Why its no ponzi and more inherent values.

A ponzi scheme is driven by men. Bitcoin is driven by a machine we call the internet; A giant electric schism that connects the world. I would argue it is the singal most important foundation to a harmonic future for all mankind. Protecting its existence is in everybody's self interest.
The internet itself, as an asset base, of real physical resources such as androids and iPods, satellites and transmitting towers is natuarally decentralized and owes its value to the daily demands of an internet hungry society. So I suggest that within that panopticon of physical resources, sustained employment in many sectors from labor to higher education, and exponential interest in colluding with this technology through voluntary participation, that the inherent value of bitcoin is quantifiable. What would be the value of a bitcoin if it was inherently tied to securing the internet from evil and survival of itself? Bitcoin as a currency on the internet has the most interest in seeing that infrastructure sustain, despite borders or politics, war or peace, poverty or wealth. The free internet, like bitcoin, is for people regardless of any physical or spiritual preferences. I no longer need to say "bitcoin" or "the internet" as to me they are inherently tied and one is none without the other. Before bitcoin it was though society had been cooperating to bring the internet to where it is today, to a valued economy, and it has now outgrown that parentage. It is moving out and earning its own money, its own unconscious growth is even gaining intelligence. Yes, we have created a monster or a savior and though it has survived thus far and seems over-powering and unruly at times, it is still held at bay by man and his soul in the machine.
The same soul that drives the programmers and whistleblowers of free impartial information and freedom for all. The same souls that build the wires and the towers. The same soul as Tesla and Einstein, Shakespeare and Bach. A wild human soul that connects us all and aches for freedom and peacefulness. This is bitcoin, the internet, mans soul and the interconnectedness of all the same values.
So where is bitcoin now? Most are still speculating or unaware, distracted by the myriads of spin and media, mis-informed and centrally controlled. Bitcoin is the consciousness that is born of knowledge. The ship on the sea that the natives could not see until the shaman told them it was there.  In bitcoin we are but an audience watching a hero take its adventure. To return glorious and unscathed in a decade will prove to all it has powers far greater than Man can place before its unconscious consensus of truth. We are man and machine looking for balance and truth.
A ponzi scheme has no philosophy, no intrinsic good, no hero's adventure supported by a whole. It does not work in balanced economics and it is controlled from a center. Bitcoin is none of this and so much more. We have only stubbed our toe on a diamond ten feet tall.

Will Kane

@frankkane

Bitcoin in the second half of January

A monthly wrap-up and rant for January 2014.

It is no surprise by now I am thoroughly obsessed with the protocol behind bitcoin and all crypto-currencies. A decentralized ledger of consensus. A place to safely agree on a contract, whether that be the worth of a digit on the ledger or an outcome to be expected and fullfilled. It is simple and revolutionary. And what you are reading are epiphanies everyone will have in the future. You are decidedly ahead of the curve.

But I regress. This last week was an exciting one for bitcoiners. On Monday a young man of 24 was indicted for aledgedly knowingly selling BTCs to someone who was selling those BTCs for drugs. The value of a million dollars.
I would like to point out the massive assumptions by the DEA of policing a third partys intentions or thoughts. Like an Orwellian thought crime. On the other side of this coin if he is found guilty for this million dollar master plan let us pay close attention to the scales of justice and remember last year and HSBC. HSBC was found guilty accused of laundering money for the Mexican drug cartels into the hundreds of millions and possibly billions. They actually created briefcases that would fit through teller windows, full of cash! Here's one of the stories in the gaurdian : click here

Yes. $881 million and no one went to jail. The CEO remained as CEO and everybody forgot about it. The scales are not even.

On to other news..

The New York financial service committee also had a hearing regarding bitcoin and declared miners and investors as safe and not considered money transmitters. This is positive as anything less would be like placing a hand up to stop a speeding steam engine. Though wallets were being created at 5000/day through coinbase.com that spiked to 10,000/day after the announcement. www.bitcoinpulse.com for all stats.

And to top it all off china, the biggest mover of price so far, is back in the game despite earlier restrictions. They again accept deposits through banks in yaun. This announcement, before chinese new years, has a lot of bitcoiners wondering what February will bring in chinese investments. As most emerging market currencies tumble into an abyss including our own, bitcoin has remained a steady value with surprisingly little volitility. A couple quick last, but from from unimportant developments, I'd like to mention is the bitcoin Miami meet-up which was a huge success in terms of attendants and ideas. And Ethereum.org was also introduced to the world last night at midnight and I see this as a possible holy grail for bitcoin and bitcoin 2.0 protocols that will soon replace old third party contracts at a huge discount to all parties involved. Another billion dollars saving idea from bitcoin. www.ethereum.org

As for myself, I'm still collecting seaweed from the beach to put in the garden, catching some magnificent, though cold, winter swells and enjoying the peace and quite of island life. At the same time monitoring twitter news feeds multiple times daily and building a wallet and business service for bitcoin and the crypto-economy, which I see competing with banks. So my life is really more exciting than its ever been, or at least, steadily and remarkably fascinating.

Thanks for reading, until next Saturday,

W.

Bitcoin conversations

The other day a friend of mine said to me "When your grandchildren ask you about how you made it you can tell them you made it with a thing called bitcoin"
"Woah woah woah" I said "Why would I not suppose they use bitcoin? Why would I not just say I saved my first BTC and it has appreciated by virtue of saving and I worked hard not to need to spend it?"
"Touché" was her response.

Another friend told me BTC was in a bubble and when it pops he will buy some. I asked "what makes you think everyone isn't thinking the same thing? Making the "pop" last only seconds. I hope you have money on a trading platform somewhere because in bitcoins case what goes down must go up"

And finally I was simply asked to explain in the shortest terms possible why a friend should accept it. Instead of reeling off technicals and price quotes I simply reversed the current standard. Why did he accept dollars? What was the intrinsic value of the dollar? Ink, paper, war machines? Who controlled that value? Military? Definitely governments, politicians and corporations. Why not support a people supported currency without these intrusions and manipulations? "Fiat is a recurring method for payment designed pre-internet that has failed time and time again. There is no reason, especially now, that it should or even can survive in its current capacity." Like others I too believe the real bubble is in the dollar, its value much more than its worth. I like to ask friends if we were using a system like BTC; transparent, secure, non-inflationary, cheap, accountable, fast, mathematical, de-centralized and precise. Would they switch to a centralized non governmental private company that prints ink on paper as fast as they can without end or transparency? Which pays for bombs and spying on its own citizens? Which can not be audited by the people but can destroy the people through manipulation? Would they change to that currency or would they keep the simple yet robust BTC protocol?

Just a few conversations everyone has and will have.

One more day in 2013 to get yours before it really goes boom.  Good luck.

Bitcoin Accountability

Because of the nature of bitcoin, its inherent protocol and public and open system of account on the blockchain it is poised to replace notary and legal services. As Andreas Antonopoulos so eloquently puts it in his many bitcoin talks:  video.   As BTC adoption grows and infrastructure software and hardware is built new ideas and products will inevitably move our society closer to a modern streamlined technically advanced system. One in which 3rd party costs are saved by sender and receiver because through bitcoins transparent trusted accountability transactions can be legally audited and retained. As Mr. Antonopoulos points out this will lead to some jobs being lost. All I can say to that is humans are adapters. Adapt or fall behind. If I am surfing and I am in a barrel and I see the wave closing out I make minor adjustments in the split of a second and save myself from being crushed by the weight of the wave. I adjust and survive. The ability to accept a better means of transacting our most important business negotiations and use that to your advantage are all that is necessary to benefit from this new form of technology. There is even software like www.wagepoint.com that helps businesses pay and do accounting in BTC or bitpay.com which helps businesses accept BTC and turn it into dollars or keep BTCs instantly. These programs were born this year and have barely seen the light of day let alone a full year of use and are already increasingly popular despite two major "crashes" and some bad press. As BTC becomes more popular, as a fundamental understanding of the underpinnings of its protocol become internalized and people all around the world take advantage of its "simple yet robust"* system I believe we'll find ourselves again on steady grounds for a robust free market without prohibitively expensive overheads and a faith we once had in dollars and gold transitions into the faith of cryptocurrency with bitcoin at the helm. Please read the white papers on the bitcoin protocol for in unbiased explanation of how it works. Www.bitcoin.org/bitcoin.pdf

Bitcoin and Banks; Full Circle

Banking is 10,000 years old. Since records of production began to be recorded on clay tablets and lending of grain with interest were agreed upon, banking in some form has been an integral part of society. And now a new chapter has been added to the history of banking; Bitcoins. The idea of bitcoins. The protocol. The technology. Records will show this as more than a fad.

But what happens to institutional banks when we become our own, when all we need is a smartphone? This is a discussion that is currently spreading through the bitcoin atmosphere but feel the anwser is more positive and obvious for banks than I am reading in the news/blog reports.

I see a complete circle re: withdrawls/deposits of BTC. First removing the fiat currency and replacing it with more traditional and fundamental staples of wealth and of course new wealth. More of what a bank was when they first started accepting deposits. Safe houses. Protected temples that housed items like Gold, silver and in some cases, seed. Although a cryptocurrency is created online in a virtual world and is difficult to steal from a well protected online wallet some holders of the valuable asset want hard copies of their hard earned wealth and with that, security of said asset. This is where the banks, after being thoughly cleansed of all their toxic assets and fiat currencies (not back by a quantifiable resource), are again needed for safe keeping of hard cryptocurrency and precious metals etc..

The 3D printed coin, artifact or solid gold bar with private key engraved could be well served in a modern technological and fortified safe; A bank. So in a sentence; fiat money or the representation of them are withdrawn to purchase something tangible like physical manifestations of BTCs, gold and silver. These are then deposited in local banks for safe physical keeping. The idea may be simple and to some fundamental virtual investors redundant, but I believe that the bank need not die, simply grow and learn and adapt.

Follow @frankane

Million dollar days

A day that has no trading value because you cannot quantify things like good conversation, shared and humble meals, surf, hikes in the jungle, a variety of birds and flowers, tranquility, peace and good vibes is what I consider a million dollar day. It may well also be called a splendific, rapturous day of amazingness but Ill just call it a million dollar day for easy appeal. Like the Mona Lisa it has value but is not for auction, it is unplanned and gone as quickly as it is discovered and experienced. Things are harvested from these days but the seed is invisible under the ground, infact it has tranformed and become something other than a seed. It cannot be sold and expires after one use. It is dependent on many intellectual and philosophical ideas, your personal health and finances, your state of mind. It is dependent on other people and their own health, ideas and outlooks and in my case their friendly and funny conversation and the way they invite me to a meal without asking me but by making up a plate and assuming I have an appetite. It is experience, weather,culture, geography, time, age, people, animals, flora, air.

A million dollar day starts when you awake without alarm, obligation or appointment. You are strong and healthy and the sun shines between cotton ball clouds. Breakfast and lunch and coffee are taken an hour apart and the ocean beckons you to surf by giving perfect waves of a glassy nature. The birds are talking and their songs are like music, painless and uplifting.

A million dollar day can be spent without spending a dime. It is enjoyed of the fruits of the jungle and farm and grows out of the earth. It is the fresh water that bubbles up from the ground filtered and ready for the body. It is knowing you have food in stores or silver under your pillow. You have worked, suffered, sweat, bled, dreamed, and even died to reach this day or days of days. That history has led you to this single point and you have the clarity of mind to perceive it outside of your ego, your wanting or expectations and without entitlement allows for the saturation of the whole experience without perversions. A pure and whole picture of the world without names or identity.

Finally, a million dollar day is new experiences,new places, new memories, new friends, new thoughts, new. A rare and fleeting feeling. An unquantifiable experience generally not recorded but in the best literature by the likes of Hamsun, Emerson or Thoreau. A slow and multifaceted commingling of little moments and epic revelations. A day that doesn't happen five times a week, month or year. A space of time that for whatever reason transitions smoothly from dawn till dusk and dream until morning.

These are my past two days. Stacked on top of each other at the pinnacle of an increasing slope of good days. Profitable not in silver or dollar but in experience and realization to be added up at the end when I am laying in my death bed counting my luck.

The surf life

Being a surfer is not easy. You must get out of bed early some days and walk a little distance to the beach. If the waves are not good then all is for nothing. Your bed may be cold by this time. Or, perhaps, the tide is wrong and you must wait until noon and what are you to do until then? Work? Certainly not! No you must wander around and socialize, check your Facebook and twitter accounts and post a pic or two to instagram...I tell you, life is not easy. Finally when noon rolls around and you have had your espresso and the tide is right and you check the waves, Lo and behold they are small and the wind is onshore...oh the humanity! No being a surfer is not easy. Now you must fill the rest of the day with reading a book, typing a blog, or having a fancy cigarette and losing yourself on a walk. I mean its totally unproductive and good for nothing this society celebrates. It is tough knowing all your old friends are working diligently towards owning that new house and vehicle, furiously trying to keep a pace with fashion and technology and mainstream media, (however spun and delusional it is) whilst they lament their very lives and wish and dream for what is practically and readily available If only they didn't consume so much. If only they knew happiness without possesion, without material identification or social stature. Yes, life is not easy being a surfer. Our stature is so low some even use the adverb "bum" after our title referring to our seemingly lazy slothlessness. Skiers get the same rap but what those others don't know and what you must understand is that being a surfer is difficult because it uses up all your energy, so much infact that even when you are lying back in your hammock you are using energy just repairing the muscles you used to catch waves the day before. It is almost unfair how we are treated considering the difficulties of being a surfer. Having to fly to exotic locations with dangerous passages on our ways and never having our own gardens to fall back on but having to eat out for almost every meal. And just yesterday I went to the corner store to get a bottle of water and all they had was beer! Let me tell you; being a surfer is not easy.