Why Do I Not Write about Cryptocurrencies?

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Avatar for Mictorrani
3 years ago (Last updated: 2 years ago)

It is obvious that money is at the heart of freedom and privacy, and that both are impossible with conventional government issued or controlled money. The first time I wrote about that was in 1990. After that, I frequently wrote about digital money and payment systems, with emphasis on privacy and freedom from political interference. All attempts to create alternative currencies or payment systems, however, failed on certain points, and succumbed to pressure from governments. The first cryptocurrency, Bitcoin, addressed and solved the major problems that had, until then, made previous attempts too exposed to political powers.

I think I was one of the first 20 or so to try bitcoin. I bought my first BTC direct from the creator, or at least that was the impression he gave, for 1 cent each (I wish I had bought many and saved them!) - and I paid via something called Pecunix, perhaps there is someone among you who remembers it. For a while I mined bitcoin with my laptop. (Yeah, it was possible back then!)

The first time I wrote about Bitcoin was in 2010, and it followed rather many articles about bitcoin and other cryptocurrencies during some years. But around 2015 or so, the whole topic made me weary. I was all the time an advocate of cryptocurrencies and I used them in various ways, but I was weary of writing about them. Too many people did, and most of them produced pure rubbish. So in my capacity as a writer, I more or less left that topic. I am still keeping myself updated by reading carefully selected sources, but I don't want to waste my time digging in the tonnes of texts that are written weekly, most of them reiterating the same facts, speculations or misconceptions. Moreover, I never was very interested in cryptocurrency as speculation; I always aimed at digital cash, with special emphasis on privacy. I am glad to see BCH choosing the right way, otherwise the most interesting more recent innovation is Mimble Wimble and coins like Beam and Grin.

I am also amazed that people writing about the various (failed) attempts to create digital cash that were made before Bitcoin, never mention the Digital Monetary Trust (DMT), a brainchild of the late Orlin Grabbe. It was part of the very ambitious project in the late 1990s that went under the name of Laissez Faire City. DMT could never solve the problem of double-spending without falling back on an account system.

Let me finish this with the words of J. Orlin Grabbe. This is taken from his essay The End of Ordinary Money, 1995.

"At any rate, the spook spoke the truth: cryptology represents the future of privacy, and more. By implication cryptology also represents the future of money, and the future of banking and finance. (By "money" I mean the medium of exchange, the institutional mechanisms for making transactions, whether by cash, check, debit card or other electronic transfer.) Given the choice between intersecting with a monetary system that leaves a detailed electronic trail of all one's financial activities, and a parallel system that ensures anonymity and privacy, people will opt for the latter. Moreover, they will demand the latter, because the current monetary system is being turned into the principal instrument of surveillance and control by tyrannical elements in Western governments."

Copyright © 2020 Meleonymica/Mictorrani. All rights reserved.

Here you find all my writings about privacy & antibigbrotherism.

You find all my writings on Read.Cash, sorted by topic, here.

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3 years ago (Last updated: 2 years ago)

Comments

I think I was one of the first 20 or so to try bitcoin. I bought my first BTC direct from the creator for 1 cent each

I love reading your articles, but I find that hard to believe.

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3 years ago

I am not 100% sure it as the creator, but, as it says now, it was the impression he gave. Of course I had no idea then that this was the beginning of something big. I just found it interesting. I followed projects about digital money as close at it was possible at the time, and a friend of mine did it even more eagerly. This was just something we tested, just as we tested a lot of other projects.

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3 years ago

Have you really bought Bitcoin in 2010? Then you must be super rich now. Or should I consider it literary fiction? I'm not used to that from your articles.

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3 years ago

No, it is not literary fiction. I did, and mined more, but they are gone. I wish I had just saved them, but who could know they would rise like that? There was no clue about that at that time. It never crossed my mind. We just played with them and did not even care to safely write down the private keys. So no, it has not made me rich.

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3 years ago

I believe you, although I find it very difficult.

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3 years ago

Still find it very hard to believe!

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3 years ago

I love your article

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3 years ago

Great article I love it all of your articles are great thank you so much for your articles

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3 years ago

To be honest probably who reads this site, already knows about cryptocurrency very well.

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3 years ago

Not all the new members. Most, but not all.

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3 years ago

I think I was one of the first 20 or so to try bitcoin.

You are probably a multi millionaire right now! :)

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3 years ago

No, unfortunately not. Those bitcoins are all gone. There was no clue then that they would rise in value like that. Nobody could even imagine that. We played with them and didn't even note the private keys safely. I wish I had saved them, but I didn't. Who could know bitcoin would become such a "hit"?

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3 years ago

just wow!

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3 years ago

All you said is true but am sure almost everyone who bought bitcoin at that time or from the creator are millionaires by now. What did you do with the one you bought?

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3 years ago

There was no market for them, we were a few people testing a new interesting system. We played with them and never even noted the private keys properly. They were not worth anything. They are gone. Nobody saw that as an investment at that time. I wish I had saved some, but I didn't.

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3 years ago

It nice to read some of your thought about cryptocurrency. Thnak for this . Love reading it

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3 years ago

I would have bought then but don't believe

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3 years ago

At that time, I don't think anyone believed bitcoin would become such a hit. It was different a couple of years later. 2011, 2012... then it looked differently, even if most people lost belief again when bitcoin collapsed, I think that was 2013.

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3 years ago

In honest truth when i read how you bought bitcoin for only 1 cent back then,I was thinking the same as everyone in the comments about you being super rich now. But sadly that wasn't the case. I don't know how you feel now remebering that, but at that time none could ever guess that BTC will even be worth 10$, let alone 10000$!

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3 years ago

I'm not bitter, not in the least. Of course it would have been nice if I had saved some of those bitcoins, but that's what we know now with hindsight. There are so many things one would have done differently in life if having had the hindsight first, so to speak. That's just how life is, but one must never dwell on lost opportunities.

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3 years ago

That's 100% true. Also, if you spend your time just regretting the opportunities you lost, then you will end up wasting more chances. People should only learn lessons from wasted opportunities not spending their time crying about them.

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3 years ago

Right!

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3 years ago

I loved reading this. What annoys me too is all those texts which all say the same or are copies of some news item and nothing personal is added to it. It's hardly interesting to read but I assume people do because it's asked on certain platforms and they want to keep posting. The texts won't be any help if it comes to mass adoption either. It's a pity. I started way later with crypto currency and still know hardly anything about it. My slow connection and lousy brokers make it impossible to act fast so I guess it's mainly for fun (and to stay updated). Thanks for the good read. 💕👍

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3 years ago

True, all the texts about cryptocurrencies will not help for mass adoption, rather the opposite; people will be confused and weary of the whole thing before they understand even the elementary points. It is not all that difficult, if it is just described clearly and concisely and in a logical order. But there are not many texts like that. Nice that you liked the article.

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3 years ago

Who knows you can make the difference here. Most did go cult I find to lay hands on the cryptic tree cows once you want to sell. Brokers let you down, the coin cannot be bought/sold/swapped or used, etc.

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3 years ago

We'll see.

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3 years ago