Why I Bitcoin
Daily Ramble
Why do I Bitcoin? That’s a multi-faceted question to answer. Lately, I’ve put out some video content through partnerships with Crypto Tips and Revolutionary Spinach which touches on that answer.
The first was a conversation on Revolutionary Spinach, a podcast launched by a friend, Michael, whom I met while traveling in Dharamsala, India, in 2015. Dharamsala is home to the Dalai Lamai and the Tibetan Government in Exile. Although Michael and I spent most of our Dharamsala interactions ducking the rainy weather in tea houses, the colors, smells, and monk reverence surrounding the place created an indelible bond. In our conversation, we touch on a range of topics on Bitcoin, blockchain, and the future of money.
The second conversation I’m sharing today was with Robert Breedlove on CryptoTips. Robert Breedlove is a luminary in the space and grudgingly accepts being called a Bitcoin philosopher. His current quest is to define “value” if that gives you a sense of the depth of his thought processes. While not anywhere close to the Dalai Lama, if you wanted to sit at someone’s foot to understand better the answer to the question “What is money?” you’d have difficulty picking someone better than Robert. You’ll no doubt realize the width of Bitcoin’s wingspan by listening to Robert’s thoughts in our conversation.
So why do I Bitcoin? To put it succinctly, I Bitcoin because it’s the greatest hope I see for humanity to escape itself. The yoke of bondage we’ve willing placed upon our shoulders can only be seen by delving down the path opened by the question, “What is money?” At the end of that path, you will discover Bitcoin and realize that there is no greater hope for our collective future than through its adoption. Therefore, I cannot find a more fulfilling way to spend my time on Earth than working towards our collective liberation. Ergo, I Bitcoin.
“Getting It” Things on the Interweb
A bit dense, but I’ve yet to see anyone better summarize why blockchain technology is inferior to Bitcoin itself.
Bitcoin Price Prediction
Yesterday: $44.6k - $49k
Today: $43.8k - $49k
Tomorrow: $40.8k - $49k
Bitcoin’s price action the last day has been a slow bleed out. With last week putting in a 25% price increase, it’s quite natural to have a breather here. However, a breather is different than a breakdown. The price has pulled back to test $45k again as support. Even if that support cannot hold the tide back, I still have trouble seeing us break below $42k with the momentum coming from the breakout of a 3-month range. If both $45k and $42k break, I’ll reassess my bullish bias, but at the moment, everything continues to suggest to me that we’re not yet ready for a serious pullback.
Bitcoin Q & A
Q: Will every nation-state adopt Bitcoin at some point?
A: Highly likely.
The game theory behind Bitcoin suggests that everyone will be forced to adopt it at some point, including nation-states. Why? Because the risk of obsolescence by a competing nation-state that adopts it first creates an incentive for every nation-state to avoid being left behind. These same incentives are operating on an individual level. As long as Bitcoin continues to operate uninterrupted, adoption on an individual level will continue driving the price up, and the political pressure for nation-states to adopt it will increase. Only a failure of the network itself can avert the inevitability of the process unfolding.
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