728x90 AdSpace

Latest News
August 16, 2017

DASH for the War on Cash?



By Bill Bonner, Bonner & Partners

Note: This week, Bill has been taking a long, hard look at cryptocurrencies like bitcoin. That has sparked intense interest among Diary readers. So today, we asked self-described “bitcoin bull” Teeka Tiwari to show readers why cryptos could be your best asset for protecting your financial independence.

Roger Ver had been selling network hardware for 15 years.

He ran a successful business and was a hardcore libertarian.

During his spare time, Ver was a frequent listener of the Free Talk Live libertarian podcast.

In 2010, the podcast did a piece on bitcoin. Roger listened.

And in that moment, Ver knew that the idea of a decentralized currency that no one could manipulate or control would work.

In March 2011, he bought 25,000 bitcoins at $1 per coin.

That faith paid off…

Two years later, at the peak of the market, that $25,000 in coins were worth $30 million.

Ver was such an advocate of bitcoin that he earned the nickname “Bitcoin Jesus.” He preached the virtues of bitcoin to anyone who’d listen.

He’s not alone… There are plenty of others…

I’ve reached out to Ver and many others like him. And as far as I can tell, there’s nothing remarkable about them.

They weren’t tech gurus or super-sophisticated programmers. They were just like you and me.

But there is one trait they all share…

Financial Privacy Is Key to Your Freedom

The one trait that seems to unite bitcoin millionaires is their dislike of big government.

Here’s what I mean…

Ver was intrigued by the idea that bitcoin could free people’s money from government manipulation and control.

He believes we should be in charge of our money… not some central governing authority.

Believing in the simple idea of decentralized money is what allowed him to recognize the transformative nature of bitcoin…

It’s what helped men like him become millionaires.

But they also gravitated to bitcoin because they love freedom. And that’s what I want to talk to you about today…

The Next Wave of Privacy

Bitcoin was the first cryptocurrency to provide a great deal of anonymity (and still does).

Your name isn’t part of bitcoin’s ledger. But the ledger (called the blockchain) that tracks bitcoin transactions is open for the whole world to see.

This matters to privacy advocates because if even a single one of your transactions can be tied to a specific address in the blockchain, a forensic research team could unravel your entire payment history.

Investigators can track who sent you money, who you sent money to, what you bought, and who you bought it from.

Now, it’s difficult to unravel the bitcoin blockchain… but not impossible.

That’s why I reached out to Roger Ver, the man people call “Bitcoin Jesus.”

Roger has built up a $52 million net worth from a string of successful cryptocurrency startup investments.

He’s the “go to” guy for what really matters in the cryptocurrency space. If there were a truly secure digital currency out there, Roger would know.

He lives in Japan and is a very private man.

It took a lot of persistence to get a meeting with him, but it was worth it.

In a moment, I’ll pass along his advice…

But first: Please don’t misunderstand me… I am not suggesting that we are doing anything wrong by maintaining anonymity.

There are many legitimate reasons to want to keep your payment history private. From the political parties you choose to support to the charities you deem worthy of receiving your money.

Either of these two choices could be used against you by a potential employer, political rival, or government agency. (Remember the IRS scandal? Tea Party groups accused the agency of unfairly singling them out for audits.)

A Natural Market for the War on Cash

Your financial privacy is under assault by the War on Cash.

Every day, we get closer to a world where the government can peer on every single one of your purchases.

Fortunately, Roger told me about a new cryptocurrency that can protect your privacy more effectively than bitcoin.

It’s called Dash (short for “digital cash”), and its creators “want digital currencies to be so easy to use your Grandma would use them.”

So if you’ve been considering protecting your financial freedom with some cryptocurrency, you may want to look into it.

Keep in mind… These are new ideas, and I haven’t vetted them as thoroughly as bitcoin.

Let the Game Come to You!

Courtesy of Bill Bonner, Bonner & Partners

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

© EconMatters.com All Rights Reserved | Facebook | Twitter | YouTube | Email Digest | Kindle

  • Blogger Comments
  • Facebook Comments
Item Reviewed: DASH for the War on Cash? Rating: 5 Reviewed By: Econ Matters