I didn’t know what to think about Bitcoin, mostly because the mainstream media has been so contemptuous about this new cryptographic alternative to currency. Thank goodness I don’t trust the mainstream media because once I started poking around the Bitcoin universe, I got super impressed really fast. Smart people got into Bitcoin over a year ago, and some of them are already bitcoin millionaires as a result. So why is the press so relentlessly against Bitcoin?
The mainstream wants you to believe there’s nothing wrong with our financial system, when, in fact, just the opposite is true. Bitcoin has come along in the nick of time to save us from the predatory banking monopoly that rules the world. It’s a revolution in finance and already having a powerful impact.
Ever since I became a devotee of this Bitcoin Revolution, people have been picking arguments with me on facebook about how they “don’t need bitcoin.”
“I can transfer money to any bank account for around 5 euros,” says Allan. “Why do I need bitcoin?” Forget the reality that bitcoin transfers only cost around $0.0008, a considerable savings off bank transfers, and the savings is even greater if you have to use Western Union, which has been the mechanism of choice for people without bank accounts for a century. Bitcoin transfers are peer-to-peer, which mean no financial institution can track your trade or charge an outrageous fee to process it.
Lots of people talk about how they’d like to see some reforms in the banking industry, but few of these people seem to have woken up to the reality that Bitcoin is that reform taking place right before their eyes.
To topple the central banking monopoly, just Occupy Bitcoin
I made a foray down to Zuccotti Park and enjoyed the Rainbow Family vibes of the encampment, but I always suspected the movement was penetrated by spooks early on since the ad campaign that launched the movement was initially funded by a Wall Street insider.
You probably haven’t heard much about the Occupy Movement lately, and winter often has a way of damping down outdoor demonstrations, but I can fill you in on the latest big developments: There’s an active branch of the movement called Occupy the SEC, who are attempting to influence the Securities and Exchange Commission, the agency created after the Stock Market Crash of 1929 to regulate the stock market. Since Occupy the SEC is well covered in the CIA-run Washington Post, one wonders if it might be a case of a controlled opposition leading the charge against the establishment? Certainly their professional website shows zero evidence of counterculture leanings. I really shouldn’t mouth off about the group, however, since I’ve done zero research and it could be a group of well-intentioned lawyers, but just the fact they can afford to mount serious litigation and have it covered glowingly in the Post leaves me wondering.
Here’s the other big news: for $42 you can order a giant poster of the Zuccotti Park encampment in its prime from Walmart. Here’s how Walmart describes it on their website: “Occupy Wall Street at Zuccotti Park, Lower Manhattan, Manhattan, New York City, New York State, USA is a licensed reproduction that was printed on Premium Heavy Stock Paper which captures all of the vivid colors and details of the original. The image size is 27 x 9 inches. This print is ready for hanging or framing and would make a great addition to your home or office.”
I’ve joined a different movement, one I actually think has a good chance of success. Strange how few activists are promoting bitcoin, although I’m seriously investing in this new frontier as a way to stick it to the man. I wanted to get in much earlier, but didn’t have the loose cash available, or I’d already likely be a bitcoin millionaire by now.
But what really sealed the deal is the way the media kept attacking this new money system. All the high-powered economists and major newspapers were predicting a quick demise after it shot from $200 to $1,200 in one month, and then fell back down to $500 when China’s banks stopped trades until further notice. One website posted diagrams of the Dutch tulip bubble next to the bitcoin bubble and claimed they were tracking identical paths.
So I started buying when they were selling for $540. It’s been on a rocky road ever since, and thanks to the hacks of a number of exchanges, price now hovers between $300 and $400.
But in five years, I expect that to be much higher.
Only 21 million bitcoins can be produced and around half have already been mined and the codes grow increasingly complex and the coins are harder to mine as we go on. After all 21 million coins are in circulation, their value mint skyrocket to some ridiculous figure, but you won’t live to see that day.
In 2014, I wrote this book to promote Bitcoin, and although the figures are out-of-date, the philosophy behind why we should support it is not.