Bitcoin and Crypto and DeFi and Sometimes Ayn Rand


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  • 2 weeks later...

I know no one is following the politics of El Salvador, and up here, when the mainstream press has talked about Bukele recently, they have been calling him a strong man dictator and all that crap, but he just won reelection by a record-breaking margin.

Note, elections in El Salvador are not rigged. 

:) 

Need more proof?

Those El Salvador people luvs them some Bitcoin.

They ain't talking about it with so-called experts.

They're living it.

:) 

Michael

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Bitcoin is the perfect money for this time in history due the pervasive Internet technology.

That is Bitcoin's main purpose. 

However, Bitcoin is also one of the top yielding investments in modern history, at least so far. However the yield is medium to long term. In the short term, Bitcoin goes up and down.

Look at Bitcoin's performance against long-term government treasury bills to see just how much money it makes holders medium to long term.

Put in $10k and come out with over $750k.

For those who doubt, what's not to see?

Yet many still hear the Siren's song of the Deep State and Big Banking and jump, crushing themselves on the shoals.

They are economic Darwin Awards contenders.

While Bitcoin marches on...

:) 

Michael

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  • 1 month later...

The more I study Bitcoin, the more I am 1,000% into it.

And I see a huge opportunity. Explaining it in terms people can understand.

The video below is cute, but it's based on truth. This is how the public in general responds to all the noise about Bitcoin.

LOL...

:) 

Michael

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  • 1 month later...

We need this in the US.

In El Salvador, Presidente Bukele just warned his executive administration that they are all under investigation, both for previous acts and for the future.

He said he is not a thief and he does not want to be surrounded by thieves. That is not the legacy he intends to leave.

From what I've seen, he arrested a public works administrator who was getting kickbacks and that probably got him on this wavelength.

But it's a great wavelength to be on since El Salvador is the first country in human history to adopt Bitcoin as legal tender.

When I see Bukele do things like this, I wish he could be Trump's VP or Trump's successor.

:)

Michael

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This looks like a test case for the Predator Class governments and banks on what to do to gain power over Bitcoin.

 

These charges were just now filed even though the taxable event was in 2014 and involved Bitcoin. However, there was no way to assess the value of Bitcoin in any formal manner back then.

Also, the statute of limitations on the government charging for back taxes is 10 years. I read a comment in the thread that the government took this one down to the wire and just barely filed charges in time to stay within the limit.

I don't think the government is going to give up on this, so this is something we need to keep our eye on. There is no way the government can confiscate someone's Bitcoin, but there is a possibility of the government confiscating a human being and throwing him or her in jail.

There is some good news, though. By the government doing this case, it is showing what it is both capable of and not capable of.

If you have a lot of Bitcoin, learn your exposure to tax laws. Then work around them. It's a pain in the butt, but I think this will become a necessary evil.

You don't need to be legal, but you do need to be hidden for 10 years. And if you are legal (even if by a loophole) for 10 years, you are good with the government.

I mean, the government will hate you, so you won't be good on that score, but the government will be constrained by its own rules.

Until it changes the rules, of course.

And when it goes broke, guess what it will do?

:) 

Michael

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  • 3 weeks later...

 

On 5/18/2023 at 11:30 AM, Peter said:

From the Best Thriller Books about "Righteous Prey:” In John Sandford’s 32nd Virgil Flowers and Lucas Davenport adventure, a team of filthy rich Bitcoin billionaires hunting down well renowned assholes. Talk about one hell of a plot line, one where the betterment of the planet is at the forefront of a group of killer’s minds. Sandford brings to life a story of necessity in the eyes of the rich, who feel justice is better served by the powerful, and money equals power. 

Sandford dreams up a team of highly intelligent billionaires, who all happen to have Bitcoin ties . . . .

and

On 5/18/2023 at 1:25 PM, Michael Stuart Kelly said:

Peter,

Thanks for the recommendation.

I am a voracious consumer of thrillers. This guy Sanford (Camp) sounds like a winner and he is now on my organizing list for plowing through his works.

and

On 3/24/2024 at 2:24 AM, Michael Stuart Kelly said:

I rarely talk about this, but I often take your suggestions in entertainment.

I have a big one I am dying to tell you about. But I will do that only when the time is right.

It's time to give a hint right now, time to tell you that this exists, but not time for the full reveal.

I ain't giving out any spoilers..

Peter,

It is finally time to reveal the big surprise.

Based on your recommendation, I have read all of John Sanford's Lucas Davenport books (30), all of the Virgil Flowers books (12), all of the Davenport and Flowers books (3), and all of the Letty Davenport books (2).

Whew!

That comes to 47 novels. I just completed the last one yesterday (Dark Angel with Letty Davenport).

I will have more to say about this over in the Writing Techniques thread later, maybe tomorrow or after. I have learned Sanford's style and I think I noticed some things that would be interesting for writers or aspiring fiction writers.

 

On the Bitcoin book you mentioned, Righteous Prey, I was not too keen on it from a Bitcoin angle. Basically, Bitcoin was the pretext for why the villains were rich, but then there was no discussion of Bitcoin. It was all about thriller stuff like murder from that point on. :) 

 

The second Letty Davenport book is interesting Bitcoin-wise. Sanford discusses a few different ways to launder money using Bitcoin, even though law enforcement now has pattern recognition on major transactions. 

The characters were discussing a Bitcoin payment for ransomware and some of them were hackers. One way to launder a huge amount is to divide that large amount up up into a bunch of smaller random-sized sums and buy Bitcoins in countries that do not have law enforcement treaties with the US. That would mean US law enforcement would not be able to monitor anything on exchanges other than the hash transfers that are published openly everywhere. Then, after some time, these different exchange accounts will sell the owner's Bitcoins to an account hooked up to a node in El Salvador, where Bitcoin is legal tender.

:) 

 

Just one final comment. There is a thriller I read that deals in depth with Bitcoin, The Atlas Maneuver by Steve Berry (referral link). The premise is not great since Berry pretends the CIA invented Bitcoin to make sure the market stays stable if the economy should tank. But in an essay at the end of the novel, Berry said he knew this was likely not anywhere near reality. However, since he was writing a thriller, the conspiracy theory was just too tempting... :) 

Berry gives an interesting history of Bitcoin for the lay person after the novel is over. I might put that part up here in this thread since it is so well done.

Berry also exploited one of the few vulnerabilities in Bitcoin in the novel, which is what can happen if one party managed to purchase a majority of all available Bitcoins in the world. That party could then sell and buy over and over and gain fiat currency from arbitrage in the price deviations.

I do not believe that is doable anymore, though. Too many people own Bitcoins and would just lay in wait for the sell. And there would go the majority ownership.

 

Anywho, thank you for the John Sanford recommendation. 47 novels of thank you.

See? It may take some time, but you do make a difference.

:) 

Michael

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  • 1 month later...

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