American geopolitical analyst and best-selling author Peter Zeihan recently appeared on the Joe Rogan Experience Podcast and expressed some less-than-favorable opinions about BTC.
Zeihan stated that BTC is intrinsically worthless and would ultimately go to zero. He criticized its fixed supply, noting that this made it uniquely unsuitable for global trade and that its appropriate price was “in the negatives.”
Immediately and predictably, BTC cultists took to social media to lambast Zeihan as they do anyone who expresses negative sentiment towards their ‘investment.’ Such is the nature of confidence games; anything which may awaken those who have been suckered into buying into such a scheme has to be shouted down and stamped out immediately.
Some prominent BTC advocates even ventured into the realm of conspiracy, labeling Zeihan a “US Spook” rather than listening to and engaging with his arguments.
— Magoo PhD (@HodlMagoo) January 8, 2023
Who the heck is Peter Zeihan, and why did he upset BTC promoters so much?
Zeihan is a geopolitical analyst and author renowned for his contrarian takes on global affairs. For example, he’s a China bear, stating that the Middle Kingdom has peaked and will soon fall into disarray due to its demographics. He’s also a major United States bull, publicly advocating that the nation’s best years are still ahead of it.
From listening to Zeihan on JRE, it’s clear he understands that BTC is a fool’s game, but he doesn’t understand Bitcoin and its true potential. That’s a shame because a man who has written extensively about global trade, supply chains, and other associated topics would probably instantly see the value in a unified ledger on which everything can be moved, tracked, traced, and settled.
This is the damage BTC promoters have done; even the most informed people on earth don’t understand Bitcoin and what it’s all about. With Zeihan’s understanding of globalization, the movement of goods worldwide, and how this impacts politics and the economy, the Bitcoin ledger should be a no-brainer. Yet, here we are. Fourteen years later, very few get it.
What Bitcoin really is
Zeihan, if you happen to read this, let me give you a glimpse into what Bitcoin really is. It’s a peer-to-peer electronic cash system that can scale infinitely, bringing all the world’s data and money onto one ledger that can be instantly checked and verified without compromising privacy.
While your criticisms of BTC only having 21 million coins and the implications for global trade is valid, there are, in fact, 100 million satoshis in each Bitcoin. Each one of these satoshi units can be used to write to the ledger since the fees for doing so are fractions of a cent. It’s just that BTC, or what you have been told is Bitcoin, is so fundamentally broken that its 21 million coins can’t be used for anything other than hoarding in the hope that some sucker will buy them at a higher price later.
Setting aside the clueless arguments of those who have chastised you in the last few days, imagine a world where global governments, corporations, or anyone else could instantly verify where a shipment of oil coming from Kazakhstan is right now. Imagine the payment for such a shipment could be settled in seconds for fees of fractions of a cent. Imagine we could vet entire supply chains, tracking and tracing goods every step of the way, gradually eliminating bad actors and unlocking new efficiencies as we go.
Bitcoin is so much more than what BTC advocates tell you. As you probably already know, their arguments are mostly economically illiterate and profoundly dull. However, they do not represent Bitcoin or its potential. I encourage you to look at Bitcoin SV—the original protocol unleashed and set free from the technical limitations BTC developers placed on it. A mind like yours will instantly understand the potential once it clicks.
To understand Bitcoin properly, it helps to think of it as a ledger and mentally set aside the ‘coin’ for the moment. It will be the plumbing for a new system where value can be exchanged directly between two parties anywhere on earth and where data can be stored, managed, audited, and verified by anyone with interest in doing so.
If you’re interested in learning more, listen to Bitcoin’s inventor talk about what a Bitcoin world would look like. As an avid reader of your books, I think you’ll see the potential!
Watch: A Bitcoin Cash World – Dr. Craig Wright and Jimmy Nguyen
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