Bitcoin: The Soft Insurrection Driving Economists into a Puddle of Tears
When bitcoin hit $10k, many journalists immediately began calling Max Keiser to ask, "How did you predict this!?"
One of them was a new online publication, WikiTribune, which I gather is at least part funded, if not entirely so, by Jimmy Wales.
Much of the interview got edited down, of course, but, as that is often the case, I was also recording the interview for my own Steemit piece!
First up, Max explained that he was able to predict $10,000 simply because bitcoin has been rising in price by 1% per day on average across the years. The math is easy from there.
Into the conversation, the journalist asked Max why and how bitcoin is a 'store of value:.'
MAX: So there's a high degree of confidence now that Bitcoin represent a safe, secure store of value. And this is a, we live in a world of hundreds of trillions of dollars worth of derivative contracts and other financial liabilities. And [bitcoin] is a very desirable place to put some of your hard earned wealth to preserve it. And this used to be province of gold, but gold has run into some serious problems over the last 10, 15 years that it can't seem to shake. So that only leaves really cryptocurrencies and principally Bitcoin. So that's the first reason why you see price appreciation. From there, you drill down a little bit, and I think we're at [the point of the] collapse of the nation state.
So you'd have to go back to Mediaeval times and the introduction of printing press, where you had the more of less, the collapse of the Catholic church, and you had the Reformation, you had [Martin Luther], you had the abandonment of that monopoly of information by the church. And you had the common people suddenly able to read books. And it was a huge shift in the power structure of the Mediaeval era. And really there was a huge shift. The church at that time was engaged in selling papal indulgences. You could buy your way into heaven with giving them some money.
So now, skip forward, and the printing press of money has been controlled by the state. And now with Bitcoin, the state is no longer in charge of printing the money anymore. I just watched Joe Stiglitz on TV being interviewed about Bitcoin, he was practically crying.
JOURNALIST: Really?
MAX: He was in a puddle of tears. Because he kept uttering and muttering that there's no government behind Bitcoin, as if that's the problem. No, that's the feature, that's the good bit. That's why we're popular.
JOURNALIST: The centralization.
MAX: Yeah, the nation state that lost our trust. And the social contract that John Locke spoke of between the government and not doing the governing. Has shattered, has broken. And before in history, the only recourse people had was to insurrect, overthrow the government. But now with Bitcoin, they have a soft insurrection, which would be a good name for a band. The Soft Insurrections.
Will publish more of the interview tomorrow.
In the meantime, do your own research and hodl onto your hats!
[Signed, Stacy]
Other than this post needs a meme I can find no flaw. Welcome to our new overlords, crypto whales. At least they will likely only go for cyber war instead of armies etc. only challenge though is that the people who can afford to be crypto whales may just be the old guard cashing out into crypto. Time will tell.
Enjoy the resteem to 6700 people. I hope it helps and I'm glad to see you writing in the platform.
Thanks for the resteem! Now if only someone can create a meme . . .
How about this!
I like it!!
@keiserreport Hey Max would you be interested to discuss tokenized/fractionalized BTC futures? Honestly I can't afford a whole BTC futures contract but I can afford a fraction of one.
I see cyrpto as the greatest opportunty that has come along since the internet itself. Now we just got to keep the government from overtaxing every little transaction (sometimes twice or more). My state (WA) is busy all day, every day, writing red tape regarding bitcoin. They don't even understand how blockchain works and are in their greed in dangering it's future.
Hey Stacy, Thanks for providing "the rest of the story." Looking forward to more tomorrow!
Bitcoin is a fascinating thing because nobody can predict where it's going to go. Some say it will reach half a million dollars or even a million dollars while others are quite certain that it's going to crash and all of us will lose our money. The truth is that either of those things could happen and there's no way to tell. Nice report.
21 million coins! I can't wait
Minus the four million 'lost' coins ...
I agree....the fact there is no government behind Bitcoin is a benefit, not a liability.
The elite controlled the masses because they controlled the money supply. It really is that simple. They were able to print their fiat enabling them to buy up real assets for essentially nothing. Now, with money being created out of thin air (like it always has been) we now see the average person profiting. This is a marked change.
I came across a post on LinkedIn this week that claimed Bitcoin couldn't be successful unless it had a central trusted body behind it. They completely missed the point - it is trusted because it has no central body, not to mention it is already successful and has billions of establishment money pouring into it. They cited the issues with miners being the problem but forget that if miners cause problems the community will back a hard fork that negates that problem. With a centralised body that gets nobbled by crooked governments or oligarchs you just don't have that option.
Personally I think the only threat to Bitcoin is the power being used by PoW miners which will increase as the price increases because the block rewards are not decreasing fast enough, and you also have the rise of Ethereum which may ultimately take over.
How come so much promotion of bitcoin, yet Max's new show with Stephen Baldwin is funded by Dash?
Nice, interview. Gold doesn't build a network like crypto does.
Max you should be esteemed in the Bitcoin community just as much if not more than the original people who started talking about Bitcoin, because you were there brotha and you have fought tooth and nail for crypto.. Thank you brotha you are a gentleman and a scholar!