint will run away. The people who don't, won't.
I have no problem with Bitcoin maximalists making their arguments based on the merits of Bitcoin (over every other coin/token).
However, I think you would be blind to not see the alarming trend within the bitcoin maxi community to cheer on Gary Gensler and his army of crooks, using the “regulation by enforcement” tyranny that is also the SOP of the ATF, EPA, and other alphabet agencies.
Gary Gensler, as CFO of the Hillary Clinton campaign, signed the checks paying Perkins Coie to solicit the Steele Dossier. He is an enemy of mankind, and the worst type of kleptocratic Deep State creature.
If you’re on his side in a regulatory issue, you are either a fool or an authoritarian in drag. Cheering on a regulator to shut down competition is just another form of corporatism.
So you don’t like the way Coinbase does business? Don’t use them. You don’t cheer on a federal regulator to shut them down when there is no objective evidence that they’ve done anything illegal.
And no, SEC “rules” drawn up by unelected SEC suits are not laws, even if they carry the force of law. They are an unconstitutional overreach that should be opposed, just as they should be when done by the ATF or any other agency.
Jordan, can you share any trusted resources to learn about investing in Bitcoin? In fact, I would pay you to explain this to me bc I am so confused about it. I'm late to the party bc I felt like if it was a good thing, the gov't would find a way to make it illegal. LOL
Much truth in what you write, also much overlooked or swept aside. The industry isn’t going away. Just like the internet stocks in the nineties, there are good businesses in there among the dogs. There are a lot of innovative projects that have value. There is also a predominance of crap projects and con artists and thieves.
Bitcoin is in a class of its own at this point and there’s no disputing that.
As far as Coinbase goes, I think you are missing the mark to some extent. I think the SEC is being a bully which is the hallmark of our current administration. Coinbase has made a good faith effort to find out exactly what the SEC wants, besides to protect the corrupt tradfi industry and our declining national currency. If regulation by lawfare is the way we want our country run, they are doing a great job. Don’t forget, Gary Gensler is an MIT man, just like SBF’s GF’s parents in the Econ department. You don’t think that Gary and the rest of the politicos in DC were cozying up to SBF before they weren’t? Kid ripped people off for big money, so of course he’s released to his...parents, both big Democrat activists and advisers on practically no bond. Gimme a break. If you think Coinbase is getting what they deserve, I respectfully disagree. As far as venture capitalists cashing in on hot trends, what else is new? That is not a crypto specific phenomenon. One final important point: Coinbase’s business model was in place before the SEC approved the company going public in April 2021? What changed? Nothing.
Not fully operational on all levels yet but in the very near future will be. Totally decentralized, proof of work, setting up Qapps now, take a look for yourself.
https://qortal.org/
What about ETH?
Thank you for writing this. This is something almost no one understands. The amount of time I've spent disabusing people of the notion that Bitcoin is the same as all the other "crypto", or that "Bitcoin and that stuff is just a scam". Ugh.
In the name of fake global warming, the move to "green" energy will make it harder to supply constant power and therein lies the impracticality of cryptos and bitcoins. No power, no money. Also, no CBDCs and no smart phone surveillance.
Further proof of the swindle is that someone (obviously an insider) shorted Coinbase just 24 minutes before the SEC announcement and made an estimated $2.3 million on an $86k bet.