It is altogether fitting that crypto currencies, in particular Bitcoin, have witnessed a meteoric rise in this illusionary age. Not only has their monetary value gone to dizzying heights, but they are now being touted as the destroyer of the current, crumbling monetary order and the next paradigm upon which a new money and banking system will emerge.
In an era where sacrifice, hard work, loyalty, ingenuity, tradition, and independent thought are considered anathemas, while affirmative action, sloth, effeminacy, office seeking, and something-for-nothing schemes are endemic in every walk of life, it is not surprising that non-tangible, computer-generated currencies would become a “natural” feature of such a world.
While it has always been a haven for charlatans, traitors, cheats, thieves, liars, and serial adulterers, contemporary political life has become even more of a sham. The most glaring example of politics’ utter corruption can be seen in the recent departed chief executive officer of the US. Unless one abandons all critical thinking, Obummer was unqualified to be president because of the obvious fact that he was not born on American soil. Not only did this disqualify him, but his educational and professional backgrounds have not been verified. Neither his collegiate records nor his supposed teaching career at the University of Chicago Law School have ever been exposed to public scrutiny. From the few utterances he has made about his supposed specialty – constitutional law – it appears that he has only a rudimentary knowledge of the subject.
Cultural life has descended to the basest of levels and has abandoned nearly all of Western Civilization’s glorious achievements. Consider music. The dominant form of what passes as music today is not the works of the great maestros of the past – Bach, Mozart, Beethoven – but instead, noise in the form of rock, hip hop, rap, grunge, or whatever the latest degenerate trend is in vogue.
Modern democracy is also a fallacy. Being sold to the masses as a system where the people rule and personal liberties are guaranteed, democratic governance is anything but, and has instead been craftily used by the elites to amass state power to an unprecedented extent not witnessed in human history. The much maligned monarchial age even during its “absolutist phase” could not come close to the scope and intrusiveness that democratic governments possess today.
Religion, too, is not immune from its share of hypocrisy. Not only is the supposed head of the Catholic Church a manifest heretic who almost daily blasphemies the Divine Majesty, but he is not qualified to occupy the august chair in which he sits. Jorge Bergoglio was neither ordained as a priest nor consecrated as a bishop in the traditional, Apostolic rite of Holy Orders. He is, therefore, an imposter not a priest, nor the bishop of Rome, and scandalously not a true pope.
Now enter crypto currencies. Not only will they never become money – a general medium of exchange – as gold and silver once were and will become once again, but cryptos lack the necessary requirements to be money. Yet, their “development” is systematic of the times. Cryptos are another variant of fiat currencies which digitally can be created by a stroke of a computer key or in cryptos’ case, a code.
Gold and silver – real money – must be mined from the ground, minted and “marketed” before they can be used to facilitate exchange. This is an arduous, capital-intensive process which takes resources, labor, and time to accomplish. Something as important as money should require an elaborate procedure not be created out of thin air as are all fiat currencies as well as cryptos.
Money must originate as a tangible, sought-after commodity – the great Misesian insight that crypto enthusiasts do not know or do not understand – then, over time, be recognized as having a “second feature” as a good sought after for “exchange value.” Once a good is demanded for its use primarily to facilitate exchange, it then becomes a “money.”
In a fundamental sense, crypto currency cultists are rebelling against the natural order of things. The precious metals were created in their quantity and quality by Divine Wisdom for a purpose – to act as money. While governments have habitually corrupted the monetary order through coin clipping, fractional-reserve banking, and other nefarious schemes, it does not undo this primordial fact. It is for the intellectually honest opponents of monetary chicanery to point this out and decry all governments and banksters’ attempts to eradicate gold and silver as money, not attempt to create another unnatural and false monetary order that mirrors the current fiat system.
Money, like all other institutions of society, will reflect its belief system. Decaying cultures will most likely have debased monetary units. A turnabout in the status of money will only happen when Western Civilization returns to what money is – gold and silver – and abstains from trying to create illusions of it through computer software schemes.
Complements on a lucid,cogent and refreshingly penetrating essay;God has willed that we exist in these evil times,praise his omniscient wisdom!as it remains a mystery to me…
Antonius clearly doesn’t understand crypto-currencies. Mining bitcoin is extraordinarily cost prohibitive, requiring ungodly amounts of electricity. Similarly, mining precious metals requires tremendous resources that contribute to their “intrinsic value”. It’s the cost of mining bitcoin and the impenetrable SHA256 cryptography which provide it’s value and it’s integrity, as a unit of exchange. I’m tired of money managers and goldbugs condemning crypto when they don’t understand it or have never bothered educating themselves about it.
If you find yourself asking “what’s SHA256 cryptography?” Then you don’t know enough about crypto to make any judgment about it’s value as a current exchange of energy.
Ungodly amounts of electricity is right, it is a huge waste of electricity to get nothing tangible. You can’t redeem your tokens to get back that electricity.
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The whole point if those crypto-census is to allow us to represent the gold we owe each other on a reliable, uncensorable digital system (think *interac* without anyone capable of controlling the entire system). Or said differently, crypto-census means everyone can now open a central bank. See for yourself.
Of course BTC is worth absolutly nothing. That doesn’t mean its not a revolutionary tech.
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You obviously have never read up on Cryptocurrencies. I suggest you watch a few videos from a guy named Andrea Antonopolus. I guarantee he will change your mind forever on Cryptos.
Most of the points you mentioned above are patently incorrect. You said, ” Not only will they never become money”
First of all.. they already are money? I’ve bought tens of thousands of dollars worth of silver from JMBullion directly with my Bitcoins, never having to convert then to criminal fiat dollars. I have bought all manner of electronics from Overstock.com directly with Bitcoin. I have paid for airfare, hotel and car rental directly with Bitcoin. The list of places/businesses that accept bitcoin is growing every day.
I wish I had more time to debunk all your points (which I could easily) but spending these Cryptos requires a lot of time!
You, Peter Schiff and Mike Adams are doing a tremendous amount of financial harm to your readers. Not only have they already been completely screwed by this criminal and perverted financial system, now they are being grossly misinformed by the very people that are supposed to be advising them.
Please, for God Sakes, take the time to really study Cryptos and learn how unique and paradigm shifting they truly are.
It’s not too late to get in. The big rush into Cryptos hasn’t even started yet!
Amen. I like Peter schiff but he’s doing a huge disservice to his clients. I listened carefully to all his arguments (because I have an open mind) against crypto and they were not very sound or convincing. Basically his argument was, ‘well they’re digital so they can’t be money’. He used the same line about them created out of thin air (which is far from the truth) just like all the others say……Gold has about as much intrinsic worth as bitcoin. Computer code performs all the functions of money, just as gold does. Gold has a history but that doesn’t preclude crypto from qualifying as money. Crypto can’t be suppressed in price though, to the extent that we see with PM.
The beauty of crypto is that it creates an immutable ledger in the blockchain, allowing for a permenant record to be kept, this will revolutionize how we do business in the future. You food will be tracked from farm to table and a record of it will be kept on the block chain. Your advertising will be paid for tokens bought on the blockchain. There are millions of utility uses and you don’t understand crypto.
Everybody says how great and immutable the blockchain is. The transactions within the blockchain may be immutable, but the whole blockchain is not immutable. It grows and grows endlessly. According to Wikipedia the Bitcoin blockchain grew from 50 gigabytes to 100 gigabytes in 1 year. I see it as a huge liability instead of the awesomeness people proclaim it to be. A physical coin doesn’t save its entire history of transactions. It is useless information except for the government to track you with. A physical coin is scalable. Cryptos don’t scale, the blockchain grows and grows and turns into a huge anchor. Who knows when it becomes unmanageable. Add to that the huge waste of electricity, and cryptos are an extremely inefficient experiment to gamble your money on.
All the naive Crypto Fans. Crypto can be controlled easily in several ways through the infrastructure or taxes or just by jailing the person (cp Peter Schiff’s father). They’re right in their limited world… however re world is different. Wondering how they would have used their Crypto to buy bred as banks were shut down on Cyprus or Greece or make public transactions in a police state… It’s a nice trading tool and good for speculation that’s right. And they probably never thought about a solar storm. Better you save a few silver coins… just for the case.
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