Blog Archives

The Path to $10,000 Bitcoin

As my colleague Davefairtex observed recently, the paint isn’t quite dry on bitcoin and the expanding host of other cryptocurrencies. Initial enthusiasm for the latest cryptocurrency that’s going to eat bitcoin’s lunch generates outsized returns for early investors, but as glitches in the vision arise, the bubble of initial euphoria pops.

Differing visions of bitcoin’s future have divided its community of participants and miners, and hard forks have split other cryptocurrencies into competing camps.

Meanwhile, the spectre of outright bans on bitcoin and cryptocurrencies by nations such as China adds uncertainty to the entire sector. Many observers expect that China’s increasingly pervasive attempts to staunch the flow of capital out of China via capital controls will lead inevitably to strict limits on bitcoin or even a total ban on bitcoin transactions and mining in China.

(more…)

Tagged with: ,

On the Process of Awakening

There is a tremendous amount of pain in our society. There are many sources of this pain: the emotional desertification of dysfunctional families, the knowledge that we don’t fit in and never will, a widening disconnect between the narratives we’re told are true and our experience, and a social and economic structure that tosses many of us on the trash heap.

The lifestyle we’re told we need to be happy is unattainable to many, and disconcertingly unsatisfactory to the top 10% who reach it.

We cannot help but feel a hunger for authenticity, honesty, spiritual solace and human connection, but these are precisely what is scarce in our social and economic structure.

The process of awakening has many paths. For some, the path starts with the incoherence of official explanations and narratives. For others, it’s the inner search for truth via psychotherapy or spiritual practice.

For some, it’s an investigation into the way our economic and political hierarchy function. For others, art is the starting point: a film, a novel, a comic, a song.

For many of us, it begins with this simple but devastating realization: I don’t fit in. I don’t fit in, have never fit in and never will fit in. I play along because it’s easier on me and everyone I interact with to do so, and I value my independence which means I have to find a way to support myself. That is difficult, as what I like to do has little to no value in our economy.

What interests me is how the epidemic of pain and alienation that characterizes our society is the direct result of how our economy and social order is structured. Incoherence, self-destruction, pain and alienation are the only possible outputs of the system we inhabit.

I recently had an amazing free-form 1:50 hour conversation on these topics with New Zealand talk-show host Vinny Eastwood. Any conversation that stretches from the erosion of community to loneliness to Daniel Ellsberg to Marx to Taoism to alienation to Michelangelo Antonioni and on to the process of awakening is amazing in my view.

Here’s Vinny’s page with listening/viewing/downloading options, and the program on Youtube (please ignore my goofy expressions): The magic of bitcoin and cryptocurrencies (1:49:54)

My conclusion may strike many as radical, but to me it is self-evident: the primary source of the rot, insecurity, inequality and alienation of our society is the way we create and distribute money, which is the conduit for creating and distributing political power.

I explain why this is so in my books A Radically Beneficial World: Automation, Technology and Creating Jobs for All and Why Our Status Quo Failed and Is Beyond Reform.

If we don’t change the way money is created and distributed, we change nothing. Money = power. If we don’t devise a form of money that is beyond the reach of central banks and states, all “reform” is just window-dressing, simulacra of “change” that simply solidifies the system’s bogus claim of being reformable.

Cryptocurrencies are in their infancy. There will be many more iterations of Cryptocurrencies beyond bitcoin and Ethereum; recall that bitcoin went public in 2009.

There are security challenges with cryptocurrencies, and the potential for central-state meddling via backdoors in computer operating systems. But once we understand that community and the potential for a less toxic society and economy are crippled by the centralized structure of the state and its money, then there is no way forward but to develop structures of money, work, community, purpose and meaning that are outside the direct control of the state and central bank.

This sort of “crazy talk” is unwelcome. As I noted earlier this week on my chart of the Ministry of Propaganda, in the status quo, skepticism is always a conspiracy or a hoax.

So instead we consider an exploding opiate epidemic, an epidemic of obesity and metabolic illnesses, a discourse of inchoate rage and a Grand Canyon-sized gap between what we’re told is true and what we experience as true “normal.”These things are not normal; they are manifestations of a system that can only generate one output: self-destruction.

Tagged with: , , , , ,

Bitcoin “Total Crypto Breakdown” Highlights Risks To Digital Wealth

Bitcoin “Total Crypto Breakdown” Highlights Risks To Digital Wealth

- Bitcoin wallet app Blockchain suffers major security blunder
- Poor tech sees multiple accounts being created using same address
- Security lapses in electronic and digital currencies not uncommon
- Bitcoin and cryptocurrencies in infancy but are useful tools
- Physical gold offers most secure form of wealth preservation

goldcore_chart3_4-06-15
Blockchain.com, which claims to be the maker of the most popular Bitcoin wallet, suffered at the weekend what the Guardian describes as a “total crypto breakdown”, highlighting once again the vulnerability of electronic and digital currencies to human and technological error and or hacking.

Multiple accounts were created using the same bitcoin address which meant that many users apparently had access to the same pool of funds which led to losses for a few. (more…)

Tagged with: , , , , , , , , , , , , , , , , , , ,

[KR622] Keiser Report: All Hail the Blockchain!

We ask, “What financial system ever existed a century and a half without a rebellion? And what banking system can preserve it’s liberties if the bankers are not warned from time to time that their people preserve the spirit of resistance?” And while many billionaires and plutocrats worry that the pitchforks are coming, Max and Stacy suggest that the revolution is already well under way, as crypto, blockchain and peer to peer technologies and systems have put a pitchfork in the corrupt financial system. In the second half, Max interviews Joel Dietz of SwarmCorp.com and Simon Dixon of BankToTheFuture.com about crowdfunding, bitcoin 2.0 technologies like Swarm and the future of cryptofinance innovation.

Tagged with: , , , ,

[KR606] Keiser Report: Bitcoin’s nefarious cousin Darkcoin

We discuss bitcoin converts and the dual risk of deflation and inflation for holders of euros. Max asks “how is the euro a store of value when the ECB can just TAKE it from you during a ‘bail-in?’ In the second half, Max interviews Peter Todd, Chief Scientist & Architect of Dark Wallet and ZeroCash to discuss Dark Wallet, cryptocurrencies and a government sponsored 51% attack on the bitcoin community.

Tagged with: , , , , , ,

[KR548] Keiser Report: Let’s Encrypt the Internet! (ft. Kim Dotcom)

We discuss the word ‘because,’ the humble conjunction which “exploded with new grammatical possibilities” in 2013. So the news that the FBI and Department of Justice have ‘lost faith in the value of bitcoin,’ because concern trolling. And the news that the FBI has stopped enforcing the law and is, instead, ‘protecting national security,’ because MPAA. In the second half, Max interviews Kim Dotcom about Chris Dodd, the MPAA, Hollywood’s failed business model and an encrypted internet and crypto-currencies.

 

Tagged with: , , , , , , , , , , , , , ,

[KR538] Keiser Report: Bankster Bacteria

We discuss factory-farmed citizen consumers who live in mom’s basement, dragging the economy down with them. They also discuss the monoculture of housing bubbles and high interest rate loans in the workplace. In the second half, Max interviews Bill Still about his conversion to crypto-currencies and what role of the NSA spying scandal played in his decision.

Tagged with: , , , ,