You better learn how to code. Math and technology howard lindzon bitcoin wiki winning over commodities in this epic run.
Jurassic Park has been unleashed in the financial world. The economists have been calling for a currency war. While they have been busy writing books about the war, Jurassic Park happened. Just the fact that I was writing about it made me want to short it!
Today I won’t chase it or short it either, but it is fascinating. The price has now doubled in two weeks. In June 2011, the Economist covered Bitcoin. If you look at the chart, the price peaked that month and fell 90 percent over the next year.
I have not seen that same type of coverage this time around. Bitcoin looks no different, but you never know. It is an anarcho-capitalist wet dream with Neal Stephenson as narrator. It is a Ponzi scheme, but so is the USD and financial capitalism.
It is used for illicit dealings, but so is the USD and financial capitalism. It is highly speculative and risky, but so is the USD and financial capitalism. It is NOT made out of thin air or backed by the threat of violence. This isn’t like gold or Yen, but there is a tangible, material and real thing of value created by the Bitcoin network.
Fundamentally, BTC is a public transaction history wrapped in a hard math problem. Hard in the sense that it cannot be solved with reasonable funds in a meaningful amount of time using technology in the public domain without violating fundamental assumptions we make about physics, matter and energy. Check out Peloton, my monthly subscription newsletter published with Charles Street Research. There’s a small annual fee, but I think you’ll find it well worth it. And the best part is, most people do not realize what bitcoin is really good for.
It is a way to sign transactions uniquely, ie, a payment network. And to the extent you can trade it, it may appear to be a currency. But it is NOT currency in my view. This is already the case with Litecoin, probably the most popular alternative to Bitcoin.
The interesting thing however is that at certain points, it becomes more profitable to mine Litecoin, and then exchange it for Bitcoin. Bitcoin, it become instantly profitable again for Litecoin miners. This currency will fundamentally change the way our society works. Bottom up innovation and disruption in it’s purest form. Never has a generation felt so trapped by the financial corruption and idiocy of our government and banking institutions.
Now we finally have a choice. Weird and crazy, but I was just walking up a trail to Mamoa Falls on Oahu where J Park was filmed, part of it anyway and had this same thought. If it plays out like the space industry. Howard, I hope you are an investor in BCOIN. You love stocks, but do you love money. You are reading the blog of Howard Lindzon, notable investor, entrepreneur, and describer of himself in the third person. This is where he writes to help himself think.