Money and State
Money and State
"Give me control of a nation's money, and I care not who makes its laws."
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Thoughts on the Bitfinex Strategy

On August 2nd, Bitfinex, by some metrics the largest Bitcoin exchange in the world, was hacked and 199,756 bitcoins (~$72m) were stolen. The Bitcoin price plummeted, and the industry gasped in horror, if not surprise, that yet another huge theft had occurred. With fiery (and justified) condemnation, many fingers can be pointed. Bitfinex clearly screwed...

No, non-Bitcoin blockchains are not “disrespectful” to Satoshi

In a recent interview with Tuur Demeester, Paul Sztorc made the interesting claim that “non-Bitcoin blockchains are disrespectful to Satoshi.” He has elsewhere and for a long time criticized non-Bitcoin digital assets of all forms. He generally refers to anyone not building exclusively with Bitcoin as a scammer, including me. Sztorc, while clearly a brilliant technical thinker and a man who has made great contributions to Bitcoin and blockchain theory,...

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The Cryptobond and AutoPublic Companies

The Bitfinex hack and subsequent release of BFX Coin is a seminal moment in cryptofinance. BFX Coin is a promise of Bitfinex to pay $1 in the future. If their exchange recovers from the hack, and grows, then it's feasible they pay this. The value of the coin will rise toward its $1 par value. If their exchange stagnates or fails, then it's not feasible. The value of the coin...

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Thoughts on the Bitfinex Strategy

On August 2nd, Bitfinex, by some metrics the largest Bitcoin exchange in the world, was hacked and 199,756 bitcoins (~$72m) were stolen. The Bitcoin price plummeted, and the industry gasped in horror, if not surprise, that yet another huge theft had occurred. With fiery (and justified) condemnation, many fingers can be pointed. Bitfinex clearly screwed up epicly in its wallet management and oversight, and perhaps some blame lies with BitGo...

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The Importance of Bitcoin Not Being Money

For years, many in the Bitcoin industry have eagerly defined and advocated “Bitcoin as money” to a skeptical world. I share the blame: with certainty I argued that Bitcoin was not only money, but was the best money mankind had ever seen. But in our haste, we misled ourselves and others. Bitcoin isn't money after all. Our mistake, as Bitcoin advocates, was that in our excitement over an early, popular...

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Mea Culpa

"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so." -Mark Twain So today a friend of mine posted a link on /r/bitcoin to a Liberty Entrepreneurs podcast with me and Roger Ver. The link never appeared for anyone but the friend who published it. It appeared to have been actively censored from /r/bitcoin. I decided action needed to...

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Jeremy’s Challenge and Free Market Charity

Jeremy Gardner (@Disruptepreneur), a friend and pioneer in Bitcoinland, posed a wonderfully-written “Libertarian Challenge” several days ago. The objective was to convince someone to match his $1,000 donation to Unsung, an innovative new philanthropic platform for more effectively feeding the homeless, launched by non other than Bitcoin's own boy, Jason King. If the donation was matched, Jeremy promised to change his voter registration from Democrat to Libertarian, and vote for Gary Johnson in the...

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Looting of the Fox

Looting of the Fox The Story of Sabotage at ShapeShift Bitcoin, as any system of man, exhibits together both the highest ideals of utopia, and the lowest residual trash of society. This is the story of how ShapeShift, a leading blockchain asset exchange platform, was betrayed. Not once, not twice, but three times in less than a month. In total, nearly two-hundred thousand dollars in cryptocurrency was stolen by thieves...

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It’s All About the Blockchain

Blockchain is so hot right now. 2015 was the year the narrative changed. Bitcoin is out, blockchain is in. Attend any financial conference and you'll hear panels about the brilliance of private distributed ledgers. Private blockchain initiatives like R3 CEV have attracted over 25 of the world's top banks to participate. Airports everywhere are displaying Bloomberg Markets' recent cover story, featuring Wall St. tour-de-force Blythe Masters sitting elegantly behind a...

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Bitcoin, Value, and Ponzi Schemes

It appears that Gary North has used the falling Bitcoin price as an opportunity to reacquaint us with his condemnation of Bitcoin as a Ponzi Scheme. No doubt others will do the same in the coming days and weeks. http://kernelmag.dailydot.com/issue-sections/staff-editorials/11338/bitcoin-ponzi-scheme/ And while many casually-ignorant skeptics have called Bitcoin a ponzi scheme, Gary North is one of the only professionally-ignorant individuals to still hold this view. Sure, there are smart, professional...

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Erik on The Peter Schiff Show; Currency Stability, Salary, Investment

Erik joins Peter on The Peter Schiff Show and discusses currency stability, bitcoin salaries, and "investing" in cryptocurrency http://youtu.be/7mUn-d8R98k Peter: Joining our program now is Erik Voorhees. Erik is a writer, entrepreneur, a bit of an economist. He’s also an early Bitcoin adapter, used to work with the company called BitInstant. Now, he’s with the company Coinapult, which I’m sure has something to do with Bitcoin. Erik, welcome to the Peter Schiff show....

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