Armstrong has ostensibly replied to my prior message (or perhaps it is to others who may be sending him similar messages, although I think I’m the main vocal proponent of the hypothesis that Bitcoin was designed to be world reserve currency that enters surreptitiously via the backdoor while the nation-states are powerless to stop the jurisdictional arbitrage that Bitcoin possesses).

I will interleave below my rebuttals while quoting Armstrong’s latest, myopic attempt to deceive himself and his readers:

QUESTION: It certainly seems that the cryptocurrency world has its flaws and may even be worse than traditional bank accounts and credit cards. They keep getting hacked. So they are trying to defeat central banks but may be running into the arms of scammers and thieves. I read one guy even claimed Bitcoin would be the new reserve currency. I really do not understand these fools. How can Bitcoin become the reserve currency? Where does this really end?

ANSWER: I really do not know. The dollar is the reserve currency BECAUSE it has a $20 trillion debt that is used globally to park money. Europe never created a single debt market and that is why the euro never managed to compete with the dollar. There is just no way Bitcoin can become the reserve currency. That is really la-la-land. Where does this end?

Martin, I noticed that you recently backed off the idea that the Western civilization house-of-cards would imminently collapse before 2020, and you’re now accepting that it might be a drawn out collapse until 2032.

The regression-fit extrapolation of Bitcoin’s logistic adoption pattern (which is the pattern that widely adopted new technological innovations typically follow such as the washing machine, mobile phone, etc) indicates that the Bitcoin price will exceed $100,000 by 2024 and onward to a ~$1 million by 2032. So that will be a ~$21+ trillion market capitalization.

All of your blogs are about the coming debt AND cultural/ideological/immigration collapse of Western civilization (in the midst of a Maunder Minimum to exacerbate economic and pandemic vulnerabilities) yet you somehow think that debt backing of capital is going to be relevant when the shit-hits-the-fan. Bitcoin sits at the bottom of Exter’s Inverted Pyramid, even below gold because it has properties that gold can never have, which are very important at this juncture in human civilization.

Western civilization is heading into a Dark Age. Bitcoin is analogous to the Eastern Byzantine escape hatch frontier during the fall of the Western Roman Empire into a 600 year Dark Age.

The world’s capital will shift East but China’s sovereign debt market and financial system is not mature enough to take the world reserve currency asset reigns. And as you acknowledged in your blogs, no nation will want to accept a new international reserve currency which is controlled by any one nation. And you have also acknowledged that the IMF and World Bank are also not trusted, because they’re political circus clusterfucks.

Thus Bitcoin is the only game in town. And the longer you delay opening your eyes, the more irrelevant you will become going forward.

The technology may be absorbed by governments and perhaps you end up with a single electronic currency for each country. As far as circumventing central banks and governments, they can shut it down whenever they want by simply declaring cryptocurrency is for criminals as Australia is trying to do with cash.

You’re in a la la delusion. All the governments can accomplish by attempting to ban cryptocurrency is accelerate the collapse of their respective clusterfucked economies. As you know very well that China can’t ban the use of Bitcoin as a reserve currency by the wealthy. The wealthy know how to circumvent official policy. You certainly know this, so you’re lying to your readers. Which is despicable and disingenuous. I never expected you to be a cheat and a liar. Please correct your mistake.

Bitcoin is not a transactional token system. It has immutability and will never have greater than 1MB blocks. The current Core SegWit “upgrade” is going to be forked off and end up an altcoin as the Satoshi miners will take all the SegWit balances (aka UTXO) as donations. Only those who store their Bitcoin in legacy Satoshi address format (i.e. addresses beginning with a 1 instead of a 3) will retain their Bitcoins.

The various nations are moving towards electronic transactional currencies, but that is entirely irrelevant. Bitcoin is a reserve asset, not a transactional system. The small blocks and $50,000 future transaction fees are for high-powered money only.

With respect to the hacking, well easy come easy go. For the second time in just a few days, hackers launched a raid on a South Korean cryptocurrency exchange.

High-powered professional money will not be hacked. The dumbshit money will be kicked off Bitcoin as the market cap and transaction fees rise. Hacking is not an issue whatsoever. This exemplifies your complete lack of understanding and lack of research. I have offered many times to educate you. Send me your damn phone number and within an hour of talking with me, you will no longer be so ignorant of the many details— the ignorance of which causes you to make gross miscalculations.

These attacks are starting to wear down the cryptocurrency market, and we may yet see a decline further into July.

Agreed there might be another lurch down for Bitcoin before finding a temporary bottom in July or August. It is unclear after the bounce that ensues whether Bitcoin is headed for new all time highs in 2019 before collapsing into another two year crypto-winter bear market, or whether we are already in a two year crypto-winter bear market. If we are in crypto-winter now, then the eventual bottom could be $3000 or below. If we instead copy the summer of 2013 pattern and go on to make new all-time highs in early 2019, then the next crypto-winter could bottom more in the $10,000 range.

You do not seem to understand that your fantasies about how to remove the power-vacuum of democracy will not work! You wrote nonsense such as:

We must end career politicians for every Republican form of government ends in corruption and surrenders to an oligarchy without exception over 6,000 years of recorded history.

Lol. You even admit your fantasy has never been accomplished even once since antiquity.

Decentralized ledgers are an epochal shift of civilization. The are as pivotal as the shift from monarchy to democracy. If your Socrates computer is unable to pick up on this epochal shift then there is something deficient in your algorithm.