One more attempt to open Martin Armstrong’s eyes about cryptocurrency and decentralized ledgers, then I must bow out of this forum to focus on work.
Hope this is helpful for everyone to understand what is probably going on.
---------------------------- Original Message ----------------------------
Subject:
You’re myopia on decentralized ledger applications is understandableFrom: "Shelby Moore" <shelby@c??lp??e.com>
Date: Thu, October 26, 2017 8:59 am
To:
armstrongeconomics@gmail.com--------------------------------------------------------------------------
Martin,
I see you continuing to harp on the themes:
1. cryptocurrencies are not a medium-of-exchange
2. governments can make their own cryptocurrencies
3. governments can shut down cryptocurrenties with AML
Let me cover each of these:
1. It is true that as of this time cryptocurrencies are predominantly a
speculation on price rises and there is only minimal spending which is not
converted back to fiat (e.g. Bitpay converts to fiat for the merchant).
However you’re incorrect to claim that all long-term Bitcoin (sic)
“hodlers” are betting on converting their BTC back to fiat. A fair number
of us understand that Bitcoin was created in the model of Nash’s Ideal
Money wherein the nation-states will be subjugated to a reserve currency
which can’t be politically controlled by any nation or institutional body.
Even you admitted in your recent report on the coming one-world reserve
currency that the IMF SDRs are not plausible because no one is going to
trust them to be above corruption and because no one will risk issuing
loans in SDRs because the IMF has no taxing power or military might (thus
it would be a proxy of the most powerful nation-state(s) any way). So
clearly Bitcoin was created surreptitiously by some geniuses who
understand there is only one way to get the one-world currency. Bitcoin
was not designed to be a medium-of-exchange! It was designed and is
perfectly advancing towards being the future one-world currency. Mark my
word.
Additionally you do not seem to understand that decentralized ledgers
disintermediate all top-down Internet coordination and we’re just waiting
for my project to launch and then you will see a massive rise in use of
cryptocurrency as a medium-of-exchange for nanotransaction gamification on
the Internet which is where most of the economic growth will be as the
industrial age dies and we move forward to the knowledge age. Tangible
things are withering in relative value to software. You should listen to
genius Marc Andreeseen about how every company will become a software
company. I will extend his thesis to every company will become a virtual
reality gamification company (and that does not mean just games, I hope
you understand deeply what gamification means, research it).
Perhaps reviewing my recent statement about my upcoming project will open
your eyes a bit:
http://[redacted]
See also:
Here’s my definition: cryptocurrencies are a new asset class that enable decentralized applications.
If this is true, your point of view on cryptocurrencies has very little to do with what you think about them in comparison to traditional currencies or securities, and everything to do with your opinion of decentralized applications and their value relative to current software models.
Don’t have an opinion on decentralized applications? Then you can’t possibly have one on cryptocurrencies yet, so read on.
And since this isn’t about cryptocurrencies vs. fiat currencies let’s stop using the word currency. It’s a head fake. It has way too much baggage and I notice that when you talk about Bitcoin in public you keep comparing it to the Dollar, Euro, and Yen. That comparison won’t help you understand what’s going on. In fact, it’s getting in the way. So for the rest of this note, I will refer to cryptocurrencies as crypto assets.
So, to repeat: crypto assets are a new asset class that enable decentralized applications.
2. You wrote about that again recently:
The Way to the Future – Cryptos Move Over
The Maldives has introduced what may become the next innovation. Maldives
Immigration has introduced a new type of ID card that replaces your credit
card, passport, drivers license and healthcare insurance card all wrapped
up in one.
Your mistake is that can’t be spent globally as instant nanotransactions
on a real-time decentralized ledger. Every nation with a different
cryptocurrency is a coordination nightmare. Software is global now and
will become increasingly more so. Nation-state currencies and systems will
only be viable for the withering industrial age tangible crap and the
dying fixed capital investment age. Again listen to Marc Andreeseen the
serially successful venture capitalist and creator of the web browser at
Netscape.
3. Governments love Bitcoin and cryptocurrency. They want to shut down
cash and blockchains are helping them do so.
Decentralized ledgers are going to help them track black money and enforce
their coming capital controls.
Apparently UAE Central Bank Governor has not read this report from UK
Treasury citing Bitcoin as LOW Money Laundering Risk. And Cash as #1!
https://twitter.com/BitfuryGeorge/status/922895431029477376IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency:
https://fee.org/articles/imf-head-predicts-the-end-of-banking-and-the-triumph-of-cryptocurrency/Open your eyes else you’re going to be a dinosaur on this one.
Very intelligent subscribers of yours who have very much respected and
appreciated your work, are noting that you’re being a stubborn fool on
this issue.
I hope I have above opened your eyes a little bit to your myopic thinking
on this issue.
