Where You Goin’ Bitcoin?

Hey Joe…

I heard you shot Bitcoin down. And that ain’t cool.

For those of you who don’t know, Joe Weisenthal is one of Bloomberg TV’s most talented anchors. He has 180,000 followers on Twitter and is considered by many, myself included, to be a world-class economist.

In lieu of his recent attacks on the crypto community, and with homage to the greatest guitarist who ever lived, this is an open letter to him.

Don’t get me wrong, the explanation you gave about the way price discovery works in the Bitcoin market is spot on. Excuse the pun. In fact, I’ve used the same exact analogy to describe the harmony between speculators and real-world supply and demand.

However, the premise of your argument is fundamentally flawed, which seems to have led you to a false conclusion that “Bitcoin is for making transactions against the man.”

Bitcoin is a free and open network. Meaning, that any person can use it in any way that they wish. Other purposes to use Bitcoin that are not ‘sticking it to the man’ related include but are not limited to…

  • Remittances – Sending money from the 1st world to the 3rd much faster and cheaper than current options, especially for those who don’t have a bank account but even for those who do.
  • Embedding information (links/text/images) within the blockchain, creating a permanent and public record of them.
  • Reconciliation of data. To some estimates, more than 30% of BTC transactions are done by VeriBlock.

Of course, I was delighted to see your latest clarification that you were not actually attacking Bitcoin, but rather some of the members of the community who are trying to whitewash Bitcoin’s anti-establishment roots.

Here again, you are absolutely correct!

Satoshi Nakamoto was very explicit in the reason for creating Bitcoin. As a kind reminder within Bitcoin’s first block, he embedded the following image so that we never forget.

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