With bitcoin's price exploding, you may think it's about to go mainstream. Finally, the blockchain will have its day and everybody will realize the amazing power of open, permissionless financial networks and censorship-resistant money systems. Fiat oppression will end. Prosperity will return. Let freedom ring! That sounds nice, but it also misses the point. It's … Continue reading Why You’re Missing Cryptocurrency’s Most Revolutionary Feature
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You Don’t Like Central Banks. You Need Them (So Does Bitcoin)
The European Central Bank has spawned so many memes over the years, I can understand why people think it’s a laughing stock. Central banks in general get a bad rap. Have you heard what they're saying about the U.S. Federal Reserve? And then there's this: https://twitter.com/LibertyBlitz/status/1288172663702052864 If your natural response is "screw them, buy bitcoin," … Continue reading You Don’t Like Central Banks. You Need Them (So Does Bitcoin)
One Thing Needs to Happen Before Bitcoin Booms
When I talk to people about my book, Consensusland, few of them ask me about the social, political, and economic impact of cryptographically-secure, time-stamped distributed ledgers. (Which stinks, because that’s what the book’s about.) No, most people ask “should I buy bitcoin?” They seem interested in whether they can make money from its price going up. So you’d think the facts … Continue reading One Thing Needs to Happen Before Bitcoin Booms
Crypto is Easy, Issue #5
Each month in the Crypto is Easy newsletter, I publish my thoughts on big-picture, global events and trends that affect the cryptocurrency markets. I am reposting this month's piece below. If you like it, you may want to subscribe to the newsletter directly. That way, you will get everything delivered directly to your inbox. Go to Crypto is … Continue reading Crypto is Easy, Issue #5
Prepare for Crypto’s Early Adopters (They’re Not Who You Expect)
In the classic “diffusion of innovations” theory, new technology has to progress from innovators to early adopters before it can go mainstream. Innovators are the 5% of people who adopt technology while it’s still experimental. They prove the concept. Early adopters come next. Generally, these people have connections with innovators, a high degree of thought … Continue reading Prepare for Crypto’s Early Adopters (They’re Not Who You Expect)
Why Cryptocurrency Doesn’t Need to Compete With Government Money
As the global financial crisis accelerates, cryptocurrency has returned to mainstream public discourse. You know bitcoin has reached some level of legitimacy when Bloomberg Radio quotes its price. Now that people are talking about central bank digital currencies, hyperinflation, and the search for safe-haven assets, I see the old debate rekindled: “We already have government … Continue reading Why Cryptocurrency Doesn’t Need to Compete With Government Money
It’s Official: Facebook’s Libra is Boring
In April 2020, Facebook updated its Libra white paper. More specifically, it totally revamped its plans for the Libra cryptocurrency. Did you, like me, expect mainstream coverage of this event? Did you sit on this article for almost two months hoping enough people would notice to make it worth publishing? YouTube didn't cover it. Twitter … Continue reading It’s Official: Facebook’s Libra is Boring
Will Bitcoin Survive Covid-19?
Every now and then, somebody sends me an unpublished article that catches my eye. This one comes from Mary Ann Callahan, who you catch up with on Medium. Happy to post, hope you enjoy it. The Covid-19 pandemic is causing havoc everywhere in the world. This is definitely true in the Bitcoin markets. Up until … Continue reading Will Bitcoin Survive Covid-19?
Goldman Sachs Can Say Whatever it Wants. Wall Street is Still Buying Your Bitcoin
On May 27, 2020, Goldman Sachs hosted a call about bitcoin, gold, and inflation. Leading up to this call, the cryptosphere praised Goldman Sachs and buzzed about institutional adoption. After the call, they lambasted Wall Street’s ignorance and ridiculed Goldman Sachs for being out of touch. What happened? Goldman Sachs told investors that cryptocurrency is … Continue reading Goldman Sachs Can Say Whatever it Wants. Wall Street is Still Buying Your Bitcoin
Want Bitcoin’s Price to go up? Bet on People, Not Inflation
Financial uncertainty makes people do strange things. In April 2020, people bought oil contracts, silver, and shares of companies that have no customers or profits. This, despite massive job losses, pandemic disease, and a global economic meltdown. Silver plays no role in modern finance and we have enough oil above ground to last six months under … Continue reading Want Bitcoin’s Price to go up? Bet on People, Not Inflation