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Presentation delivered at Inside Bitcoins 11 December 2013 in Las Vegas.
TEXT OF THE SPEECH
It is the disrupters and innovators that forever change markets as well as our lives. Commodity money, fiat currency now math based crypto-currency. Built on foundation of public key encryption that came about in 1976 by Whitfield Diffie and Martin Hellman.
The cypherpunks recognized how this disruption and innovation shifted the balance of power and a cipher-currency became the Holy Grail for those cyphernauts venturing into Cipherspace.
Ender’s Game analogy of changing gravitational constant.
What is Bitcoin? The most disruptive and subversive technology ever invented. A technological tour de force. Open source, equity based, limited in amount, trustless and the first practical implementation of triple entry bookkeeping. The capstone invention from so many branches of knowledge such as accounting, computer science, economics to guide the human action of market participants, electricity, thermodynamics, mathematics, cryptography and many more.
What does Bitcoin enable? Individuals can send any amount of value to anyone anytime anywhere for little or no costs.
Why is Bitcoin important? First practical implementation of triple entry bookkeeping and censorship resistant.
Imagine every human is born with a gland that, when threatened with violence, surrounds them with an impenetrable force field making them immune to violence.
If just a small percentage of world wealth is stored in crypto-currency then this human action massively changes the rules for all other assets or property rights.
FIRST AMENDMENT
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press
John F. Kennedy – April 27, 1961 at “The President and the Press” American Newspaper Publishers Association. Waldorf-Astoria Hotel, New York, NY.
The very word “secrecy” is repugnant in a free and open society; and we are as a people inherently and historically opposed to secret societies, to secret oaths and secret proceedings. We decided long ago that the dangers of excessive and unwarranted concealment of pertinent facts far outweighed the dangers which are cited to justify it.
Without debate, without criticism, no Administration and no country can succeed– and no republic can survive. That is why the Athenian lawmaker Solon decreed it a crime for any citizen to shrink from controversy. And that is why our press was protected by the First (emphasized) Amendment– the only business in America specifically protected by the Constitution– not primarily to amuse and entertain, not to emphasize the trivial and sentimental, not to simply “give the public what it wants”–but to inform, to arouse, to reflect, to state our dangers and our opportunities, to indicate our crises and our choices, to lead, mold, educate and sometimes even anger public opinion.
Why we started How To Vanish
Without the ability to keep secrets, individuals lose the capacity to distinguish themselves from others, to maintain independent lives, to be complete and autonomous persons. The ability to keep secrets implies the ability to disclose secrets selectively.
Secrecy is a form of power. The ability to protect a secret, to preserve one’s privacy, is a form of power. The ability to penetrate secrets, to learn them, to use them, is also a form of power. Secrecy empowers and protects. The ability to learn a person’s secrets without their knowledge — to pierce a person’s privacy in secret — is a greater power still.
Funded Armory to ensure the development of powerful cryptographic tools that empower people with defensive tools against any potential adversary like the NSA.
1995 Supreme Court ruling in McIntyre v. Ohio Elections Commission
Protections for anonymous speech are vital to democratic discourse. Allowing dissenters to shield their identities frees them to express critical minority views . . . Anonymity is a shield from the tyranny of the majority. . . . It thus exemplifies the purpose behind the Bill of Rights and of the First Amendment in particular: to protect unpopular individuals from retaliation . . . at the hand of an intolerant society.
ILLEGAL PRIMES
An illegal prime is a prime number that represents information which it is forbidden to possess or distribute. One of the first illegal primes was discovered in 2001. When interpreted in a particular way, it describes a computer program that bypasses the digital rights management scheme used on DVDs. Distribution of such a program in the United States is illegal under the Digital Millennium Copyright Act. An illegal prime is a kind of illegal number.
One of these cypherpunks pioneered the use of ultra-compact code with his 3-line RSA in a Perl signature file and then created as a protest T-shirts that were illegal to export under the now relaxed Munitions Act by the United States.
Human Action page 828
To defeat the aggressors is not enough to make peace durable. The main thing is to discard the ideology that generates war.
Theory and History page 372
In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrants feet.
FIFTH AMENDMENT
No person shall … be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law;
The philosophy of liberty allocates the future to the life interest, the present to the protection against slavery or involuntary servitude and the past to one’s property as the fruits of their labor.
PERSECUTED MONETARY SCIENTISTS
Copernicus – In 1517 set down a quantity theory of money and in 1526 he wrote a study on the value of money, Monetae cudendae ratio.
Galileo – 1633 – Sentenced by the Inquisition to imprisonment and commuted to house arrest for vehement suspicion of heresy.
Newton – As Master of the Mint in 1717 in the “Law of Queen Anne” Newton moved the Pound Sterling from the silver standard to the gold standard by setting the bimetallic relationship between gold coins and the silver penny.
Alan Greenspan – Published in Ayn Rand’s “Objectivist” newsletter in 1966, & reprinted in Capitalism: The Unknown Ideal, in 1967.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold.
This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
Theory of Money and Credit page 455
Thus the sound-money principle has two aspects. It is affirmative in approving the markets choice of a commonly used medium of exchange. It is negative in obstructing the government’s propensity to meddle with the currency system.
Theory of Money and Credit page 480
There cannot be stable money within an environment dominated by ideologies hostile to the preservation of economic freedom.
Already we are seeing attempts at the edges to interfere with the fungibility of Bitcoins, which would greatly and negatively impact their market value, through data analysis, forensic accounting and schemes such as Coin Invalidation.
Theory of Money and Credit page 454
It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights.
Article 1 Section 8 Clause 5
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Article 1 Section 9 Clause 1
but a Tax or duty may be imposed on such Importation, not exceeding ten dollars for each Person.
Article 1 Section 10 Clause 1
No State shall … make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts,
Article 1 Section 3 Clause 1
The Judges, both of the supreme and inferior Courts, shall hold their Offices during good Behaviour, and shall, at stated Times, receive for their Services a Compensation, which shall not be diminished during their Continuance in Office.
Chief Justice Robert’s complaint about a constitutional crisis in the judiciary because of low judicial pay would be rendered moot if the United States were not using an unconstitutional monetary system with the Federal Reserve because judicial pay would not be diminished through the impairment of contract by reducing the purchasing power of Federal Reserve notes through inflation which is a form of confiscation and taxation with neither representation nor due process of law.
ANALYSIS OF GOLD, BITCOIN AND BERNANKE COIN
Both gold and Bitcoin are both open source, equity based and have intrinsic value granted through their intrinsic characteristics which results in them being limited in amount by either atoms or numbers.
In contrast, the Bernanke Coin is closed source, debt based, has extrinsic value granted through extrinsic characteristics such as laws of men which are not equally applied to all and most importantly the private keys cannot be held by individuals but instead must be held by an intermediary where there is counterparty risk.
Additionally, the Bernanke Coin is increasingly being wielded as a weapon to silence freedom of speech.
Wikileaks reports that since 7th December 2010 an arbitrary and unlawful financial blockade has been imposed by Bank of America, VISA, MasterCard, PayPal and Western Union.
As reported by The Guardian and New York Times, on 4 Nov 2011 16 year old Tariq Aziz and his 12 year old cousin Waheed Khan were at a conference and presented pictures to the Bureau of Investigative Journalism and human rights attorneys which brought the known total of children killed in US drone strikes to 175. Seventy-two hours later, a Hellfire missile is believed to have killed Tariq and Waheed as they were travelling in a car to meet his aunt. Thus, the US government is using the Bernkanke Coin to acquire resources to assassinate children for political speech.
Dr. Edwin Vieira at GATA Conference Friday, April 18, 2008
Silver and gold are not merely valuable commodities, investments, and media of exchange. More importantly, they are key “checks and balances” in America’s legal and political institutions.
The fight against the use of silver and gold as money that has been waged by bankers and rogue politicians since the 1870s as to silver and the 1930s as to gold — and will intensify as fiat currencies collapse throughout the world — is ultimately directed against America’s national independence, her constitutional government, and every common American’s individual liberty and prosperity.
The Constitution of the United States adopted a monetary system consisting of silver and gold coin, in which the standard is the “dollar,” containing 371 1/4 grains (troy) of fine silver, with the values of gold coins to be measured in “dollars” according to the free market’s rate of exchange between silver and gold. Neither the general government nor any state is authorized to emit paper currency.
These restrictions prevent rogue public officials from turning public debts into currency, as a means for redistributing wealth from society to political elitists and their clients in special-interest groups.
Under the Federal Reserve System, Americans no longer enjoy “money” in the economic sense but are subjected to what must be denoted as “political currency”. Political currency is emitted on the basis of political debts –that is, either 1) public debts or 2) private debts for the payment of which the creditors expect public bailouts if their debtors default.
Unfortunately, the Federal Reserve System is inherently unstable, and must lurch from one self-generated crisis to another, each increasing in severity, until its house of financial cards self-destructs.
For those who benefit from the system to continue to loot society, the supply of political currency must expand. For that supply to expand, political debts must increase.
True enough, political debts can increase, even geometrically, because political currency can be created (as the saying goes) “out of nothing” to float them. But real wealth cannot be generated simply by the emission of paper promises. Neither can new paper promises pay off old ones.
So, avarice being unlimited, insatiable, and imprudent, the whole operation must cumulate and culminate in an unsustainable bubble of debts that either implodes in a depression or explodes in hyperinflation.
As it cannot long be maintained, it must and will soon be replaced. With what remains a matter for speculation. Not open to the slightest doubt, however, is that, as crises have rocked the system, the establishment has always moved farther away from the Constitution — deeper into the sump of lawlessness — to shore up the banking cartel, and always at the expense of common Americans.
The price of gold has been manipulated for two reasons, one being the suppression of evidence, the other the throttling of monetary evolution.
In the grand scheme of things, gold and silver are far less important as economic investments or hedges against hyperinflation or depression than as guarantors of individual freedom — and then to the fullest extent only when they are actually used as media of exchange throughout society. Silver and gold as currencies supply the foundation necessary for economic democracy and limited government; whereas fiat currencies inevitably function as the tools of fascism, socialism, and every other form of financial imperialism.
Thus, the fight over gold and silver as media of exchange is about more than mere money, let alone making money. For it is a fight with only two possible outcomes: either control of their own lives by the people themselves, or control of the people and their lives by political and economic elitists. To achieve the first and avoid the second no price will prove too great to pay.
DECLARATION OF INDEPENDENCE
When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, –That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government
DECLARE MONETARY INDEPENDENCE
Contrast the Bernanke Coin with Bitcoin. Fiat currencies are the common stocks of governments and a vote of economic confidence in them.
So, vote no confidence by declaring your monetary independence and securing the private keys to your wealth in Armory.
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