Debunking Bitcoin Myths – How do you know?

3 posts / 0 new
Last post
mrees999's picture
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 431
Debunking Bitcoin Myths – How do you know?

Debunking Bitcoin Myths – How do you know?

Do find yourself defending you decision to not buy bitcoin because it seems the popular thing to do – and you are naturally want to go the other way as a matter of principal - thinking of yourself as a non-conformist?  Join the club.  Only… I’m not afraid to ask the one question most people never think to ask.  How do you know?

I see some people on these thread they say things like bitcoin is some kind of conspiracy –“ a one-world currency pushed by the government” – or an experiment for such scheme.  Almost an equal amount of people will say just the opposite: “the government would never allow it – it will be broken up”. What do both of these camps have in common?  They started  their mouth (or keyboard)  without first engaging brain. One of my favorite quotes is “Seek first to understand…and then to be understood” (Stephen Covey).  So many people talk…and talk…and advise, and warn – without ever even taking the time to understand first.  Is it reactionary? Is it intelligent? Does it make you sound respectful? Can you defend, illustrate, or reference your source of opinion?  Quite simply – I’ll ask… How do you know?

If you don’t have an intelligent – researched and coherent answer – why should anybody listen to you?  Some people have such irrational answers or gives stories about cowboy herds and mass phycology without showing how in any way that relates to bitcoin – “and it matters…how?”  My mother used to ask…what does it have to do with the price of rice in China?

What you can do – is scan all of the posts here on the website – and take a count of those who know a lot about bitcoin, and those who know a little.  Take note of how many that knows a lot about bitcoin – still fear it or warn others?  Logically, if they knew a lot and were warning you to stay away, that would be an important sign.  Conversely – those that post very little detail – but seemingly just say “your team sucks” - did they demonstrate any knowledge of what they just said?  Counting all that you see… do you see a pattern develop? Now, if you see that pattern, and know that the value of bitcoin has progressed 9000%...which is likely higher than anything you can remember , remember back to the comments made by people who knew the most. Was it a good thing that you might you want to research that a little more? 

Consider this:

Bitcoin isn’t a company.  It doesn’t have an advertising campaign or spokesman. There is no budget or reporting to shareholders. Nobody gets a bonus. It doesn’t pay CNBC or Fox News advertising or back room deals to pump it.  What’s all the fuss?  Why should even I care?  Good question.  I too am tired of the old gang of banksters and crooked politicians and those established “old money”
 corruptions and status quo continue to hold power and make those without – stay without or dependent on them.  Do you think bitcoin would have been invented if it played by the rules? It threatens every old-school established powerbase in the world. Only the most enlightened seem to get that and now are trying to adopt around it!  Imagine something that is 5% the size of google creating this much stir in the world…without advertisements, sponsorship, a budget, or an established leadership, or connections to “old money”. What in the world could do something like that?


“If you Google” the history of talk about bitcoin over the last few years. – and remember Gandhi’s words.. “First they ignore you, then that laugh at you, then they fight you, then you win”.

Youtube a little from last year, and this spring and summer that cnbc and other financial news channels and publications for any positive talk about bitcoin and you might be shocked to see 95% of it was negative. Yet here we are.  We are still talking about it. A 9000% increase.  Without advertising, a company, or even a government backing it. They say it has no intrinsic value.  They say it’s not backed. They say it’s only used by drug dealers and terrorist. They say it’s only for fools.

“They” being so knowledgeable could never imagine that a small $1000 investment last year could be worth $90,000 now. But yet they still tell you it’s in a bubble and to stay away from it…As they did when it was 500, and 200, and 100, and 50, and 30. Is it a surprise that many people ignore them? Most of the new money comes in from other countries – some of them desperate for honest money untainted by governments and corrupt bankers. Do you think they give a rat’s ass about Jim Cramer?

Have you asked yourself why? Or did you listen to the talking heads and make snap judgments based off from their opinion? I’m such a non-conformist that I have no trouble challenging public opinion. I’m technical in nature and can be confrontational so I can challenge any long held beliefs about anything quite naturally. I simply ask…”How do you know”. And surprisingly often, I what I hear quite clearly – is that they don’t know. They are guessing, making pre-judgments without the facts…acting on “gut instinct” and emotion. They say “past history” as if it was applicable. But when we drill down and get to the core – we find out, they simply don’t know.

The mysterious creator of bitcoin was just like you and I. Mistrusting of government. His original “white paper” discussing his idea was quite clear about that.  He was paranoid…perhaps rightly so…that his invention would be a world changer.  History will remember his contribution and genius on par with deVinci and Newton, and Einstein - far superior and misunderstood that the common person of their time. He (or they) had to remain anonymous so they didn’t become the target – for manipulation, coercion, ridicule or death. He understood what this might mean – he had no illusions that he should have asked for permission. He was a rebel who was not afraid to think differently.

He made money…like a computer virus in a way.  Human’s replicate it for good.  It is spread through word of mouth – but the effects of the program result in the “block chain” – the ledger of all accounting of all transactions that have ever occurred – anywhere, at any time with regard to the currency itself. We don’t concern ourselves with “who”, and “why” – only that it is all accounted for. We don’t rely on “trust” to a banker or central government assuring that “it’s all there- I promise…no need for an audit”.  – He had the balls to ask the question “how do you know”?

Every 10 minutes or less – all transactions are accounted for and processed by the hundreds of thousands or more computers all running the program to validate, inspect, and agree on the record. It’s as if you had a million secret service agents popping up and inspecting the receipt for every purchase, every time – and nobody controls them. Once the computers compare the consensus of agreement is formed – recorded and the block chain waits for the next 10 minute block of time to repeat. You can go back to this record to see the very first genesis block of currency ‘mined” in 2009 and every block since then – all 12 + million units (and each subdivided as far as to the 100th million of a bitcoin). No government or bank required. The hundreds of thousands of computers jointly acted in this role.  Power. To. The. People.


What if the electricity goes out?  You wait for it to come back on.  What if the internet goes out?  It was built to survive a total nuclear war… it won’t.  You can’t spend it if you don’t have a computer, have a smart phone? Have internet access at the library, school, public pc, friend’s house? Parent’s place?  Have no friends, family, or access to anything connected?  Maybe you should work on getting a life before you worry about saving it. But there is no shame in owning silver – I do.  I sleep well at night. And, I’m happy that my bitcoins are growing like a virus does. It’s exponential growth.  Like all transformational technologies – such as owning a tv, cellphone, internet – it is following the same growth patterns. It is no more a bubble than they are. If they were listed with a price – they would be similarly priced.  Bitcoin is just the price of admission in this new world. The government will figure out how to get theirs. As will the bankers and old money once they figure out what the hell just happened.  But for now…in this brief window of opportunity – you might understand before they do… It’s your slight advantage if you move quickly. And when you go down this rabbit hole I’ve shown you – and you get your “a-ha” moment and let go of your previous dogma,  you will also likely want to spread the word to your family, as important knowledge is also like a virus.  

They will likely ask you a very good and reasonable question that you’ll be prepared to answer:  “How do you know”?

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2391
You go Mrees....

I believe you speak truth.  The truth you are finding is the same truth I am finding, and like you, I don't just spout my first gut reaction without doing my own due diligence first.  I do not believe that the Globalists are all powerful... I do not believe that Bitcoin is, "theirs".  I do not believe that the Globalists, or the FED, or any other form of TPTB, are powerful enough to stop it.  It will have it's ups and downs in price, and it will have its technical concerns (i.e., will the Blockchain become so unwieldy that it will eventually have to be pruned, as Satoshi had recommended?).

Gold/Silver and Bitcoin is not an either/or.  I was at the local coin show yesterday and bought 50 Maples ... Silver is too ridiculously cheap right now not to buy as you can.   

If you want to get a glimpse of how revolutionary Bitcoin is, and how much of a cold shower on the parasitic financialized paradigm it is, check out this recent piece by Stefan Molyneux;


mrees999's picture
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 431
Great post!

Great post and an eye opening video for those who haven't had their "a-ha" moment yet.  It's coming.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments