Self-appointed Bitcoin Cash CEO, Rick Falkvinge, discusses the profound implications to society of cryptocurrencies:
I think Rick has amassed rather a lot of bitcoins himself over the years and must be now very rich. Why do I bring this up and how is this relevant to this blog? Well, for one, Rick Falkvinge wrote an article back in 2012 entitled Three Strong Reasons Possession of Child Porn Must be Re-legalized in the Coming Decade. I nearly laughed when the interviewer asked him about the problems of cryptocurrencies being used for “illicit purposes” such as child porn. Perhaps wisely he didn’t divert the conversation onto his true beliefs about that.
The other reason I bring this up is because a lot of his points are very relevant to the possibility of a sea change in attitudes. As he points out there is a huge wealth transfer going on from, perhaps what I might see as, old grey haired male feminists in suits to the new libertarian computer nerds. Those who will have made money in bitcoin are disproportionately likely to be those who are both technically literate (as they will have had the ability to make use of bitcoin early on) and libertarian (as they will have had an interest in a currency that is beyond government control). Putting those people in the driving seats means that they will have the economic power to begin to shift cultural and social attitudes more in their direction. Even if some or many of those people don’t agree with child porn (because they believe in freedom but not THAT MUCH freedom blah blah blah) those people are still liable to end up creating an environment that allows those with truly controversial opinions to have a platform. And besides, we know that at least one child porn advocate – Rick Falkvinge – is already very rich from bitcoin! Not forgetting so-called ‘rapist’ Julian Assange, who has now also converted to anti-feminism.
I haven’t written much on cryptocurrencies during my time doing this blog, but I was nearly one of those who had amassed huge wealth, unfortunately, due to a lack of vision and foresight on my part that was not to be. That said, if anyone wants to get into cryptocurrencies there is still some potential. Bitcoin’s price is quite high given it’s extremely poor scalability and political problems, though its brand name could mean those will be overcome, but if there’s one other cryptocurrency that I think still has potential to take over the world and maybe (maybe) make 1000x gains then I would say it would be IOTA. That means a £1000 investment into IOTA could become £1,000,000. Or it could fall to 0. If investing in cryptocurrencies then I would draw parallels with the dotcom boom, old social media networks etc (as Rick Falkvinge did) and add that 99% of cryptocurrencies are likely to fall in value to 0. So when investing in cryptocurrencies the most likely way to succeed would be a concentrated portfolio. Too diversified is likely to wipe out a lot of the gains due to investing in crap cryptos that will never go anywhere and too concentrated into one crypto runs the risk of that cryptocurrency failing and you losing everything. Of course, you’ll need to start somewhere so investing a small amount that you can afford to lose into one of the best cryptos is a start. How do you determine best? Firstly, I would ask whether the underlying technology is revolutionary and significantly better than other existing cryptos (IOTA has this benefit as it has no transaction fees, enormous scalability and in theory, though not currently in practice, fast transaction times all unlike bitcoin). The second thing would be a combination of brand name, market cap and first mover advantage. Yes, any cryptocurrency can be needlessly forked and a copy created, but the version most likely to succeed is the one that started first, has the highest market cap and is most widely known, unless a significant technological improvement of the ‘fork’ can be shown.
That’s all from me for now, here’s hoping some anti-feminists get rich from this advice 🙂 Of course, there are other cryptocurrencies with real potential as well, but for now I’ll leave the reader to do their own research. Perhaps I will write up more on the others at a later date. Just remember, there is significant risk, so do not risk more than you can afford to lose! If you are 20 then it might be OK to risk everything as you won’t have spent much time earning anything anyway, but if you are 50 it is probably a bad idea to risk your life savings as you won’t be getting them back. That said, if you are about to have your life savings taken from you by some whore trying to sue you on a rape charge then selling all your assets and putting them into cryptos might be a good move, though you will need to work out the logistics of ensuring that your wallets are suitably encrypted and redundantly stored in a way that it is almost impossible for you to lose them or the police to seize them. That way they can lock you up, but at least the bitch won’t be getting your money!