Brandon Smith Warns 'The Virtual Economy' Is The End Of Freedom

Authored by Brandon Smith via,

There is one simple rule to follow when understanding the tragic history of economies: Never put blind faith in a system built on an establishment-created foundation. You would think this would not be a difficult concept to grasp being that we have so many examples of controlled economies and collapse to reference over the centuries, but in our era more than ever the allure of a virtual world with promises of endless wealth and ease is overwhelming.

Yes, I am referring primarily to cyptocurrency "tulip-mania" (sorry bitcoiners, the description is too fitting, it isn't going away), but not this issue alone. I am also referring to a far-reaching problem of which cryptocurrencies are a mere reflection.

Namely, the fact that humanity is swiftly losing sight of what a true economy is and what it is supposed to accomplish. It is because of this reality that crypto is thriving.

First, let's be clear, fiat currencies are one of the first machinations of the virtual economy. Once paper currencies printed from thin air by central bankers were separated from tangible backing and accepted by the masses as "valuable" and worth trading labor for, the seed of financial cancer was planted. Today, there is one final step needed for the establishment to accomplish complete tyranny in global trade and that is to disconnect the masses fully from private transactions. In other words, we must be tricked into going digital, where privacy is an absurd memory.

Virtual economics is appealing for several reasons, most of them bad.

Americans and much of the west in particular are increasingly uncomfortable with the idea of real production. The latest generation coming into political and social influence, the millenials, is a perfect example. Surveys show American millenials more than any other generation lack basic workplace competency skills, including scoring low on arithmetic and reading comprehension. Often portrayed as "tech savvy" in popular culture and the media, millenials are quite inept when it comes to core skills that fuel strong business and trade, which is part of the reason why the U.S. is falling into the shadow of foreign workforces.

Millenials in the West also exhibit abysmal technical skills in international testing and lag far behind foreign peers. This has come as a surprise to many mainstream economists and social analysts, primarily because millenials are also considered the "most educated" generation ever. But, of course, we have not only been given a virtual economy in recent decades, but also a virtual educational system. A majority of millenials are lacking when it comes to key production skills and entrepreneurship methods because they have been trained to dismiss such skills as negligible. In other words, millenials have been conditioned to be academic idiots.

Why go through the struggle and hardship required to become an effective producer of tangible necessities when it is far easier to join a collectivist drive for socialism and a structure in which little to no work is required to obtain such necessities? Why not steal from a productive minority and spread it thinly enough to keep the unskilled majority fed? It is only within this kind of culture that virtual production, a virtual society and virtual "money" is seen as an ideal solution.

The notion is becoming more and more prevalent in our popular media, and I believe this is rather symbolic (or ironic) of our conundrum.

For example, consider the book Ready Player One, a pop-culture craze and archetypal zeitgeist for millenials soon to be released as an intended Hollywood blockbuster directed by Steven Spielberg. The novel depicts the world of 2045, a world in which fossil fuel depletion and "global warming" have triggered economic and social decline (Remember in the 1980s when they used to tell us that global warming was going to melt the polar icecaps and we would be under water by the year 2000?). A totalitarian governing body controlled by corporate behemoths rules over the dystopian sprawl.

In response to an ever painful existence in the real world, the masses have sought to escape to a virtual world called "the Oasis," created by a programming genius. The Oasis becomes a nexus for the global economy and a virtual society.

This sounds like a rousing background for a story of rebellion, and it is about that... sort of. Unfortunately, here is where the disturbing ties between our world and the fictional world of Ready Player One meet. The "rebellion" is for all intents and purposes also virtual, and for millenial audiences in particular, this is supposed to be inspiring.

Perhaps this is why cryptocurrencies are so appealing to the millenial crowd in particular. Think about it — the dismal economic doldrums of Ready Player One exist NOW; we don't have to wait until 2045. Millenials are already feeling disaffected, indebted and disenfranchised, and most of them are also skill-less. Self reliance to them is an idea so alien it rarely if ever crosses their minds. So, how do they fight back? Or, how are they tricked into thinking they can fight back against a virtual system that has left them in the gutter? Why, with a virtual community and a virtual currency, of course.

Millenials and others think that they are going to rebel and "take down the banking oligarchs" with nothing more than digital markers representing "coins" tracked on a digital ledger created by an anonymous genius programmer/programmers. Delusional? Yes. But like I said earlier, it is an appealing notion.

Here is the issue, though; true money requires intrinsic value. Cryptocurrencies have no intrinsic value. They are conjured from nothing by programmers, they are "mined" in a virtual mine created from nothing, and they have no unique aspects that make them rare or tangibly useful. They are an easily replicated digital product. Anyone can create a cryptocurrency. And for those that argue that "math gives crypto intrinsic value," I'm sorry to break it to them, but the math is free.

In fact, for those that are not already aware, Bitcoin uses the SHA-256 hash function, created by none other than the National Security Agency (NSA) and published by the National Institute for Standards and Technology (NIST).

Yes, that's right, Bitcoin would not exist without the foundation built by the NSA. Not only this, but the entire concept for a system remarkably similar to bitcoin was published by the NSA way back in 1996 in a paper called "How To Make A Mint: The Cryptography Of Anonymous Electronic Cash."

The origins of bitcoin and thus the origins of crytpocurrencies and the blockchain ledger suggest anything other than a legitimate rebellion against the establishment framework and international financiers. I often cite this same problem when people come to me with arguments that the internet has set the stage for the collapse of the globalist information filter and the mainstream media. The truth is, the internet is also an establishment creation developed by DARPA, and as Edward Snowden exposed in his data dumps, the NSA has total information awareness and backdoor control over every aspect of web data.

Many people believe the free flow of information on the internet is a weapon in favor of the liberty movement, but it is also a weapon in favor of the establishment. With a macro overview of data flows, entities like Google can even predict future social trends and instabilities, not to mention peek into every personal detail of an individual's life and past.

To summarize, cryptocurrencies are built upon an establishment designed framework, and they are entirely dependent on an establishment created and controlled vehicle (the internet) in order to function and perpetuate trade.  How exactly is this "decentralization", again?

TOTAL information awareness is the goal here; and blockchain technology helps the powers-that-be remove one of the last obstacles: private personal trade transactions. Years ago, a common argument presented in favor of bitcoin was that it was "completely anonymous."  Today, this is being proven more and more a lie. Even now, in the wake of open admissions by major bitcoin proponents that the system is NOT anonymous, people still claim anonymity is possible through various measures, but this has not proven to sway the FBI or IRS which have for years now been using resources such as Chainanalysis to track bitcoin users when they feel like doing so, including those users that have taken stringent measures to hide themselves.

Bitcoin proponents will argue that "new developments" and even new cryptocurrencies are solving this problem. Yet, this was the mantra back when bitcoin was first hitting the alternative media. It wasn't a trustworthy assumption back then, so why would it be a trustworthy assumption now? The only proper assumption to make is that nothing digital is anonymous. Period.

With the ludicrous spike in bitcoin prices, champions of the virtual economy are unlikely to listen to any questions or criticisms. I have never argued one way or the other in terms of bitcoin's potential "market value," because it does not really matter. I have only ever argued that cryptocurrencies like bitcoin are in no way a solution to combating the international and central banks.  In fact, cyrptocurrencies only seem to be expediting their plan for full spectrum digitization and the issuance of a global currency system.

Bitcoin could easily hit $100,000, but its "value" is truly irrelevant and consistently hyped as if it makes bitcoin self evident as a solution to globalism. The higher the bitcoin price goes, the more the bitcoin cult claims victory, yet the lack of intrinsic value never seems to cross their minds. They have Scrooge McDuck-like visions of swimming in a vault of virtual millions. They'll only accuse you of being an "old fogey" that "does not understanding what the blockchain is."

The fact is, they are the one's that do not really understand what the blockchain is — a framework for a completely cashless society in which trade anonymity is dead and economic freedom is destroyed.

Ask yourself this: Why is it that central banks around the world (including the BIS and IMF) are investing in Bitcoin and other crytpocurrencies while developing their own crypto systems based on a similar framework? Could it be that THIS infusion of capital and infrastructure from major banks is the most likely explanation for the incredible spike in the bitcoin market?  Why is it that globalist banking conglomerates like Goldman Sachs lavish blockchain technology with praise in their white papers? And, why are central bankers like Ben Bernanke speaking in favor of crypto at major cryptocurrency conferences if crypto is such a threat to central bank control?

Answer — because it is not a threat. 

They benefit from a cashless system, and liberty champions are helping to give it to them.

Above all else, the virtual economy breeds weakness in society. It encourages a lack of tangible production. Instead of true producers, entrepreneurs and inventors, we have people scrambling to sell real world property in order to buy computing rigs capable of "mining" coins that do not really exist. That is to say, we may one day soon be faced with millions of citizens expending their labor and energy in order to obtain digital nothings programmed into existence and given artificial scarcity (for now).

It also encourages false rebellion. Real change requires actions in the real world. Removing banking elitists and their structures by force if necessary (and this will probably be necessary). Instead, freedom activists are being convinced that they will never have to lift a finger to beat the bankers. All they have to do is buy and mine crypto. The day will come in the near future when the folks that embrace this nonsense will wake up and realize they have wasted their energies chasing a unicorn and are ill prepared to weather the economic reset that continues to evolve.

To maintain a real economy in which people are self reliant and safe from fiscal shock, you need three things: tangible localized and decentralized production, independent and decentralized trade networks that are not structured around an establishment controlled system (like the internet is controlled), and the will to apply force to protect and preserve that production and those networks. If you cannot manufacture a useful thing, repair a useful thing or teach a useful skill, then you are essentially useless in a real economy. If you do not have localized trade, you have nothing.  If you do not have the mindset and the community of independent people required to protect your local production, then you will not be able to keep the economy you have built.

This is the cold hard truth that crypto proponents do not want to discuss, and will dismiss outright as "archaic" or "not obtainable." The virtual economy is so much easier, so much more enticing, so much more comfortable. Why risk anything or everything in a real world effort to build a concrete trade network in your own neighborhood or town? Why risk everything by promoting true decentralization through localized commodity-backed money and barter systems? Why risk everything by defending those systems when the establishment seeks to crush them? Why do this, when you can pretend you are a virtual hero wielding virtual weapons in a no risk rebellion in a world of electronic ones and zeros?

In truth, the virtual economy is not legitimate decentralization, it is a weapon of mass distraction engineered to kill legitimate decentralization.


RedBaron616 Dec 14, 2017 8:09 AM Permalink

One of the biggest suspicions regarding Bitcoin is that the supposed founder cannot be found. Does this make any sense whatsoever? Why would someone who came up with this hide? The most logical answer to that is if the NSA or similar agency created it.

rgraf RedBaron616 Dec 15, 2017 4:25 PM Permalink

I'm guessing that you know very little about crypto currencies. And even less about bitcoin, in particular. You come across as a mindless follower. Your 'most logical answer' is an indicational that you don't know anything about formal logic, either. You sure are stupid. If you won the lottery, I bet you'd be broke in no time. How bitcoin came about should answer your question. I doubt that it will, however. You probably can't figure anything out for yourself.

In reply to by RedBaron616

FredGSanford. Dec 14, 2017 5:30 AM Permalink

When they finally do away with cash they will have us by the throat and be able to do anything they want. They hate cash and absolutely will get rid of it in the next 10 years.

Truthhurts Dec 14, 2017 5:10 AM Permalink

Intrinsic Valie??? Dollar is faith, so is Crypto. For those haters you are foolish not to consider this as part of your portfolio. Author complains about programmers as if the’re on the same level as the “White Shoe Gang”
Miners have cost to produce, Central Banks create out of thin air. What the F is the difference.
Stocks, Cash, Physical and now Tokens. Why wouldn’t you.

I am Groot Dec 14, 2017 5:02 AM Permalink

The Globalists will destroy fiat currency in one swift stroke. The next crash could do it. The perfect environment to ditch the dollar is being created right now. I'm not very religious ,but it sounds like the mark of the Beast is coming........

Brazen Heist Dec 14, 2017 4:38 AM Permalink

I wouldn't give the stupid fucks in power so much credit.Things are rolling along as the technology is developing.The elites are hardly good planners, by now that should be obvious. 

rgraf Brazen Heist Dec 15, 2017 4:37 PM Permalink

Planning was their strength. Intelligence and wisdom are as separate as intent and deed. All of their divide and conquer and 'dumbing down' of the populace is now coming back to them. Too many divisons for them to rule, without having to resort to the dummies they schooled. Just smart enough to follow orders, and too stupid to question them. Leads to schedules not being met, and the boneheads they rely on do not perform better under pressure. Worse yet, for the banksters, is that whenever their minions 'go the extra mile', it's never in the right direction. As the actors (not just unholywood) get caught up in scandal, the panic rises, and the minions either start singing or run for cover. The worldwide web allowed communication between the seekers and watchers, and the elite didn't see that coming.

In reply to by Brazen Heist

MusicIsYou Dec 14, 2017 3:44 AM Permalink

When living no longer has any meaning (as in a virtual reality) then death no longer has meaning anymore either. That will make erasing most people from the world a fairly easy task.

MusicIsYou Dec 14, 2017 3:41 AM Permalink

Well one thing for certain, it'll be pretty easy to exterminate most of the people in the world after people only have a virtual reality because death won't have any meaning anymore to them either.

Victor999 Dec 14, 2017 3:17 AM Permalink

Keep this in mind, all you bitcoiners.  Cryptocurrencies are wjhat the governments and central banks have wanted for many years now.  They knew you would never accept virtual currency by pushing it on you, so they (the intelligence agencies) created one that could serve as a 'controlled opposition' currency, Bitcoin.  Bitcoin will not go away.  It will increase in value until at some point when the blockchain infrastructure has been built out enough by private interests, it (or another cryptocurrency) will be generally accepted as currency, not an asset.  At that point the government and the central bankers will suddenly 'give in', claiming that cryptocurrencies must be recognised as the future of monetary policy.  They will extinguish cash, place proper monetary controls on all currency transactions, and make the global conversion.  At that point they will know everyting you purchase, and if you don't behave, they can well cut you off so you can no longer buy or sell (Revelation 13:17). And if you believe that cryptocurrencies can not be controlled because they are highly distributed and 'anonymous' (which they are not), you live in a fairytale.

WillyGroper NoPension Dec 14, 2017 8:26 AM Permalink

if you have knowledge of how weights n measures were calculated in high antiquity, you'd also be aware of how both Au/Ag were manipulated globally same as today.  the only thing different is the tech.see the megalithic mile've been dumbed down beyond measure.knowledge is tightly hidden for the few & not the unwashed.we're witnessing but another 21st century digital book burning.

In reply to by NoPension

Decoherence Dec 14, 2017 1:54 AM Permalink

Serious question:  If it were actually possible, can someone explain to me why major crytpo supporters believe an entire generation could place the bulk of their capital in crypto and still have an economy with all the goods and services we enjoy?  It's a zero sum game.  If you take working capital out of the economy and place it in crypto, it's coming out of other parts of the economy and will eventually make the return on capital zero for those other parts of the economy...because fiat will be worthless and there is no point in borrowing it to engage in business.  Unless crypto replaces government currency, it will annihilate the economy if people keep hoarding it.  People were originally attracted to bitcoin because they thought they'd be able to buy stuff with it, but that didn't happen.  But now it's "digital gold", so what is the value of it?  If gold is trash, like I keep hearing from this camp, then what good is a digitial form of the same trash that can't buy anything?  Bitcoin cash seeems like the better way to go, until it's replaced by something else.  I see blockchain remaining, but bitcoin and others going to the toilet.  I own some, because I believe there are still greater fools than myself that will keep buying.  But I'm under no delusion that I essentially went to Vegas and put the money on black.    

rgraf Decoherence Dec 15, 2017 4:49 PM Permalink

The economy will collapse. That is what is needed. The corporations want replace all the workers with robots. Why would you expect a generation that has been disenfranchised to remain as ignorant as you are? Gold is worthless, in practical terms. You can't eat it, you can't wear it, and it doesn't provide shelter. It was used because it only has one stable isotope, so it does not corrode, and it's easy to work. It's only value is very minor, in electrical contact use. The people who scream 'but gold has intrinsic value' are all fools. It has monetary value, but the monetary system is being abandoned. Holding both metals and cryptos is the prudent course. Fiat is dying.

In reply to by Decoherence

Koba the Dread Decoherence Dec 14, 2017 3:18 AM Permalink

I can explain to you why major crytpo supporters believe an entire generation could place the bulk of their capital in crypto and still have an economy with all the goods and services we enjoy. It's because they are a pack of uneducated, uneducable, superficial dolts who live in fantasy. Some of them have virtual fortunes now from crypto-currencies but not through intelligence, initiative or hard work. Most of those with virtual fortunes will eventually be virtually bankrupt because they don't have the intelligence to see irrational exuberance as such and believe it to be an endless progression. Good luck on that fellows.A billionaire investor once told me when I was young, "You'll never stay rich until you've lost at least two fortunes. It takes busting out at least twice before you can learn how to permanently hold on to it." Enough said.

In reply to by Decoherence

HRH of Aquitaine 2.0 Decoherence Dec 14, 2017 2:54 AM Permalink

No responsible person with experience in the crytpo world is advising anyone to do that unless they are a scammer.

I have a small amount of discretionary income in BTC. It is far les than the amount I have in PMs and real estate. Less than 1%.

Cryptos are purely speculative and quite risky. If you are 20 years old why not put in $1000 and see what happens? For older people the risk is incremental. I am 54 and thus less than 1% of my assets are in the crypto market. It is an experiment for me. I had to give it a go. I didn't put in any money I was not willing to lose.

In reply to by Decoherence

R2U2 Dec 14, 2017 1:43 AM Permalink

The globalists want people to think that their forthcoming currency is a cryptocurrency like bitcoin but "backed by the government" which anyone with two brain cells knows is a contradiction in terms but that this useful idiot Brandon Smith is helping them perpetuate. A "liberty activist" doing the globalist's bidding. Special kind of stupid this guy.

Yellow_Snow Dec 14, 2017 12:59 AM Permalink

Wow,  this Brandon Smith is one butt hurt loser...    envious little prick...perfect fanboy for the 'oldbugs'...  Really Tyler's this is low level Sh$t  !!!                            VIVA LA REVOLUTION  !!!THOSE LEFT BEHIND (LIKE Brandon Smith) WILL BE THE BAGHOLDERS  !!!

tattmaster Dec 14, 2017 12:48 AM Permalink

i have a challenge for you brandon, why don't you be the one who raises the civil/criminal investigations and lawsuits against those wealthy bankers, see how easy it is...

Radical Marijuana Yogizuna Dec 14, 2017 2:43 PM Permalink

Yes, I too thought the article above was worth reading.And I posted some similar comments under this article:"It Will Impact The Life Of Every Single Human Being" - The Cryptocurrency Revolution Documentary | Zero HedgeHowever, most of my previously stated criticisms of Brandon Smith's world view continue to apply, namely that he makes no effort to reconcile the concept of "freedom"  with the principle of the conservation of energy. Similarly, he makes no effort to reconcile his old-fashioned notions of "physical reality"  with the radically transformed conceptualization of "reality"  which has been developed by mathematical physics.A human being could use their labour power all day, working as hard as they could, to drive an electricity generator, and not make a dime's worth of electricity. The technologies which have harnessed previously inanimate energy sources have become many orders of magnitude greater than animal energy, such as human labour. More importantly, those technologies are more and more obviously actually animating what previously appeared to be inanimate energy sources. Hence, the rush towards automation, such as robots, which has amounted to animation squared, in the sense that various inanimate energy sources are not only being harnessed for use by human beings, but also themselves are developing sufficient cybernetic complexity that those are more organized in ways which are also animated.People like Brandon Smith, et alia, are harping on old-fashioned impossible ideals, such as "freedom," rather than working through deeper analyses of how general energy systems operated. Natural selection pressures were internalized as human intelligence, which was then applied to the most important selection pressures, which were other groups of human beings, which drove the history of successful warfare to become based on being able to back up deceits with destruction, which then became the history of successful economics based on being able to enforce frauds. Furthermore, those systems of enforced frauds ("virtual economy") have been enabled by about exponentially advancing technologies to become about exponentially more fraudulent.While it is certainly correct to attempt to distinguish the "virtual economy" from the "physical economy," the underlying radical transformations in that "physical economy" are the reasons why it was possible to make and maintain a "virtual economy" that became orders of magnitude greater than the apparent "physical economy." I.e., Globalized Neolithic Civilization became integrated systems of electronic money frauds backed by the threat of force from atomic weapons.Brandon Smith presents superficially correct analysis, which then collapses back to bogus "solutions" which are similarly superficial. Without series of intellectual scientific revolutions and profound paradigm shifts in political science, which attempt to become more consistent with similar achievements in physical science, then one will collapse back to old-fashioned bullshit-based "solutions" that are not remotely close to being in the right ball park of the actual problems, namely, the surrounding imperatives of natural selection pressures.The essential political problems are that those natural selection pressures drove the development of artificial selection systems to become as dishonest as possible, which is resulting in Civilization becoming as psychotic as possible. That is manifesting in the ways that the ruling classes are becoming increasingly psychotic psychopaths, while those they rule over are becoming increasingly incompetent political idiots.There are no good grounds to expect contemporary human beings, as primates that have developed the abilities to use electronic and atomic energies, etc., to go through sufficient series of intellectual revolutions in the ways that they thing about themselves. Although doing so is theoretically possible, it continues to be politically impossible, due to everything operating through fundamentally fraudulent financial accounting systems, which are impossible to reconcile with the basic laws of nature, other than by perceiving those as due to excessively successful enforcements of frauds, which are actually becoming about exponentially more fraudulent, since their underlying technologies are developing at about an exponential rate.Since Civilization was made and maintained by the biggest bullies, who have become the banksters, those bullies' bullshit, as well as the banksters' bullshit, has been built into the basic structure of the dominate natural languages and philosophy of science. Since the "physical economy" has become almost totally dominated by the "virtual economy," the "physical realities" have become almost totally dominated by social "realities" based on generation after generation of people adapting to live inside sociopolitical systems based on being able to enforce frauds, in ways which were operated by the best available professional hypocrites, that did not publicly admit and address their fraudulence.At face value, the "virtual economy" is based on public governments enforcing frauds by private banks. Since the powers of governments enforce those frauds, those frauds thereby effectively control  the "physical economy." However, since that control  is based on being able to enforce frauds, but being able to do so never stops those frauds from still being fraudulent, everything is spinning out of any human control. The excessively successful control of society through applications of the methods of organized crime is becoming out of control criminal insanities.However, people like Brandon Smith, et alia, are still forms of "controlled opposition" in that context, because they are not able and willing to stop taking for granted thinking in terms of the DUALITIES of false fundamental dichotomies and the related impossible ideals. Since everything is operating through the same energy, it would be better to start using UNITARY MECHANISMS to understand human beings and Civilization. However, at the present time, that is politically impossible, and it surely looks like it will continue to be politically impossible within the foreseeable future.Globalized electronic monkey money frauds, backed by the threat of force from apes with atomic weapons, are "REAL."  However, pretty well nobody is able and wiling to take that "REALITY"  seriously enough, despite that there have already been series of intellectual scientific revolutions and profound paradigm shifts in physical science, which were applied through sociopolitical systems based on being able to back up legalized lies with legalized violence, such that the "physical economy" became dominated by the "virtual economy" based on being able to enforce frauds at about an exponentially increasing rate.While people like Brandon Smith, et alia, provide worthwhile to read, superficially correct analyses of those phenomena, they do not go through any deeper analyses, which would require deeper paradigm shifts, such as to stop thinking in terms of the DUALITIES of false fundamental dichotomies, and the related impossible ideals (such as "freedom.") Meanwhile, the common threads, or basic themes, of how and why the problems which Civilization has are getting worse, faster, are that physical science achieved prodigious progress by developing better understanding of UNITARY MECHANISMS, while political science has achieved no similar progress, but rather, continues to be drowning in bullshit, because being able to back up lies with violence still never stops those lies from being fundamentally false, but nevertheless, the social "realities" continue to be based on being able to do so, which has the corollaries of being able to publicly deny actually doing so.Brandon Smith's alleged "solutions" do not admit and address the degree to which previously inanimate energy sources have become animated on scales which are many orders of magnitude greater than flesh and blood human beings. Since Smith makes no apparent intellectual efforts to understand how and why that became possible, he also makes no apparent intellectual efforts to apply those kinds of profound paradigm shifts to political science. Of course, at the present time, and for the foreseeable future, almost nobody else is doing so either ...

In reply to by Yogizuna

Global Douche Dec 14, 2017 12:32 AM Permalink

This story begs some dissection, although much contained therein is TRUE. Let's examine some of these quotes as obvious FUD is spread wide and thick as the most savory peanut butter sandwich:"Americans and much of the west in particular are increasingly uncomfortable with the idea of real production."The same can be said of today's bankers, whom collectively rule our "elected" government AND the same can be stated about our government officials, representatives in Congress in particular! Millenials aren't stupid and can sense the hypocrisy across the board. Unlike myself, they've come aboard during the internet with a lifelong exposure to it. If these millenials could have experienced for years what it was like without the internet, it might give them a reference point although their life experiences would've been different. This is among the reasons I purposely vacation where internet isn't so ubiquitous, yet available someplace if I should need it. I remind myself that Puerto Ricans have been without many services for months due to the late-Summer hurricane season. An island update would be in order, ya think? "That is to say, we may one day soon be faced with millions of citizens expending their labor and energy in order to obtain digital nothings programmed into existence and given artificial scarcity (for now)." And the author isn't truly comparing the digital dollars which MOST Americans already use in their debit and credit cards? Mission Creep has ALREADY made it! What's lacking in this piece is the actual spending of this digital script via banks and their umbilical cords to the Fed, versus the existing amount of physical fiat. The ratio is rather sobering if a bank run were to take place, however, if the Fed prints up more, it adds inflationary pressure into the economy. As the first crypto, Bitcoin solves this issue due to it's hard-set limit, something which bankers and our government simply don't have the COURAGE to do. If government truly utilized an immutable, hard-set blockchain with no backdoors as Bitcoin, they would have no choice but to prioritize matters and remain small. Something which would totally upset society into an 18th and 19th Century mindset. At least the Amish are around to clue us English into dealing with the aftermath, but Liberty would finally be returned to the Sheeple and a bunch of useless Swamp Critters will have finally met their demise."Real change requires actions in the real world. Removing banking elitists and their structures by force if necessary (and this will probably be necessary). Instead, freedom activists are being convinced that they will never have to lift a finger to beat the bankers. All they have to do is buy and mine crypto. The day will come in the near future when the folks that embrace this nonsense will wake up and realize they have wasted their energies chasing a unicorn and are ill prepared to weather the economic reset that continues to evolve."You're closing in on precious truth, but aren't going far enough! Banking Elitists won't be removed until AFTER the megacrash, and until another Professor Brown appears to "throw the book" at these vampire scum, Bitcoin and cryptos are giving those with a spleen, the opportunity to make the change which those in power refuse to allow. But, you only state what may occur without allowing for a solution which millenials should consider. After all, aren't you for their independence from Momma's basement? Solutions go way deeper than you're letting on. True, engineers are in significant abundance from India and China. H1B Visas are but a temporary solution, yet are tolerated in today's corporate climate. After all, to hire a real American to engineer something is difficult due to costs. Productivity can be gained, but what's being done now is if little use to millenials when outsiders are taking their places! Although Bernie Sanders' vision is unsustainable, it's drawing significant attention which I've witnessed from co-workers in my previous job. Even a 90'ish born friend from college predicts a resurgence of Sanders' movement come next election, despite what Trump is accomplishing and what the Republicans can't seem to muster in support. Of course, we can always be put into War. These never seem to end and the author fails to mention how that EEE (extremely expensive expansion) factors into all this. It has a powerful connection when the DoD fails to account for literally trillions! If crypto enhances a powerful RESET, then fucking bring it on!!Finally, there's privacy enhanced Monero to preserve anonymity. It, with certain alts are doing quite well lately. This story is unconvincing and I'll continue to HODL.

Cabreado Dec 14, 2017 12:02 AM Permalink

What is required is a vigorous protection of rule of law, and ultimately that is driven by humility.We're failing on all counts...that leaves a vacuum for Control.

natxlaw Dec 13, 2017 11:50 PM Permalink

There are pitfalls with every tool. You don't throw a hammer away because it can smash a finger. Crypto is a tool, just like a hammer. The most important aspect of the blockchain is that it brings honesty. Mr. Smith seems to think that freedom exists in being able to conceal ones activities. I say that is secondary to having the information to hold those in power accountable. There are 21 Trillion dollars missing from the Pentagon. You can't do that with bitcoin because everybody sees everything. Fiat currency is the greatest power source for the bad guys because it allows them to create money without adding any value. Bitcoin has value because I wan't to use it. I want to use it because it is convenient, fast, and eliminates the bankers. It is better money, and yes, if they want to outlaw it and try to make us take some currency they can print at will, they will have a nasty fight on their hands. The fiat debt slavery model only works when people don't understand it. Once they have something better, they realize the old system was an enslavement mechanism.  

Juliette Dec 14, 2017 12:00 AM Permalink

Apparent price manipulation through Bitstamp?   Either sth. is broken there .... or they employ artificial price caps which prevent the price of BTC from rising!   On Bitstamp, the price never went above 16,000 ... not even one cent! It was always capped there.   At the same time, the price at other exchanges such as Bitfinex was fluctuating widely from 15,900 to 16,350 USD.  UPDATE: After I published my observations here on ZH, it looks like they disingeniously decided to set a new, "smarter" cap: 16,091.67 USD now instead of the 16,000 round figure before. If this is a price manipulation scheme, they will have to employ smarter tactics in the future ...Currently they seem to have lifted their cap, but their BTC price is still trailing other exchanges like Bitfinex a lot ... which is the whole point of their exercise: Keeping the price of BTC suppressed! Current price on Bitstamp is 16,215 USD, whereas on Bitfinex it is 16,503 USD!

ItsAllBollocks Dec 13, 2017 11:52 PM Permalink

Has anyone noticed the biggist media blitz since 9/11 (and everyone knows that was bullshit) telling us how wonderful bitcoin is but failing to mention the whole thing can be wiped out with a single EMP? While all this is happening, China, Russia and many other countries are buying gold, gold, gold. Have you sold your stash and mortgaged your house yet?

maxblockm ItsAllBollocks Dec 14, 2017 6:25 AM Permalink

Single EMP would not wipe out distributed ledger, it would have to be a global EMP.How many Bitcoiners are buying gold? More than NoCoinerz.Bullion for Bitcoin:      No Limit          200BTC ($3.6million)/day                $250k/order   $250k/order            $100k/order, higher with prior approval              $100k/order, increasing soon               $100k/order                     $100k/order                $100k/order          $100k/dayhttps://schiffgold.com  (figures from 12.12.17, send message to [my username] at gmail dot com if an update is needed)

In reply to by ItsAllBollocks

wisehiney Dec 13, 2017 11:30 PM Permalink

They all must tripThey way I never carry any of thatAnd the guy that begged them to run with me into the futureIn the 70'sThey still did not believe in the new milleniumUntil now