Central banks are centralised- Cryptocurrencies are decentralised. It’s no wonder the banks aren’t big fans. There is little awareness of the flaws inherent in the central banking system. People only know that they have to pay more and more tax every year and that rises in the cost of living are running ahead of wages.
They somehow believe this will all get better. But anyone who has looked at central banking and the disasters it has wreaked knows that it is not a self-correcting entity. Flaws only get worse.
What to do?
I’m sure the good people in the European Central Bank believe they have the answers but they are fighting against logic. Economics can’t be “fixed” by printing money or tinkering with interest rates. These are tactics but they are not strategies.
The central bankers are only starting to become aware that the blockchain can eradicate most of the costs and delays associated with their system.
They would like to see the blockchain stopped in its tracks but they are almost powerless to stop it. The solution is too beneficial to society and it is gaining ground fast.
This dear readers is Mr. Agustin Carstens, General Manager of the Bank of International Settlements based in Basel Switzerland. The BIS is ” an international financial organisation owned by 60 member central banks, representing countries from around the world that together make up about 95% of world GDP”
Earlier today Mr. Carstens weighed in on cryptocurrencies branding them as:
The Blockchain & Cryptocurrencies conference organised by Opera Incubator took place in University College Cork Jan 31st 2018. My colleague and I were delayed, so we only caught a little of Jake Walsh’s engaging talk about blockchain technology. After the event I got a chance to speak with Tomasz Mloduchowski, a passionate Polish physicist working as an independent blockchain and security consultant. This was my first interview using my portable TV studio (A Samsung A5 Galaxy on a Kaiser Bass selfie stick.) Great video quality but it was dark and the audio was unusable due to background noise.) Therefore I decided to write this post instead…
First thing we talked about was CryptoHarvest.Org- Tomasz wanted to know what I was doing. I wasn’t expecting to be interviewed by the interviewee! I explained that I’m a tech enthusiast, an architect gone down the tech route, and I want to talk about Cryptos and the implications they’re going to have for us. Then I asked Tomasz about his background. He mentions a really cool job he had simulating and studying explosions at one point. He mentions Building Information Modelling (or BIM for short)- this is data related to the building construction process- The intersection between this area and cryptocurrencies is something I definitely want to look further into, as BIM been a subject of importance for myself for many years.
Tomasz got into cryptography in school and cryptocurrencies 7 or 8 years ago. He went to live in the States for a few years but as he says himself he’s mostly “living in an airport” these days with all the travelling that he’s doing.
I asked him what is the winning strategy for investments for ordinary people. Like any sensible person, he doesn’t give “advice”. “Exiting at the wrong moment is giving the wrong signal to the market.” he says. He thinks that Segwit will really boost bitcoin adoption despite it’s detractors. 2016 and 2017 were the years of forking. The 2016 DAO collapse accelerated the adoption of many alt coins. The birth of Ethereum Classic was the first of the hard forks that popularised the idea. Tomasz mentioned that there’s a lot of “pump and dump” going on- creating false value out of hype with nothing backing these dodgy currencies. He talked about differing “wavelengths” of the various currencies and their relationships with each other- Like the interaction between fiat currencies and cryptocurrencies. Over time cryptocurrencies comparison to bitcoin will become more relevant than their comparison to the dollar.
The blockchain is naturally of less interest to people as it’s not a tied (directly) to money. Money that was sunk into so many failed “Web 1.0” projects in the 90s was not wasted (as many think it was) because it provided the knowledge base to develop “Web 2.0” and beyond: Google, Amazon and the many successful companies that followed were born from this “recycled data”.
Thanks to Tomasz for being the first interviewee on CryptoHarvest. We’re definitely going to keep an eye on his movements in the future.
Most people probably think cryptocurrencies are about getting rich. They’re a mad bet on an insider’s tip that’s going to go wrong any moment.
Things do go wrong for cryptos- Just look at last week: 40 – 50% losses… Ouch.
The usual cries of “Bicoin is finished!” were trotted out… Well they need to sell newspapers somehow. But having wobbled badly for two or three days they dusted themselves off and stumbled slowly back towards respectability to finish at about 20% below their record highs.
For me, cryptocurrencies have always been an opportunity to outsmart the detestable monetary system that has brought us such hilarious phrases as:
The Global Elite tend to be a little behind the technology curve. See how the internet caught them completely off guard. And now that we know how to make cryptocurrencies work, the internet has it’s own money, as Milton Friedman predicted.
As cryptocurrencies start to seep into the general consciousness they become more than just a technical innovation- they become part of a common language which is impossible to eradicate. The only other means of control is to make them illegal, but if the people want cryptos they’ll have them.
If I had to hand pick an objective spokesperson for Cryptos I couldn’t think of anyone better than Nassim Nicholas Taleb. His works on Randomness, Black Swans, Anti-Fragility and other deep concepts are legendary. (I haven’t read all his work yet.) They are amongst the most essential guides for anyone interested in forecasting.
Forecasting- a fool’s game but essential nonetheless- Without it we can’t function.
Taleb’s take on Cryptos is, I’m glad to say, quite optimistic.
I’ve been an admirer of Mike Maloney for some time. He’s well established in the “old fashioned” world of gold and silver investments, but he’s very optimistic and bullish on cryptocurrencies. I recommend subscribing to him. This video might be long but I would urge anyone who is mystified regarding the question of “what the hell is Bitcoin?” should take a look at least the first 25 minutes whereafter it starts to get more intense and geeky- but also equally fascinating.
Cryptocurrency markets are volatile in their nature and not for the feint hearted! During January we had a substantial correction in the crypto markets. They’ve since quickly started to recover, but we didn’t feel it was the right time to talk about investments when such an event was in train. We believe totally in cryptocurrency markets and we felt our audience would better appreciate a solidly-performing market.
We didn’t sell any of our currency holdings during this period.
We’re “long” on cryptos and that’s not going to change.
We’re planning our next date for the conference and we’ll be announcing it very shortly.
Thanks for your interest in CryptoHarvest.Org and please accept our apologies for any inconvenience.
Financial commentary has become for me what sports are for many: An obsession. YouTube, my drug of choice these last ten years, has enabled me to binge on Max Keiser, Jeff Berwick, Stefan Molyneux and Gerald Celente; Luke Rudkowski, Jordan Peterson, Naseem Taleb, Doug Casey and Dave Cullen- Titans of thought in the age of the Internet.
Most people would rather perform eye surgery on themselves with a blunt spoon than actually think about monetary policy- I find it fascinating; The Greatest Show on Earth; Causing empires to rise and fall. Dictating quality of life, threatening annihilation and promising paradise.
Banks buy countries. They buy people. We claim autonomy but we sold out long ago. Slavery is still very much alive; It’s just different now. How did we get here? The answer is: Very slowly, by degrees. The politicians pretend to fix the problem while exacerbating it through skullduggery or incompetence. We comfort ourselves by keeping busy, reading the newspapers, watching TV and visiting the voting booth once every few years. If/ when armageddon does finally arrive, at least “we did our best”.