Armstrong tried to recapitulate my knowledge age theme but made some errors:
If you have a revolutionary idea, then you can start that and look to be taken over by one of the big boys.
That’s archaic thinking. The knowledge age disintermediates the advantage of fixed capital investment, the Theory of the Firm, and capital size. The links to my prior writings on these subjects are on this page.
If you have a revolutionary idea, then make it work and profit on it directly.
Fields that a labor-intensive will survive. such a construction.
I very much doubt that. There are huge 3D printing machines that can print a house at the construction site. Robotics will replace most labor in every industry. Fungible labor is dying and killing the industrial age paradigm of fixed capital investment and debt.
Service jobs are being replaced by the internet every day.
Correct. Or more generally put, being replaced by automation, robotics, and information technology.
He can’t see that governments will not stand idle waiting to be simply put out of business with cryptocurrencies.
Governments are not single-minded. There is no government that controls the entire Internet. There is no single set of laws for the entire world. Armstrong has not even listened to the Congressional hearings on regulation of cryptocurrency wherein the SEC Chairman admitted they don’t have international coordination.
The elephant in Armstrong’s living room is that nation-states have to give up their own sovereignty in order to coordinate to fight Bitcoin, but they will cease to exist if they do that. So they can’t win no matter what they do! Bitcoin is a Trojan Horse that disintermediates nation-states.
It’s impossible for all governments of the world to get coordinated in such a short period of time to act as a single mind against a decentralized Internet phenomenon. Heck even until now they have not been able to stop decentralized file sharing of pirated music and movies. They had no trouble stopping the centralized Napster but then the hackers simply moved on to decentralized file sharing.
In fact, it appears as though Bitcoin was designed by the Zionists as a form of creative destruction of nation-states in order to bring about a demand for a world government. Even the intentional surreptitiously centralizing design of Bitcoin increases this suspicion.
So the powers-that-be which control the nation-states from behind the curtain (the curtain which even Armstrong is not able to see behind and which his contacts in government are compartmentalized opaquely and that includes Margaret Thatcher) created Bitcoin and will make sure Bitcoin will destroy the power of the nation-states. Because Bitcoin is the coming new reserve currency of the coming monetary reset. Or at least Bitcoin will be one of the assets in the basket which will form the new international reserve asset.
I think it has become a religion. There is not one major company who has adopted blockchain currency. No matter what you say, you are just not with it. They resort to name calling which is the typical sign that you are dealing with a religious fanatic.
We all know that Armstrong writes the questions and the answers. So teapot calling the kettle black is straight from his brain.
I will quote him below wherein tells us that we are all wrong (and we have people with very high IQs and vast experience) and his obnoxious claim that he is only one who is always correct. Hypocrisy. It’s a shame too because we empathize with what he suffered and we appreciate his cycles work. But he is as stubborn as ignorant ox that refuses to budge or even open his eyes.
They really think that they can end the creation of money by ending bank lending.
That is not what we think. Stop slandering us by putting words into our community’s mouth that we do not collectively speak! How dare you be so disrespectful to the people who have supported you! Do you realize we helped to make your blog as popular as it is!! Do you realize how many 1000s of people I personally spread your blog to on the
bitcointalk.org website. I expect an apology and for you to stop this slimy habit of yours where you continually slander, degrade, and mischaracterize our thinking.
We have far more sophisticated thinking than such simpleton phrases. Start with Tom Luongo’s excellent blog for an example of some of the depth of our thoughts.
If you replaced all money with Bitcoin and banks started lending that, what is the difference?
You still do not understand this most basic concept of persmissionless and trustless decentralization that is the core tenet of our technological movement, yet you somehow think your ignorance is qualified to even speak on the matter of cryptocurrency and decentralized ledgers?
I hope the irony your tarpit hypocrisy does not fly over (and swallow) your compartmentalized head.
And please stop the BS of you’re only selling a $millions per conference in fees because you’re doing this as service to humanity. You’re pocketing large profits based on the popularity of your blogs enabling you to sell out your conferences at $1000s per attendee. I have no qualms with this because you suffered immensely due to our corrupt government and it’s free market capitalism. But please stop biting the hand that feeds you. We helped make your blogs popular.
They seem to be mixing apples and oranges.
No. You’re misstating our positions. We know damn well that Bitcoin is primarily an asset. What the hell do you think a reserve currency is? It is not a currency used by the common (most) people.
We support John Nash’s Ideal Money concept where there could be a more perfect reserve asset that is not subject to fiat control.
The economy in prisons is a fascinating example. Money is outlawed so what first emerged as “money” in prisons was cigarettes […] Cigarettes were acceptable BECAUSE he knew he could use them to get something he wanted even if he did not smoke.
And Bitcoin is rising for analogous emergent (bottom-up, natural) causes related to the fact that we all know the governments are bankrupt, moving into totalitarianism debt collapse, and we can’t trust them. So we need an asset which we can move anywhere in the world which they can’t control. I can carry Bitcoin in my brain if I am start enough to memorize the private keys in the form of English words. I explained last year that cryptocurrency is analogous to an endospore virus which can be destroyed even if they turned off the entire grid!
We’re not in this for the short-term. We are HODLing for the next decades as necessary as this epochal shift takes form.
Money is an agreed-upon unit of account/medium of exchange that everyone accepts even if you had no personal; desire to use it.
The international reserve currency asset is the one agreed to by the wealthy only. The common man has nothing to do with the choice of the international reserve currency asset.
As Bitcoin heads to a $50 trillion marketcap, then we HODLers will be the new wealthy. And all you dinosaurs will be the former wealthy. Please continue preaching nonsense to your faithful dinosaur readers because you’re going to lose the newly wealthy audience with your continued ignorance and drivel about our technological paradigm shift.
The fax machine was invented when the telegraph came in during the mid-19th century. It took 100 years before it was actually a viable product in the economy. Cryptocurrencies are trading vehicles.
They’re also a digital replacement for gold that is superior to gold in every important quality that is needed for the upcoming sovereign debt collapse and monetary reset.
You have even admitted that no one can get on a boat or plane with their gold anymore. It will be confiscated. Gold and land are immovable and thus not viable assets in this new high-tech panopticon of the 21st century. The other assets are antiquated. Do you still not seriously understand how earth shattering this is? How can you be incredibly blind to the elephant in your living room?
Those who pound their chests and call people names who disagree with them are indeed revealing it is a religion to them.
The teapot calling the kettle black.
You constantly pound your chest and declare that you are correct and that we are wrong. Yet we know more about our technological shift than you do. Instead of listening to experts and become educated, you prefer to spout off your religion and ridicule us. Why not have an open debate in video setting? We will be perfectly happy to debate you live in real-time.
Another maxim among traders: “Never marry the trade!”
We damn well know that Bitcoin will likely have another multi-year cryptowinter similar to the prior ones where it declines to 10% of its peak exchange value. I wrote a blog about it recently.
But you still do not seem to comprehend the significance of Bitcoin and the technological movement of seeking decentralized ledgers.
Cryptocurrencies will NEVER replace the dollar or world currencies. Do you really think governments will simply allow such a venture to take all their power away without a fight?
The US dollar is precisely what Bitcoin is disintermediating as the future international reserve currency asset. And you can’t see the elephant in your living room of how the nation-states are trapped between giving up their sovereignty to coordinate as a world government in order to regulate Bitcoin or choosing to not regulate and being subsumed by adoption of Bitcoin. The nation-states are being destroyed by this Trojan Horse.
While the stupid goldbugs think the Chinese Yuan will dethrone the dollar, they are completely missing the elephant in their living room which is Bitcoin is in the process of dethroning the dollar as the international reserve currency asset.
China by trying to battle Bitcoin, will simply drive more of their citizens to use VPNs and further subvert the authority of their nation-state.
Cryptocurrencies are worthless without a power grid. That is a disadvantage even to mackerel.
Nonsense! Cryptocurrencies are the one form of money that can continue to function internationally without a grid. Gold and all that other shit will be entirely immobilized in an international context.
Cryptocurrency is anti-fragile and distributed. It will continue to function if one guy on a mountain runs a miner on handcrank generated electricity with a short-wave HAM radio for communicating new blocks.
That said, it does not stop BitCoin from being a trading asset, but it is not money.
Incorrect. An international reserve currency asset is a form of money. It is not money for small-scale commerce but it is still money. And Bitcoin is already a defacto international reserve currency asset alternative to the dollar. And it is the only viable alternative at this time. And the liquidity continues to grow over time.
They judge the entire world based solely on what they believe and declare the rest of the world is wrong and only they are correct.
Bitcoin is going to $50 trillion marketcap (and higher) eventually and you can either get on this train or become one of the former wealthy. It’s your choice.
You judge the world by your archaic beliefs. We’re changing the world now. It’s happening now. And you’re doing a massive disservice to your audience by being so blind.
The monetary system will come to an end as we know it today. It will be replaced with an electronic reserve currency among nations. That will NOT be something that you use to go shopping with.
You have been pondering how this new international reserve currency will come about. And you know the nation-states will not willingly accept the corrupt IMF nor any other institution.
That is why Bitcoin was created. Bitcoin is defacto that new international reserve currency which is being adopted under the nose of the nation-states and there is nothing they can do to stop.
If BitCoin were money, then it would decline in purchasing power when assets rise.
The new international reserve currency always rises in purchasing power when it displaces assets as the new monetary solution. So what we have now is the asset that is rising is also the new international reserve currency.
This a genius plan of the global elite and how they managed this transition to the NWO. Absolutely genius. And you’re blinded!
Even the big tech companies Google, Apple, Amazon, and Facebook, have all pretty much not been impressed with Blockchain. Bloomberg News has also reported that not a single big IT player is interested in Blockchain and that includes Alphabet Inc., Apple Inc., Amazon.com Inc., Facebook Inc. and Netflix Inc.
Did you miss the news on May 9 that Facebook is investing heavily in the blockchain in order to remain relevant?
The likelihood of any cryptocurrency replacing the world monetary system causing governments to collapse is ZERO for decades to come.
Chew on that foot that is in your mouth. You just made the biggest blunder statement of your professional career!
Bitcoin is already replacing the world monetary system. It is actively ongoing as we speak.
He who has the guns, tanks, and soon robot soldiers who will shoot to kill without hesitation, rules the monetary system – PERIOD!
Sorry but your archaic perspective is no longer the reality. That was true since antiquity but decentralized ledgers have disintermediated the power of those devices. A superior technology has arrived. The reality has already paradigm shifted. There’s no stopping it now.
Armstrong also wrote:
Nonetheless, we will probably end up with a new RESERVE currency used among nations. That is still unlikely going to be a world currency used by the people in every country. What we use for currency can be cryptocurrencies of some sort ONLY if we see the political powers crumble and fall.
You’re getting closer to sniffing that elephant in your living room.
When you do finally have that light bulb go on in your ossified brain, then you’re going to be kicking yourself for not realizing sooner the new reality.