The biggest revolution of our life - cryptocurrencies ! versus MMT & Warren Buffet

7개월 전

the spirit of 1776 was led by a crazy old man - could he be Satoshi ?

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Hey crypto coin fans we love ya! Why? because you are the real revolutionaries of this century. Not antifa, not populists - altcoin believers. Separating money from the state may be bigger than getting the church out of the state. It is deeply, profoundly revolutionary, and everyone helping should be proud and loud.

Figuring this out has made me so happy, along with all rebels without a clue. In the early heady days of wall street tech, it was the best fun to flip the dominance of mainframe technology over to decentralized computing, trashing IBM's stock prices and helping Sun computers go thru the roof, mainstreaming Unix. We thought we were so cool - the internet was booming - everyone said " information wants to be free." We went to MIT and CMU to grab new tech for Wall Street. Worked with Richard Stallman, the famous dreadlocked RMS of GNU fame. Laughed so hard it hurt when I watched an IBM rep offer him free (horrible) IBM RT workstations and he said yes, give them to me, I will sell them and buy Suns.

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Richard Stallman and pal.
Hell, Steve Jobs hit on my co-worker at the east coast unveiling of NEXT computers!

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Bought Bill Joy of Sun a hero sandwich! - but now he is just scared of AI taking over the world. Talked to futurists, thought about the singularity - Heady days - but at the end, really just helping big firms lock up all the knowledge and techniques.

My faith in life, love, humanity, sex drugs & rock and roll has now been restored by bitcoin and all the altcoins!

How can you tell bitcoin is so revolutionary ? look at everyone who is against it - all the old guard of the old world - Warren Buffet, Bill Gates, central banks, governments who are failing and whose citizens want the hell out. Easy to understand Warren Buffet calling bitcoin rat poison squared while he eats a cheeseburger and tips the waitress $1.25 - he has the old world figured out, and just missed the greatest investment opp of the last decade.

But there are some deeper revolutionary thoughts going on here - MMT ( modern monetary theory ) vs. bitcoin. Keynesian economics vs Austrian economics. Total state control vs. more individual freedom. I won a scholarship to NYU for grad school, where all but one economics prof were hardcore, well indoctrinated leftists, who jammed Keynesian theory down our throat ( the multiplier ! every dollar the government spends turns into more dollars ! Magic ! ) And the Phillips curve - governments can trade off inflation and unemployment at will !! We used to cite Milton Friedman and "the road to serfdom" as an antidote. Arthur Laffer, a rare republican won a Nobel prize for the Laffer curve, showing that governments could lower taxes to raise more money - NYU Stern school of biz roundly ignored him. TBF, people abused Keynesian economics. E.G. MMT !!

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MMT is hilarious - it is not modern at all, it has bankrupted states before and will again. In a nutshell, MMT says that the government need not raise money through bonds, and then be constrained by their ability to sell more bonds since interest rates for their bonds would go up. No, the government can just print all the money they want, and then drain any excess liquidity through extra taxation. How does this work in the real world? Ask anyone who has seen government waste, a train or a bridge to nowhere, or socialist housing, or my fav, socialist art. Ask anyone who lived in Zimbabwe, or Venezuela. The endgame here is hyperinflation and hypertaxes at the same time, wahoo!

Now in reality, inflation is hard to come by, the internet has been deflationary. That collectable you bought turns out to be available very cheaply on Ebay. That expert job you had? a smart guy in a godforsaken corner of the world can learn over the internet and undercut your expert bonus. But still, basically versions of MMT are being deployed around the world. We all slip into negative interest rates and all the unforeseen consequences that will cause.

What's the bottom line ? we are all Venezuela. All governments misspend the money they raise - nothing personal, just trying to win the very next election. America doesn't even try to have a budget anymore !! Can you imagine running a household budget where the lead breadwinner does not even have a line item veto ? the kids can all vote to borrow more money to go to Disneyworld whenever they want ! Endgame?

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What's the best/only thing to look to in the world of governments killing cash while at the same time printing money and increasing taxes? Yeppers, bitcoin. The governments outlawed gold. Tanking governments ban bitcoin. What is the only money that is not controlled by a government who can just print more of it whenever they feel like it ? What is the only way to get your money out of a failing state ? Gold can be hard to move. Why the hell should you pay a bank a +50$ wire fee anyway ? Why is SWIFT so hard to use, expensive, and yet unsafe ? Why does Paypal get 4% of your money half the time ? Grab a fife, a drum, and buy some bitcoin baby. The revolution will be digital!!

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