THE BITCOIN STANDARD PROVIDES FOR COMPETITION ON A LEVEL PLAYING FIELD

Goat On Level Playing Field

I have been asked why I have not yet covered the Jimmy Song/Roger Ver debate . . . well, I would rather take my time and cover in a thorough way what I consider a watershed moment . . . at least for me . . . and I think for many other laymen bitcoin enthusiasts. . .

I thought this was probably only true by those of us who proudly bear the banner of “bitcoin maximalist” . . . but, in fact, the debate is also a watershed moment for those carrying the opposite view . . .what I will, for now at least, politely refer to as “bitcoin minimalist” . . . nowhere is this more evident than Chris DeRose opening salvo declaring our spectacular demise. (However, as pointed out later by Giacomo Zucco a more accurate description would reverse the labels.)

Former Bitcoin Maximalist Chris DeRose gloats over what he considers the death of Bitcoin Maximalism while Bitcoin Maximalist’s mourn of the loss of billions by small investors taken in by scams promoted by Chris DeRose and others who know or should know better. Below is the full presentation by Giacomo Zucco which Chris DeRose marks as the presentation where Bitcoin Maximalism died. Chris DeRose provides no link to the full context, so here it is. Please take the time to listen to the excellent presentation by Giacomo Zucco below.

As a result of this opening salvo from Chris DeRose, pause and delay of thoughtfulness is no longer possible.

First, let me say that Chris DeRose was one my early bitcoin mentors. . . and as a result of his highly entertaining and informative YouTube videos with Junseth as well as video productions by World Crypto Network. . . I was slowly persuaded that bitcoin and bitcoin alone is sound money. . .

Further, I am persuaded the bitcoin standard will evolve as money in the same way that the gold standard evolved as money. . . this is largely due to the influence of my earliest mentor E. C. Harwood. Here is Harwood’s history of how a gold standard privately developed as sound money through the Lost Art of Commercial Banking.

The transition to bitcoin maximalist did not come easily . . . it did not come quickly . . . I started out on bitcoin but was readily convinced that competition in money or “free market” money necessitates multiple monetary experiments evolving simultaneously . . . I hodled a handful of alt coins. . . persuaded that the market will eventually prove the winner . . .and this view remains for bitcoin maximalists.

Bitcoin is still an experiment. . . it may or may not succeed. . . but for a plethora of reasons I have come to hold that bitcoin will be the standard or the experiment fails.

And, yes, I had high expectations for the Jimmy Song/Roger Ver debate and was extremely disappointed that it turned into a circus. . . but not surprised.

I was there. . . I have not watched the videos of the debate. . . but from my cursory search there is no video record of the ambush of Jimmy Song by Roger Ver prior to the debate. This was fully recorded by Roger Ver’s team poolside below the platform with the promise on camera it would be published. . . to the best of my knowledge this initial ambush was never published by Roger Ver as promised.

The first time I even saw Jimmy Song on the cruise was when he got ambushed by the pool before the debate. . . and Jimmy was visibly shaken and literally trembling from the episode. . . and it was shortly after this I met Jimmy Song for the first time.

The reason I never saw Jimmy on the cruise is because he attended no events except a Carnivore Dinner. . . this was the evening of the day my wife and I spent our time at a hospital in Monaco. That evening we ate at the same restaurant as the dinner, and we were invited, but we did not attend due to our unusual day.

Jimmy was not visible because because he buried himself in his room working on his book. . . he simply was not on the cruise except in body. . . he prepared for the debate well in advance . . . but his focus was on his current work.

I introduced myself to Jimmy for the first time while he literally got on stage and offered him my prayers. . . which I only expect him to understand . . . as I am certain he does.

You see, as bitcoin maximalists we were completely decentralized. . . there was only one “cabal” to quote Chris DeRose and that was led by Roger Ver and faithfully supported by alt coin/ICO minions dominating the conference.

Jimmy assumed an agreed upon format of a Lincoln/Douglas debate.

And frankly, it was a huge mistake by us, his supporters, that this was not hammered out beforehand and that there was no moderator to enforce what Jimmy thought he was entering into. Jimmy was then forced to explain the format which opened him up to be ambushed once again, this time publicly for the world to see. . . and the circus began.

While bitcoin maximalists may be decentralized, it is incumbent on us to get our act together. . . many of us knew what Jimmy was walking into. . . Jimmy had no clue. . . we did not watch his back.

Just as Roger Ver was able to dodge the merits of Jimmy Song’s case. Chris DeRose attacks Jimmy Song for his dress and that he had a prepared text, rather than the merits of his arguments outlined in his prepared text . . . Jimmy never left his air conditioned suite. . . except for the debate and had no idea it was outside and poolside . . . here is the full text of Jimmy Songs presentation. . . which Chris DeRose derides but avoids.

And here is Jimmy’s observations on the the recent bugs in BTC and BCH . . . quite different from the Chis DeRose take . . .

Bitcoin maximalism is not dead . . . quite the contrary. Both sides have recognized this as a watershed event. My position is that the positions of Jimmy Song and Giacomo Zucco lays the foundation for full development of bitcoin apologetics and are must reads for those seriously examining the issues.

I was in the pool next to Tone Vays when he saw Jimmy going down . . . and being the street fighter he is. . . jumped in and executed beautifully. Tone did a slam dunk when he nailed Roger Ver for not having read Bitcoin Standard.

Roger Ver bragged to Jimmy Song that he read John Maynard Keynes The General Theory of Employment, Interest, and Money while being tortured in prison and thus, knew economics while bitcoin developers like Jimmy Song do not. . . again avoiding all merits of Jimmy’s case.

This author was locked up 11 years in prison, so according to Roger Ver this Ugly Old Goat is ten times the economist of Roger Ver. I started reading General Theory in prison but found it unbearably boring and a total waste . . . for those who want to know John Maynard Keynes I would recommend The Money Mirage and The Battle Of Bretton Woods linked below along with The Bitcoin Standard linked above.

(Incidentally, this author attended the Mt. Pelerin Society upon personal invitation by F. A. Hayek which was specifically founded to foil the growing threat of Marxist and Keysian planning around the globe. But this has nothing to do with the merits of bitcoin maximalism, just as struggling through Keynes General Theory is irrelevant. . . The Bitcoin Standard which I have read is relevant. . . but Roger Ver apparently has no time to read books unless under torture by the feds.)

The following was recommended by Tyler Jenks and it is excellent.

Tone especially hit home when he pointed out all the scam coins Roger Ver has promoted. Roger can’t take what he dishes out.

My point here is just as altcoins and ICO scams don’t play fair, Chris DeRose avoids the substance of bitcoin maximalism while attacking its form, and regularly uses false ad hominem attacks to make his case while claiming all ad hominem arguments are wrong when they accurately portray his position. As pointed out before, ad hominem agrument is valid so long as it is true and relevant. Bitcoin minimalist despise a level playing field. . . that is what makes them scammers.

It should be noted that Chris DeRose and his pharisaic leader Roger Ver recognize they need new money to keep going. The conferences promoting blockchain are feeding upon one another . . . so the new strategy is to promote their scams in non-crypto conferences. . . targeting a whole new uninformed audience.

At the same time the trend by bitcoin maximalist‘s is to hold bitcoin conferences devoid of ICO’s and devoid of all alt coins and focus exclusively on the development of The Bitcoin Standard. . . recognizing that it provides a level playing field for the development of sound money. . . just as the 19th Century gold standard.

Further, it is important as bitcoin maximalist’s to distinguish between those in the crypto space who oppose sound money through ignorance . . . and those promoting private fiat money for personal gain. It is much like how Christ distinguished the pharisees and the sinners. . . and treated them accordingly.

Copper, zinc, and nickel never competed with a gold standard. . .although all three have been used as cash (coinage) under the umbrella of a gold standard. Silver competed for a while, in fact the dollar has always been defined in silver . . . but silver could only hold any ground through legislation of a bi-metal system and a state sponsored fixed price of silver in terms of gold. . . and during this bi-metal history silver too acted like cash! Silver was the best cash available in that it had intrinsic value in addition to be fully redeemable for gold! But rather dirty to hold in a pocket. For a brief period time during World War II the U.S. nickel was made with silver . . . nickel being critical for the war effort. For a long while under the Federal Reserve, silver certificates were redeemable into silver while paper dollars were redeemable for nothing! . . . unless you were a foreign central bank . . .and only then were they redeemable for gold.

My point is at no time did gold act as cash during the gold standard era! Cash was built on top of the gold standard!

Under a gold standard gold was rarely used as cash. For a year or two in a specific location during the California gold rush gold was used as cash for coffee and Levi’s. . . where coffee and jeans were dear and gold plentiful. But elsewhere in the world, coffee and clothes were purchased by specie or coinage based on the gold standard. Gold coins did not circulate, they were hodled and treasured as a store of value. . . and it was this known and trusted store of value that created the most advanced non-inflationary monetary system ever known to mankind.

Gold evolved into the financial standard . . . to settle accounts . . . and provided a store of value upon which all transactions, including cash transactions were measured. Gold was rarely used as cash, but a gold standard was universally used to settle accounts.

For Bitcoin Cash to succeed in its proclaimed goals of being a peer-to-peer cash system it must be centralized and built on top of the bitcoin standard. . . in the alternative, if it succeeds in the proclaimed goal on becoming the new standard. . . it will no longer act as cash. . . but will be the standard for all financial transactions, including cash. It doesn’t work both ways . . . to claim otherwise is the scam.

Bitcoin is an trustless unconfiscatable easily transported store of value. The Bitcoin Standard provides a decentralized unconfiscatable platform providing centralized competition on a level playing field.

The death of The Bitcoin Standard and the bitcoin maximalist is greatly exaggerated.

UOG

Editor’s Note: Apparently I disappeared for a time on Medium, like the eraser of Alex Jones, which is disconcerting and a sign of the times in which we live. I really like Medium, but I also see the inherent danger trusting it for a venue. I am guessing it was the slaughtered goats image. They have not replied to my inquiry. I am working on new ways to do this. Any suggestions are welcomed.