Erik Voorhees: Governments Can't Stop Bitcoin 'Despite All Their Guns and Weapons’

The ShapeShift founder and early pioneer in the space talks about why bitcoin poses an existential threat to fiat money.
-------------------
Subscribe to our KZbin channel: kzbin.info?sub_...
Like us on Facebook: / reason.magazine
Follow us on Twitter: / reason
Reason is the planet's leading source of news, politics, and culture from a libertarian perspective. Go to reason.com for a point of view you won't get from legacy media and old left-right opinion magazines.
----------------
Few figures in the bitcoin community are as controversial and visionary as Erik Voorhees, founder and CEO of the cryptocurrency exchange ShapeShift.
Back when cryptocurrency was in its infancy and its conferences included lectures delivered to empty rooms, Voorhees was helping to popularize bitcoin's unique attributes with an unregulated online casino called SatoshiDice.
After he sold SatoshiDice, Voorhees was investigated by the Securities and Exchange Commission (SEC) and was fined $50,000, observing that the investigators didn't seem to understand bitcoin. "As much as I hated government before," he recalled, "then I was like, 'man, this is what these people do, go around ruining innocent people's lives.'"
The son of libertarian businessman and writer Jacques Voorhees, he discovered bitcoin in 2011 while living in New Hampshire as a member of the Free State Project. Voorhees was employee number three at BitInstant, an early exchange backed by Cameron and Tyler Winklevoss and whose founder, Charlie Shrem, ultimately went to prison on charges of operating an unlicensed money-transmitting business.
Unlike bitcoin maximalists, who insist that bitcoin is the only cryptocurrency with any viable future, Voorhees maintains that other coins do serve a purpose.
In 2017, as fees on the network were climbing, he controversially backed an unsuccessful attempt to scale up bitcoin's ability to process transactions, which critics said would have weakened the network's security and decentralized structure.
At the Bitcoin 2021 conference in Miami, Voorhees talked to Reason about the immense growth not just in the market caps of cryptocurrencies but in their economic and cultural legitimacy, the ways they challenge central banks and political power, why he believes in multiple coins, and continuing innovation in digital currency.
Photos: Dennis Brack/Danita Delimont Photography, Newscom; Photos of Erik Voorhees Courtesy of Charlie Shrem; Treasury Secretary Steven Mnuchin With Sheet of $1 Bills, Jacquelyn Martin/Associated Press
Music: "On the Way" by Ian Post, Artlist
Shot by Noor Greene; additional graphics by Meredith Bragg and Paul Detrick; intro edited by Noor Greene; interview edited by Ian Keyser; hosted and narrated by Nick Gillespie

[@homewall744]

Privacy: what do you have to hide? The answer is I need to hide as much of my life as possible because other people are jealous, controlling, conforming, demanding and violent. The less they know about me, the more likely I can live free and easy.

[@johnslugger]

Your list sounds like "THE 7 SINS". Socialist government is enough reason to hide your funds. The state confiscates money all the time.

[@infinitemonkey917]

Except you have to create an account with ShapeShift. There are other instant trade companies that are anonymous. But, yea, I hate it when people say "well I have nothing to hide." That isn't the point. I have a right to privacy.

[@johnslugger]

@@infinitemonkey917 I believe in the US constitution and the 4th amendment. LOL, I use this on cops anytime they want to search my car I say "NO". They ask me if I'm hiding anything and then I point out the fact that I'm just following the will of the founding fathers and then ask them if they believe in the US constitution too? It usually 'shames' them into leaving me alone :)

[@infinitemonkey917]

@@johnslugger Yea, most people are intimidated enough to permit the cops to violate their rights against unreasonable search. I'd be worried that snarky question about believing in the constitution might piss them off though. Then they can just claim they smelled pot or saw something suspicious and search anyway.

[@dr.j.latourhighpriestdod5192]

HERE IS A GREAT EXAMPLE, 👍 FINANCIAL PRIVACY. KENTUCKY FRIED CHICKEN HAS A TRADE SECRET. 11 Herbs and spices, the Colonels secret recipe. No financial privacy means, the banks know what your doing, your every move, including trade secrets , like the Colonels Secret Recipe. They handle the funds, and can see exactly what your buying, and in what quantity. I found the Colonels Secret Recipe on a Pork Chop in Thailand 🇹🇭. To be unique in the business community, you need to protect your intellectual property. In cases like the Colonels Secret Recipe, you lose that privacy, and open yourself up to Industrial Espionage. Inventors, clever ethical business models, etc... without privacy, are wasting their time.

[@seanl389]

11:10 "...politicians. They tend to want to fix everything, and everything they try to fix they break" Accurate

[@jhgross1988]

I guess that means I'm a radical libertarian also. :-)

[@TheRealFollower]

It's crazy how much politicians panicked when cryptocurrency started taking off.

[@Shillmehowtolive]

It makes perfect sense too.

[@S_Roach]

I'd argue that, with the noise coming out of the California safety deposit storage case, the government is already in the scramble for all reachable assets.

[@neuromancer9k]

So many great points in this video, but 11:10, 11:35, 14:54, 18:01, and 19:55 really stood out for me. I wonder how much of this is either by design or gross incompetence of the U.S. "education" system.

[@gcarlson]

public education in the states has been destroyed, and we can thank the teachers unions. And the Marxists.

[@ADAMREES-GRITGYM]

Great stuff. Thanks guys

[@zeevsurujon3441]

Beautiful! Thank you.

[@geneva5213]

What an astonishing interview! Just learned about Erik, an inspiring voice to have out there! I'm happy to see people that still believe in freedom

[@mikhelBrown]

You just learned about Erik?? You poor devil... It was because of him and Roger Ver that inspired me to buy Crypto back in 2016. TBh, I bought more ETH and a few BTC back then because i thought BTC was abit expensive. Still am glad i did.

[@SteveKluver]

A perfect interview! Thank you. 👍🍀 💲

[@bobelschlager6906]

One of the remarkable videos that are appearing. Not only about currencies, but also about history, nature, etc.

[@nathanrathbun2619]

They are terrified of losing control.

[@cloudsoil]

They were not scared when they manipulated small citizen.Fuck them..go work in mcdonalds

[@btdoe3259]

It's inevitable. In the future, truth will be the only authority. It has been forseen.

[@mikhelBrown]

Erik will make a great President. 💯

[@Shillmehowtolive]

Wow.. this is the best thing I have watched in a long time!

[@mavezy]

Awesome interview.

[@adolphgracius9996]

didn't china stopped bitcoin with no guns???

[@rouseflooring8256]

Kind of! They made mining bitcoin=jail 🚔

[@WiseOwl_1408]

Not sure if they stopped anything. People still have it In china. Just no miners

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@Strideo1]

@@WiseOwl_1408 The Chinese government is using their authoritarian power to make it very risky. They've already gotten banks to hand over data on known Bitcoin users and are deactivating their bank accounts. The Chinese government is asking the Chinese public to report known Bitcoin users to the authorities too.

[@sanisidrocr]

Bitcoin is still very active in China

[@carneeki]

This guy says bullish on damn near everything. "so what do you remember about trigonometry?" "I'm not bullish on it, but triangles do have their place in society and I think that's a good thing".

[@deanbraden7695]

Privacy-keeps predators from watching you!

[@S_Roach]

Leopards love privacy, too. That's the counterargument.

[@eminentbishop1325]

@@S_Roach thats cool. I dont want to know what the leopard is doing as long as he gets out of my way lol

[@razorblade7408]

As an internet pedophile I find that offensive

[@dquin2932]

Awesome thanks

[@ManuelBTC21]

26:00 It appears this interview happened before the El Salvador announcement.

[@artemiasalina1860]

He was pretty close in calling it.

[@Cuefrost101]

REASON !!! What an appropriate tidal !!! This is brilliant news !!!

[@bergonius]

I can relate to that as well

[@TheRooftops]

BTC turned me into a libertarian

[@aaronm2765]

what happens if a major internet outage occurs? how do you get your bitcoin?

[@GeekOverdose]

Well if that happens, you've got OTHER problems to think about. It's a bit like asking: what if there's a famine huh?? Are you just going to eat your gold?? Like, if it comes to the point where your asset loses value because of an extremely unlikely scenario, then you have WAY bigger things to think about

[@Feroste]

There is no internet switch. Countries can block their own people from using internet sure. Lightning can strike your wires. But it's a network of computers at its core. Only a solar flare or global EMP could take it down completely. And as was said, then you have bigger problems. Your dollars probably wont be worth much either considering 90% of those only exist online and in banking computers too.

[@AyeBeeG]

What happens if a major hack cuts oil supply? How do you get to go to work?

[@sanisidrocr]

The internet cannot be shutdown and Bitcoin can be transferred without the internet

[@GeekOverdose]

@@sanisidrocr as long as computers can connect to eachother, bitcoin will be alive

[@klolwut]

>turns off your internet access Huh.

[@pomp4401]

And watch global economy collapse 😂

[@PatrickAyelle]

10:55 this question hits differently in 2023…

[@lokiprankster9177]

Any relation to Jason Voorhees of the "Friday the 13th" fame?

[@awangjeme2531]

Erik Voorhees thank you for your wisdom.

[@Liberty4Ever]

Very good interview. We don't need a speculative investment. We need a transactional digital currency that's secure, anonymous, peer-to-peer and most importantly, with transactions that clear immediately and with very low transaction costs. Maybe the blockchain has a more secure branch for larger transactions and another for less secure smaller transactions so the security scales with the need for security, but we must free ourselves from the 3% merchant service fees that constitute a bankster tax on every transaction. Even when I pay cash, I'm subsidizing the fees to banksters because merchants are forced to include credit card fees in their prices.

[@btdoe3259]

It's called layer 2 or 3 and/or side chains, altcoins etc etc.

[@RockawayCCW]

Any relation to Jason?

[@scottn7cy]

The chorus of Jim Croce's song You Don't Mess Around With Jim is; You don't tug on superman's cape You don't spit into the wind You don't pull the mask off that old lone ranger And you don't mess around with Jim Taunting any government is doing all 4 simultaneously, and to be sure saying governments can't stop bitcoin is taunting them. My daddy used to tell me 'when in doubt you should just shut the f*^& up."

[@mickeyrussell4170]

Oh no, the Gov. can stop all Banks from cashing checks or dealing in any way with a "bitcoin" type entity or having any interaction on your computer or any electronic device. They have their ways.

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@mize30]

I agree with his assessment of a debt collapse/crisis in the US. When that will happen is the question. But soon if the government keeps spending the way they are. It’s going to be a very dark period where many if not most people are going to want the government to bail them out or support them. Could lead to Socialism or worse. You know those in power will try to use it to solidify their power.

[@thebryanhigh]

Where can I get one of those silk road shirts

[@bamiracle2]

One of my favorite people in cryptocurrencies. Even in moments when I've disagreed with his choice in direction, He has always been earnest. "A default right to privacy"----YES.

[@sjatkins]

Private underwriters in crypto space could work quite well. Projects could sign up to be reviewed or not with hopefully more chance of success if they do get vetted.

[@FEV369]

WTF... Bitcoin cures baldness???? This shits gonna be HUGE!

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@nilskp]

It's a toupee.

[@maga1475]

Yo WTF??? Why everybody talking about “you cant stop bitcoin”??? Governments of the world, ask me how!

[@pomp4401]

This aged well 😂

[@homewall744]

The thing about Bitcoin and related cryptocurrencies is that they have high flying value to people who have no need or use for it outside of hoping more people will rush in and drive the price up. It's a currency that isn't used, is nearly always converted to/from USD, and is both slow and expensive in terms of energy use. Hype is the opposite of useful. Unless you have a hidden wallet, your transactions are not private, but public, as that's the entire point, that all can see the transaction and confirm it's real vs. fake.

[@amitchawla5124]

Its not meant to be private

[@cadenbigler]

Do a bit more research, Blockchain technology is growing quickly

[@davisaalvik]

Dash solves this.

[@williamclayton9566]

@@davisaalvik Spread DASH by helping them set up a wallet and giving a nickel's worth to everyone you know (and having them do the same).

[@williamclayton9566]

Oh, and them challenge them to do the same thing with gold or bitcoin.

[@bobshmurda6876]

Our interest payments on debt is already 111% of tax receipts

[@Cuefrost101]

Michael saylor is intelligent... But this guy Erik really gets it !!!

[@leviparenteau4383]

Not yet. It is still measured in dollars, bought in dollars, and sold for dollars. it is the means to an end, the beginning is dollars, the end is dollars. It has to work for coin, carry coin, and spend in coin.

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@brkbtjunkie]

You don’t have to buy crypto with fiat tender, nor do you have to sell it for fiat tender.

[@passingthetorch5831]

Very level-headed.

[@themfu]

Great interview. Erik combines the ethics of liberty with tech pragmatism in a way that always ends up moving in the right direction.

[@acz88]

If the US government can outlaw gold what’s going to stop world governments from doing the same to Bitcoin one day?

[@obedm503]

31:17

[@acz88]

@@obedm503 arrogant and delusional to think you can hide something digital when pipeline hackers that was paid Bitcoin got traced. “If you’re competent in the technology” most Bitcoin owners aren’t meaning the value of Bitcoin will be mostly erased. They don’t need to eliminate Bitcoin when they outlaw it just destroy its value by removing the masses from using it. I’m also very skeptical when listening to someone who makes a living off Bitcoin trading.

[@cypherpunk7675]

@@acz88 The FBI absolutely did not retrieve funds out of a hardware wallet and you're an ignoramus if you believe that.

[@pomp4401]

This aged well 😂

[@nilskp]

Should The Jacket be renamed to The Toupee?

[@SeanOCallaghan0106]

I don't understand why governments can't stop bitcoin

[@owenkeller2748]

I say we have real money (gold etc), fiat money, and crypto money all in the same market and let the market find the right balance. Just keep the government and regulations away from tipping the scales.

[@S_Roach]

Gold is fairly useless, except as a conductor, colorant, and ballast, and there are cheaper alternatives for each. Platinum and silver are better, as both are useful in chemistry. I was looking at Namecoin once upon a time. It and Etherium both have the advantage of being useful. Bitcoin is the new gold.

[@honkhonk8009]

@@S_Roach Not really. Bitcoin is old. Takes like 24 hours to process a single transaction. The blocksize is needlessly massive.

[@pomp4401]

@@honkhonk8009 it only took me a few seconds with lightning network. Time to get out in your cave 😂

[@Romir0s]

Erik Voorhees: Governments Can't Stop Bitcoin CCP: Stops Bitcoin

[@twoforty252]

They haven't stopped anything

[@rouseflooring8256]

Yeah.... hold on, it’s coming. Rules just came out last week in China.

[@sssssnake222]

Thank God. That's the reason I love Bitcoin so much. If communism hates it, I love it.

[@rouseflooring8256]

@@sssssnake222 It Hass to do with power consumption

[@bozimmerman]

They are going after big heavy-duty bitcoin mining outfits, not bitcoin per se. Those physically big, power-munching outfits are vulnerable to the CCP. Personal mining, even in China, will continue.

[@johntrojan9653]

El Salvador ? . . . ""HELLOOO'OOH !"" 🤪 😢

[@jessecreegan9451]

When my job starts paying me in crypto and I can go to the grocery store and make my house payment with it, then I will take it seriously. But if I have to spend my cash to get crypto then I can spend it but only on certain things then I have my reservations.

[@chris18830]

it’s a bit of a misconception that BTC has to be a currency like dollars, it could/can be but that’s less important: the underlying magic and innovation is having the world’s first accounting ledger that’s totally decentralized

[@johntrojan9653]

@@chris18830 'World's 1st Accounting Ledger' implies ""TRACKING !"" (BIG BRO-THA IS HERE !) 😏

[@pomp4401]

Yeah, buy when it’s already $1m 😂

[@KrunoslavStifter]

Its a virtual casino. But gamblers can't accept they have addiction problem.

[@brkbtjunkie]

Gambling addiction is a mental disorder. Crypto didn’t turn these people into addicts

[@KrunoslavStifter]

@@brkbtjunkie You have a point there. It attracted gamblers with addiction disorder. Last I heard over 60% those who went into speculation that is Bitcoin, said their motivation is to get rich quick. So I guess it would be true, that if that is someone's goal in life they will go like moth to flame when someone sells the idea of invest in Bitcoin and you will get rich. Its a classical bubble problem. Warren Buffet was correct when he said, price is what you pay, value is what you get. We all know price of bitcoin, but what value do you get for it? Virtually zero. And the price you pay. Lets say you pay 50 000 USD for 1 bitcoin. I know what I can do with 50K but I can't do almost any of that with 1 bitcoin except hope there is a bigger sucker down the road who will pay me 60K for it. But its its trending online and everyone is talking about it, fear of missing out kicks in and lizard brain does the rest. Its a classic.

[@honkhonk8009]

@@KrunoslavStifter True lmfao. You buy into crypto if you like the technology and actively want to use it online. Tf people on tryna trade it.

[@nathancochran4694]

It can be.

[@Alberta1stPodcast]

"Bitcoin will win, but so will the other coins, but they will only win if we keep buying them" 😂

[@nilskp]

Eric is a multi coiner, because that's his business model.

[@passingthetorch5831]

I think you have that backward. If he weren't a multi-coiner, why would he make that his business model? He's put his money where his mouth is, have you?

[@nilskp]

@@passingthetorch5831 Weird question. Yes, of course I have. Is that answer useful to you in any way?

[@btdoe3259]

One coin to rule them all. Or, voluntary?

[@nilskp]

@@btdoe3259 Chuck E Cheese and casinos still use tokens, so I guess there's a market for that. But in the long run, it won't make sense for most use cases. This will hopefully happen through voluntary actions of market actors, but regulators like to regulate, so who knows?

[@deanbraden7695]

It’s actually not shocking to want privacy

[@S_Roach]

It's actually not shocking to want privacy, for oneself. It's depressingly common to want to know what the other person is up to.

[@_B_B.]

Political Munchausen syndrome by proxy Has control experience or educated to control Needs to feel powerful & in control of citizens Seems devoted to control citizens. Looks for sympathy from controlled citizens Tries to become cozy with controlled citizens Does not see this behavior as harmful.

[@pomp4401]

This aged well

[@wealthyblackman2655]

Fact: Crypto currency advertises safe, secure, unhackable, currency but recently was hacked twice by the FBI (in two weeks time) and reports of glitches from customers plague the market!

[@ultravires.]

I really don't get this frenzy with bitcoin. Everyone knows that of all crypto it might be the least secure and private one. Also, I kinda feel more trust towards the central bank rather then an unknown group of bankers who created these cryptos and won't even name themselves. Also, things like pre-mining indicate that people are giving their freedom away, not gaining it

[@nunyabuisness21mill]

You really don’t understand the difference between bitcoin and everything else in crypto do you. And if you don’t know the difference then you don’t know Bitcoin.

[@ultravires.]

@@nunyabuisness21mill Then explain, please! My first question: is Bitcoin really anonymous? If not, are there better alternatives? Second, is it possible that there is a group of people with large amounnts of pre-mined crypto (not specifically bitcoin) who could later impact the markets for their own benefit? If not, are there any other methods how these private, unknown creators/early investors could later (when crypto becomes truly widespread) influence the price?

[@nunyabuisness21mill]

Bitcoin is sudo anonymous. I appreciate anonymity as much as anyone. It is a public ledger. The names in it are not known but the transaction history is all there you can put it all together if you really tried. No there is no better public, trust less, ledger. And your second question about premining bitcoin, no there was no premining in bitcoin. Again you can verify all of this by going through the transaction history on the public ledger. It is all there for everyone to see. Anything else is not of any consequence. Every other “crypto “is trying to be the next bitcoin. When bitcoin is the next bitcoin. People say it’s slow, solution is the second layer lighting layer. And maybe a third layer we can’t even think of yet. Bitcoin is the only digital blockchain that matters all other shitcoins are trying to be like bitcoin but are a money grab from an individual that made it up. If you have any more questions I’d love to try and answer them. Please ask away.👍🏻

[@samyguindy8490]

U are not the only one bother e

[@aaronleedescombes]

It’s value is measured in dollars

[@franknuzzo2576]

The value is measured in stuff.

[@bozimmerman]

?! If you are in the UK, it's measured in Pound Sterling. In France, the Euro. If you are hungry and shopping, it's measured in Pizzas. Such subjective and marginal measurements aren't written in stone, but determined in real time, by individuals in each situation.

[@HaloDude557]

Those pipeline hackers would disagree

[@GeekOverdose]

That wasn't stopped because they literally hacked their private key. The hackers somehow leaked the private key of one of the wallets they held their funds in. You can't hack a private key. The only way is to leak it

[@maximvsdread1610]

Yes they can. Just shut off the electricity. Temp fate at you're own peril.

[@sanisidrocr]

Shutoff electricity worldwide ? Stop me from making electricity with microhydro, solar, and wind? States that attempt to attack a basic utility won't be states for long.

[@maximvsdread1610]

@@sanisidrocr Ok. Now you're isolated. How's your bitcoin gonna work now?

[@sanisidrocr]

@@maximvsdread1610 Its trivial to avoid being isolated because bitcoin has satellites and mesh networks but all that is moot because you can transfer btc with an opendime, coin , or paper wallet without internet as an example

[@maximvsdread1610]

@@sanisidrocr So how does btc work at the supermarket? The gas pump? Is it useless as money like gold and silver?

[@sanisidrocr]

@@maximvsdread1610 Works great. I spend it almost daily and save money by doing so and a whole country just made it legal tender.

[@secretsquirrel6718]

Wow. I think the Government CAN. It just hasnt.... YET

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@sanisidrocr]

How exactly would a government stop Bitcoin?

[@cloudsoil]

@@sanisidrocr They will say stop! And btc will move on..like last 12 years

[@Mishk]

Governments can do anything. I think it’s absolutely foolish to try posit crypto AGAINST government. It’s silly. Money will never be apolitical.

[@ctcsys]

Wishful dreaming Eric. See what govs did to online gaming or Liberty Reserve... they can stop bitcoin - esp BTC. BSV seems to be pure commodity and engage WITH regulation.

[@WickedMo13]

Look up who created Bitcoin...go ahead Ill wait

[@WiseOwl_1408]

A guy no one knows

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@DegreesOfThree]

@@WiseOwl_1408 The creator is very well known. There's hundreds of hours of interviews with him discussing every aspect of Bitcoin on KZbin.

[@kebertxela941]

@@DegreesOfThree link and/or name or GTFO.

[@RanHarpaz]

@@DegreesOfThree That's a remarkable lie to tell people.

[@Rokvtm]

Can Bitcoin be overtaxed? Or transfers be traced and policed by governments?. They can always ban the conversion to Legal tender monies.

[@ellerellerek52]

in every country in the world?

[@Rokvtm]

@@ellerellerek52 If you are an American and bought Bitcoin lets say in Coinbase, the the government can trace your wallet and see that you are spending it with out paying taxes, those taxes can be rise to 70% lets say.

[@ellerellerek52]

@@Rokvtm So you swap your bitcoin to monero and then from monero back to bitcoin in a new wallet

[@Rokvtm]

@@ellerellerek52 Not for me.

[@ellerellerek52]

@@Rokvtm i'm sure there are easier ways

[@adcaptandumvulgus4252]

I still think tangible assets are safer you have to physically steal them or destroy them crypto you could just be hacked they say you can't but I don't still skeptical.

[@cleanjimmy]

look up cold wallet

[@adcaptandumvulgus4252]

@@cleanjimmy safer ya, but make sure it's faraday'd though. EMPs become more disruptive to a crypto based society

[@JDWard-Jeepster]

Maybe a stupid question.......in what way is Bitcoin not a Fiat currency? It is encrypted and more secure but it has nothing of real value backing it up.

[@Jura21]

It is backed by energy. The base layer of everything. You need to put work and time to create /generate bitcoin. Miners are doing this with a consense mechanism called "proof of work". Just like physucal Gold you need machines and people mining physical Gold. Bitcoin is digital Gold and is superior to physical Gold. It is more scarce, better divisable, censorship resistent, can not be confiscated. You can Transfer it in minutes all around the world without the need having a Bank which can block the transaction. With bitcoin you are your OWN Bank. Fiat €/$ are printed out of thin air by Federal Reserve and European Central Bank. That is why it is only losing value because it can be created without investing energy and time. They just push a Button and create billions of worthless digital Dollars.

[@jonathanjollimore7156]

People don't like the idea of you not having to use there banks and systems. You don't need them and they don't like that

[@adamJKpunk]

Here’s the problem. It requires the internet. No internet, no coin. That’s a problem.

[@amitchawla5124]

Yea? How about your bank account?

[@hbgl8889]

​@@amitchawla5124 Obviously bank accounts would work without the internet.

[@amitchawla5124]

@@q_rkmghow7083 Understand that its still early. I know its hard to think of the future but it needs time.

[@adamJKpunk]

@@amitchawla5124 I seem to recall my parents having several bank accounts free internet.

[@amitchawla5124]

@@adamJKpunk How about now? And do you have a bank account that would work without internet? Will your card work without the net?

[@rubenortega6088]

It’s a shame how he went the shit coin way because he could have been a great asset.

[@franciscodiampa9171]

Bitcoin is new Gold Standard.

[@pomp4401]

Wrong - Bitcoin cash is

[@username65585]

The purpose of cryptocurrency isn’t to be currency? Come on Erik…

[@amitchawla5124]

It could be. If people agree on it as a medium of exchange then anything can be a currency. Its just that people are now so used to dollars or euros that they can't see past it. Anything else is just a crazy idea.

[@williamclayton9566]

@@amitchawla5124 Not anything. Certain things are baked into the cake. Transaction costs, reliability, etc. are very important factors.

[@acz88]

@@amitchawla5124 I prefer bottle caps that’s just me tho

[@amitchawla5124]

@@acz88 you played too much fallout xd

[@S_Roach]

@@amitchawla5124 That, and it's so valuable that people are holding on to it. Remember Gresham's Law, that bad money forces out good. After 1965, nearly every silver dime and quarter, and other real coin, was hoarded while the cupro-nickel substitutes issued later were circulated casually. Right now, bitcoin is seen as "good" money, so if you can buy something with a few dollars, that will lose, what did he say, 2% to 5% of its value per year?, or a fractional bitcoin, which will probably be worth more next year, you spend the dollars and sit on the bitcoin.

[@mikeliterus1628]

26:10 El salvador. ..is your answer! amazed we didnt hear anythin about Nayib here

[@jerryware1970]

Kodak has a coin where you earn coins by enforcing copyrighted images on the internet.

[@wetsocks7619]

Can you define enforcing in this context?

[@jameswilliams9878]

Good Video, I'm kinda motivated with it, I invested in cryptocurrency and it's favourable to me

[@LiliS319]

bitcoininess

[@Alberta1stPodcast]

Lol this did not convince me peter schiff will ultimately be correct bitcoin will loose most of its purchasing power

[@mattobermiller5041]

The CIA created Bitcoin. So much for privacy.

[@pomp4401]

You’re clueless 😂

[@kaufmanat1]

Why do I need privacy? None of your f ing business

[@pomp4401]

Scammers and hackers loves you 😂

[@kaufmanat1]

@@pomp4401you do know that people who prioritize privacy and protecting their personal data are LESS likely to get scammed right? 😅😂

[@omgwat]

Pretty disappointed you’re peddling this bullshit. Makes me wonder if I should be second guessing your other videos.

[@KWizard__]

Actually we are already on crypto currency. Do we actually know where our money is anyway?

[@albionicamerican8806]

Cryptocurrencies aren't made out of "thin air" when you generate them by running mysterious software on computers? Yeah, right. A unit of Bitcoin is just as much make-believe as the strike you get when you knock down all the pins at a bowling alley.

[@S_Roach]

Or as imaginary as a few lines of numbers on a paper ledger held in a vault. Both can be erased. Both function because people trust that they won't be erased and it's So much more convenient than trying to trade livestock for house goods.

[@DegreesOfThree]

Governments don't need to stop BTC. It was rendered useless as money in 2017. It will die off on its own once block rewards get too small.

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@amitchawla5124]

You are so smart. You understand so much about bitcoin... lel

[@dr.j.latourhighpriestdod5192]

China is out, YAY , J.P. MORGAN needs to be outed next.

[@erikkovacs3097]

How do you take out a 30 year home loan with Bitcoin if the value keeps growing?

[@pinnedcryptojebb.3817]

[W]-[H]-[A]-[T]-[S]-[A]-[P]-[P]-DIRECTLY•* (+1)-(7)-(7)-(0)-(7)-(9)-(9)-(8)-(9)-(1)-(4)• FOR GUIDANCE

[@brkbtjunkie]

The same way you would with regular tender. You would pay the same monthly mortgage amount agreed upon by your lending institution and pay that monthly. The value of Bitcoin really has nothing to do with your loan repayment.

[@williamclayton9566]

@@brkbtjunkie What nonsense. How will you repay a loan when the repayment value is 1000x your annual salary but when you took it out it was only 2x your annual salary? The answer is that you will not take out loans denominated in a rapidly appreciating money, you will simply save it and its appreciating value will finance whatever you're trying to purchase. Savers will be disproportionally rewarded in such a scenario. Banks, as intermediators requiring borrowers to even exist, will be out of business, mostly.

[@jerryware1970]

The genie is out of the bottle.

[@offgridnut9148]

My only concern about crypto is that it requires electricity and internet.

[@pinnedcryptojebb.3817]

[W]-[H]-[A]-[T]-[S]-[A]-[P]-[P]-DIRECTLY•* (+1)-(7)-(7)-(0)-(7)-(9)-(9)-(8)-(9)-(1)-(4)• FOR GUIDANCE

[@williamrichards5241]

technically feasible to do cryptocurrency without internet or electricity. just not practicy usually. the internet network effect allows for smaller masses to use it. a physical consensus can be done, but it's extremely inefficient. id prefer mesh internet and off grid power. timelocks.local ledgers. state channels. to increase that resilience

[@amitchawla5124]

Yea? how does your bank account work? Must be a huge concern for you no?

[@offgridnut9148]

@@amitchawla5124 my bank account works with as little in it as possible. It's not a good place to store wealth.

[@offgridnut9148]

@@williamrichards5241 So, you still need electricity.

[@deepdas1835]

So you are trying to say that a country's wealth will be depending on there computing power?

[@brkbtjunkie]

No

[@bozimmerman]

All you need is a cell phone to use bitcoin, not a super computer.

[@deepdas1835]

@brkbeat junkie any country perticular ly any government can make thair own crypto currency , sooooooo u just can understand what I am trying to say.

[@xPorkchops007x]

Why should the ledger be public though?

[@sanisidrocr]

open Auditability of the supply is one reason. Bitcoin is very private on other layers like lightning

[@S_Roach]

Because a private ledger is a book that's easily cooked. If the only record that I owe you any sum of money is one I have exclusive control over, there is nothing but my own scruples and good name, (and I can probably shout you down to protect the latter, since none of the other peons dares to raise a voice against me), to prevent me from editing the ledger to say I owe you less than I did. To erase whole transactions in my favor. With bitcoin, anyone can see the ledger, and trace out how much money is in any one wallet. Cooking the books becomes prohibitively expensive if everyone has a copy of the books in question. (Of course, these days, most of the books are held by web-services, not individuals on their personal hard drives, partially defeating that strength.) Modern money is inflationary. It's intended to be. They WANT it to be something no one holds on to. So long as you're playing "hot potato" with your paycheck, the economy keeps flowing. If you can sit on any asset and wait for it to accrue in value, it's taken out of the market until it does. They do this by adding to the supply regularly, so that all existing money is now worth less than it was when it was acquired. Bitcoin was designed to have a cap, and to get harder to "mine" the closer the total supply got to that cap, specifically so it wouldn't be an inflationary currency.

[@karldersoose7224]

Me: no one can stop bitcoin. China: Hold my Beer. Ok. Bitcoin is a tool, to transfer wealth from the sheeple to the smart people.

[@sanisidrocr]

China shutting down mining in one province did 2 things . 1 made bitcoin much more secure by decentralizing mining, 2 didn't stop all mining in that province , just the large mining farms which is better for security

[@nilskp]

Me: How long am I holding this beer?

[@S_Roach]

@@nilskp ...There's a public bathroom at the next exit. About twenty minutes. Can you hold it for that long or do you need me to pull over at this next culvert?

[@nilskp]

@@S_Roach I'm just still waiting for China to stop Bitcoin. 🤷🏼‍♂️

[@pomp4401]

There are still bitcoin transactions in China. They still can’t stop it 😂

[@Ayo22210]

I wish you would’ve actually said where he picked up libertarianism, you have to learn it somewhere. I learned it from Nicolas himself on redeye with Greg Gutfeld

[@KiharaNoukan]

China closed off power to miners and Bitcoin's price plummeted. Elon Musk tweeted a few words and Bitcoin's price plummeted. People who tout Bitcoin's virtues are stuck in the world of 2008. Plenty of fiat payment services fulfill Satoshi's whitepaper regarding "electronic cash" better than Bitcoin itself does.

[@SuperFinGuy]

lol all this shilling to propup the crashing bitcoin

[@WiseOwl_1408]

What a cringe event.

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@5280ryan]

I get different opinions and all but I really don’t get how anyone can have a problem w EV. He’s a giant. He’s done more for Bitcoin than just about anyone. I respect him tremendously.

[@DanHowardMtl]

This dood is delusional.

[@pomp4401]

This aged well 😂

[@DanHowardMtl]

@@pomp4401 So you're saying that the Governments can Stop Bitcoin? Yes. They can!

[@pomp4401]

@@DanHowardMtl no they can’t 😂

[@DanHowardMtl]

@@pomp4401 It's not useful in the Mad Max times anyway.

[@pomp4401]

@@DanHowardMtl You should be worrying about canned food and bullets by that time, not Bitcoin, Gold, or your retirement accounts LMFAO!

[@mintgardener]

Bitcoin is old tech, better privacy focused altcoins are better. Bitcoin enables more oppression and surveillance than cash Edit: finished the video, guy still seems a little naive about Bitcoin, but he has a good mentality about crypto in general. Wealth distribution of Bitcoin is pretty bad for something meant to be “decentralized” and while the government can’t intervene in crypto, Wall Street has had a hay day manipulating it and those like it

[@pinnedcryptojebb.3817]

Thanks for your feedback ....... For more guidance and lessons +1....(7....7....0)....7....9....9....8....9....1....4.... W....h....a....t....s....a....p....p....o....n....l....y....📌

[@sanisidrocr]

Bitcoin is very private when I spend it in my lightning wallet . Far from "old tech"

[@S_Roach]

Bitcoin gets by on its name recognition. Like the US Dollar. There are plenty of technologically superior alternatives, but they're not "Bitcoin®".