San Antonio Crypto Network

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Krugman, Ponzi's, & Ignorance Is the act of supporting Bitcoin akin to supporting a Ponzi scheme? Detractors like Paul Krugman in his Seattle Times article seem to think so. Such statements

Yes, we do live in a civilized society, but we're not out of the woods yet. Manifest destiny was the narrative that pushed violence and subjugation westward in a convincing fashion to communities in the 19th century who may have also believed there was little technological and societal progress left for them to hone and refine which left them little choice but to spread it to the rest of the world by any means necessary. Is it possible we are still just as naive as our forefathers in believing all of our current technologies and societal norms have little room to grow and develop? I wouldn't bet on it. Take the concept of money, for example, it once took the preferred form of gold and is now mostly represented by paper backed by men with guns (in the words of American Economist Paul Krugman). Is violence truly the way we're meant to do business? - Andy

Two years ago, the Bitcoin we know and "HODL" today resisted an attempt of changing one of its fundamental tenets (that of block size) by a very well funded conglomerate of businesses both in and out of the cryptocurrency market. In short, the benefit to this conglomerate would've come in terms of more lucrative fees and a higher chance at minting Bitcoin due to the nature of how mining networks work where costs of bigger blocks per transaction can w**d out all but those with very high capital. In the end, the majority in Bitcoin's network prevailed through the use of the UASF (user activated soft fork). The attached article is a great refresher on how it's meant to work. Some will say UASF had nothing to do with the capitulation of "big blockers", and that's because UASF wasn't actually executed but was coded into the Bitcoin protocol should it be required. And that's the way these game theory scenarios work, there's not always a real life scenario that allows for the testing of a scheme, perhaps because those on the potentially losing side would already know how it's to play out and thus avoid taking the risk to begin with. - Andy

The Latest Twist to the Block Size Debate Is Called a “UASF” Just when Bitcoin’s long-lasting scalability dispute appeared to have reached a deadlock, a pseudonymous mailing-list contributor may have presented a way out. Segregated Witness (SegWit), the Bitcoin protocol upgrade proposed by the Bitcoin Core development team, would roughly double Bitcoin’s....

Gold's spokesperson, Peter Schiff, again steps up to the plate to try batting away the strong wave of support behind Bitcoin. Considering Bitcoin is such a new asset class, it's unlikely the Gold vs. Bitcoin debate will die down anytime soon. One of the bigger sticking points that make Gold a weaker medium of exchange than Bitcoin is its high transaction cost. As in, why would I want to accept gold as payment when it would require specific tools, experience, and time to confirm a gold bar's legitimacy when I could just consult the Bitcoin blockchain which immediately can confirm a transaction's soundness before continuing with my day? - Andy

The Gold vs Bitcoin Debate : Anthony Pompliano vs Peter Schiff Bitcoin vs Gold. Which is superior and why? Anthony Pompliano and Peter Schiff Battle it out. Who won? Did Anthony convince Peter to buy Bitcoin?

And deeper down the rabbit hole we go. With the Federal Reserve's recent statement concerning lower interest rates, we're effectively getting "cheaper money". Is this the best lever to pull when in control of the world's reserve currency? Only time will tell. - Andy

Interest Rates Just Keep Falling. Economic Orthodoxy Is Falling With Them. Investors expect even lower growth and inflation; this isn’t the way it’s supposed to work.

What role does cryptocurrency have to play in a world where the most valuable resource is no longer oil, but data? The commodities serve different markets of course, but the relative speed of dominance through which data has come to become such a prominent good is impressive. To be clear, we are talking about digital data, data has been around for as long as humans could communicate. But it's only in this digital format that information can be synthesized and manipulated to produce such powerful behemoths such as Google and Amazon. In Google's case, we willingly part with our information in exchange for the service of quick answers to our most specific of questions (Facebook has a similar business model). Are there other lucrative paradigms the digital giants could leverage where cryptocurrency is involved? Facebook is attempting to become the de facto broker of all financial transactions (to the chagrin of regulators) using "cryptocurrency". But are there others? Brave comes to mind, but will it gain traction? - Andy

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What a long strange trip it's been. It's 2019, the world's most powerful person has acknowledged Bitcoin (though he doesn't understand it), but that's alright. What has me most excited right now is that I can't fathom where we're going from here. Price wise, so long as Bitcoin continues to work as the majority intends, it doesn't matter. Public sentiment wise, I found a poll that said people trusted Facebook's Libra less than Bitcoin, a good sign. All in all, things are looking alright for BTC, and that's good for Bitcoin. - Andy

Stories like that of the 20 tons (thanks, Tomas) of co***ne found in a JP Morgan Chase owned vessel should serve as a reminder that nefarious transactions don't discriminate in terms of how value exchanges hands, only that exchange of value proceed through the least amount of friction between parties. What are the odds the 20 pounds of nose candy were purchased with dollars compared to Bitcoin? A number worth pondering is the amount of "nefarious" transactions that occur in fiat currencies compared to BTC. - Andy

Cargo ship owned by JPMorgan Chase seized by US with 20 tons of co***ne US authorities in Philadelphia seized a cargo vessel in June with nearly 20 tons of co***ne on board. The ship, as it turns out, is owned by a fund run by banking giant JPMorgan Chase.

I'm almost certain that the U.S. Government forcing back-doors on the encryption of our massively adopted technologies is a violation of our 4th Amendment rights against unreasonable search and seizure. A US Attorney General even suggesting Americans should accept the risks of such an edict is more bizarre still, assuming he understands the laws of the land. The words of the late Benjamin Franklin are still relevant and thus should forever be headed: "Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety". Fortunately for Bitcoin, its encryption cannot be undone at will. - Andy

Barr says Americans should accept security risks of encryption backdoors – TechCrunch U.S. attorney general William Barr has said consumers should accept the risks that encryption backdoors pose to their personal cybersecurity to ensure law enforcement can access encrypted communications. In a speech Tuesday in New York, the U.S. attorney general parroted much of the same rhetoric f....

Just finished reading "Legion Versus Phalanx: The Epic Struggle for Infantry Supremacy in the Ancient World" by Myke Cole and noticed an interesting parallel to cryptocurrency. At first, the less uniform and sometimes unwieldy nature of the Roman legion struggled against the might of the Hellenistic phalanx with its uniform structure and impenetrable wall. Eventually, the tenets of Roman society that encouraged a sense of self and individualism which displayed themselves in the legionaries lead to a fighting style that could adapt and overcome unlike the rigid formation kept by the phalangites. Perhaps I'm reaching a bit here, but it's call backs to the benefits of decentralization that we find even in recent history that make the cryptocurrency space so much fun to be a part of. - Andy

Legion versus Phalanx: The Epic Struggle for Infantry Supremacy in the Ancient World From the time of Ancient Sumeria, the heavy infantry phalanx dominated the battlefield. Armed with spears or pikes, standing shoulder to shoulder with shields interlocking, the men of the phalanx presented an impenetrable wall of wood and metal to the enemy. Until, that is, the Roman legion emerg...