Bitcoin And Ether Cruise Past $61 Billion Valuation

From $0 to nearly $41 billion in 8 years: the Bitcoin growth story. Shown above: the Ethereum network statistics page.

Currency is a gain/loss system; when one user gains tokens, another user must lose tokens. But this is perverted under our fiat currency regime, in a way it’s not under gold/silver regimes, and in a way Satoshi Nakamoto’s Bitcoin does not pervert.

Put simply, the unelected elite create our society’s tokens, then expect us to labor for them - which is fundamentally unfair. Why don’t they labor for them?

As of this morning, Bitcoin and the #2 cryptocurrency, Ether, are collectively worth more than US$61 billion. Staggering values for currencies that started with a market value of at or near zero.

Currency is a human cultural invention. Even our use of gold and silver was, and is, essentially nothing but cultural appropriation: humans realized millennia ago that gold is provably rare at scale; you can’t cheat the gold supply or create counterfeit gold units. So, we harnessed that rarity and turned it into a tokenized gain/loss system.

When you earn a gold coin in trade, someone else necessarily loses that coin when they give it to you as payment for some service or good. Measured sacrifice.

For millennia, humans agreed to such “intermediate commodity money” and such voluntary sacrifice because it beat receiving unbacked promises from kingdoms that always eventually fell apart (paper money), and it beat killing each other for food and resources. When economies and currencies lock into being within our culture, war takes a backseat to trade and innovation.

When there’s good money on the table, humans often cooperate, rather than kill.

I think what actually happened is that there’s been a quiet hyper-centralization of wealth, along various family lines. I’ll avoid attracting the tired “conspiracy theorist” label by not mentioning these families by their names here, but I have elsewhere, including on my YouTube channel recently.

Generations ago, industrialization itself in the West lead to an unhealthy hyper-centralization of wealth/influence, and the elite had to cede ground, by funding social democratic movements around the world… by granting workers’ rights… instituting the weekend… Social Security… etc.

Now, though, the problem isn’t a group of industrialists who own the whole game board. It’s a group of perverted currency and commodity manipulators, who are in turn robbing us collectively and perverting our otherwise highly efficient capitalist society.

So, this time around the answer isn’t to give more funding and faith to social democratic policies, which have utterly failed in the West. The answer is a currency revolution. Non-violent, legal, and so forth - but a revolution nonetheless. The public is taking back the power to reflate and deflate asset classes when it wants to. The herd is where wealth comes from, not pedophile elites in 1990s Mom Jeans who think they still rule the roost because Hillary Clinton once took them seriously.

(Worth noting here as a fan recently pointed out to me- in the Bible, the only time Jesus Christ gets violent toward persons or property is with the moneychangers, when he overturns their table. Jesus hated a bad exchange rate. LOL, I don’t blame him!)

Part of what happens next, in my opinion: currency values can reflate and deflate within milliseconds of public perception changing. We already know that. Fiat currency = every unit falls to zero eventually. Deflationary cryptocurrency = every unit asymptotically approaches great value eventually, as long as the network is in use by a sufficient number of participants.

Public perception has changed; vast public disgust with a wide array of political scandals, with economic “austerity” measures in Europe, with heavy-handed surveillance by the prior US administration, and so on. Yet, until recently, the public has not had a credible and easy valve for displaying that anger economically. Fiat is evil and unnatural, but necessary. Not easy to book a flight to Vegas with a satchel of gold coins or a barrel of oil, so we’ve decided collectively on paper currencies run by totally evil unelected hacks from Hell. I’m only half joking.

Bitcoin and the blockchain technology underpinning it were a breakthrough on their own: a better fiat, built for the Internet. Yet now it benefits from the mass economic anger out there over our manipulated currencies and jackass pedophile Hillary sycophant pieces of trash who seemingly populate the halls of legacy media and legacy finance.

Bitcoin’s success so far, all technical explanations aside, is a mass voluntary reflation into a new fiat - we are injecting value and faith into a new fiat. Not a “euro” token. Not a “US dollar” or “Canadian dollar” token. But a “Bitcoin” token, without any region locking. A Bitcoin mined in the US can be used on purchases in China or India within seconds, and vice versa. Not so with a US dollar earned in an office job from a legacy corporation.

Keep in mind, if you feel anger toward our establishment, the Chinese might feel it 100-fold more right now: their government maintains an authoritarian one-party state. Bitcoin is, to them, a polite and semi-legal middle finger pointed in the direction of the People’s Bank of China.

Humans have discovered - or, rather, Satoshi has invented - a tool that allows for hash rate or computing power itself to be tokenized, traded, and used as global open-source currency. And the permanence of a blockchain-based transaction system keeps the system attractive to newcomers.

“Bitcoin is better than currency,” I believe Bill Gates once said in an interview, and it’s true: the permanence of a blockchain transaction is better than the transience of dirty rectangles of paper, which after a certain number of transits through the economy are so tattered ATMs won’t even accept them. Once a Bitcoin transaction is broadcast to the network and receives enough confirmations, the only thing more permanent would be the word of God carved in stone. As long as there’s an Internet, there’s a Bitcoin and its blockchain. Neat, huh?

“Can you feel it coming,” as the Phil Collins classic In The Air Tonight goes. I can.

If the gains in cryptocurrency market capitalizations - especially for frontrunners Bitcoin and Ethereum - feel meteoric to outsiders, perhaps it is because cryptocurrency is a new tool for the masses to fight back against the elitist pedophile moneychangers of today’s age - and in most parts of the world, usage/acceptance of cryptocurrency is still highly under-saturated.

Keep in mind, this is a new technology set coming into being, not a company stock. That explains part of the meteoric rise in valuation, in my opinion. There was a time when some early adopters had Internet modems, then some more people had them, then everyone had them - and at that point a computer without the ability to connect to a modem became more or less worthless.

A bitcoin transaction needs no standing army, as it has the best army of all: decentralized cryptography. As it turns out, armies and Congresses aren’t what breathe life into a currency. Demand and trust do the trick. And so far, demand seems to be in abundance.