Hijacking Bitcoin: The Hidden History of BTC with Steve Patterson - Full Interview On Solari report with Catherine Austin Fitts
Some Historical Roger Lewis Posts.PART 1
The interview explores the book "Hijacking Bitcoin" by Steve Patterson, discussing Bitcoin's original vision, its transformation, and controversies like forks, tether, and strategic reserves while highlighting the broader implications for cryptocurrency and financial freedom.
Detailed Summary for [Hijacking Bitcoin: The Hidden History of BTC with Steve Patterson - Full Interview](
by [Monica](https://monica.im)
[00:13](
In this segment, the host introduces Steve Patterson to discuss the book 'Hijacking Bitcoin,' highlighting its significance in understanding Bitcoin's complex history and technology.
- Introduction of the event and the special guest.}
- The host expresses enthusiasm about the book and its authors.}
- The book is praised as potentially the 'book of the year' in economics and finance.}
- The host emphasizes the clarity and accessibility of the book for non-experts.}
[13:26](
In this segment, the discussion revolves around the original intent of Bitcoin, its historical context, and the shift in perception regarding its purpose over time.
- The conversation starts with the idea that Bitcoin's creation lacked a master plan, likening it to a cult-like experience among early adopters.}
- The original purpose of Bitcoin was to serve as an alternative currency for the internet, functioning as a medium of exchange, which has largely been forgotten in today's discussions.}
- Currently, Bitcoin is often viewed as a store of value or digital gold, diverging from its initial intent and resembling characteristics of a pyramid scheme in how it is marketed.}
- The speaker emphasizes that the original spirit of Bitcoin was rooted in addressing the inadequacies of existing financial systems, rather than simply being an investment asset.}
[26:56](
This section discusses the impact of decisions made regarding Bitcoin's transaction capacity and the implications of tether in the cryptocurrency market, highlighting concerns over financial volatility and manipulation.
- Bitcoin's transaction capacity was intentionally capped, leading to a significant change in its intended growth and functionality.}
- The decision to limit Bitcoin's growth creates opportunities for financial volatility, making it easier to manipulate prices.}
- Tether, a stablecoin not mentioned in the book, plays a crucial role in the financial ecosystem of cryptocurrencies, raising concerns about its transparency and backing.}
- There are serious allegations regarding Tether's reserves, suggesting that it may not hold the cash it claims, which could be used to artificially inflate Bitcoin's price.}
[40:25](
The discussion revolves around the potential for a significant shift in public perception regarding Bitcoin, drawing parallels to past societal awakenings, particularly in the context of perceived corruption in various sectors.
- The speaker expresses a prediction about a possible mainstream acceptance of the ideas surrounding hijacking Bitcoin.}
- There is a comparison made to the COVID dissidence, suggesting that similar truths about Bitcoin could emerge, potentially leading to a shift in public awareness.}
- The speaker believes that many people are beginning to realize the extent of corruption related to Bitcoin and that this awakening could catalyze important conversations.}
- The metaphor of surfing a big wave is used to illustrate the challenges that lie ahead in navigating the complexities of the Bitcoin narrative.}
- The discussion touches on the broader implications of collateral fraud within financial systems, linking it back to the issues surrounding Bitcoin.}
[53:52](
The discussion centers around the controversial concept of a Bitcoin strategic reserve and its implications for financial freedom, state legislation, and market manipulation.
- Introduction of Bitcoin as an eligible asset for 1031 exchanges, linking it to real property.}
- State legislators are working to protect financial freedom while facing a surge of campaigns promoting a Bitcoin strategic reserve.}
- Concerns are raised about the potential manipulation of Bitcoin prices through government mandates and the use of taxpayer funds.}
- The discussion connects the Bitcoin strategic reserve to the role of Tether and the financial mechanisms involved in its operation.}
[01:07:21](
The discussion focuses on the evolution of Bitcoin and its forks, particularly emphasizing the creation of Bitcoin Cash as a response to the perceived limitations of Bitcoin's original design.
- Introduction to the concept of Bitcoin's original vision and its evolution.}
- Explanation of what it means for Bitcoin to 'fork' and the significance of the 2017 Bitcoin Cash fork.}
- Details on the motivations behind the Bitcoin Cash fork, aiming to adhere to Satoshi Nakamoto's original vision of digital cash.}
- Discussion on the current state of cryptocurrency projects and the struggle to maintain a true peer-to-peer cash system.}
[01:20:52](
The discussion focuses on the evolution and adoption of Bitcoin, highlighting its role in onboarding users to the broader cryptocurrency ecosystem and the importance of flexibility in choosing alternative currencies in the future.
- Despite skepticism, Bitcoin has successfully introduced many people to cryptocurrency, facilitating easier exchanges between different cryptos.}
- The future may require users to remain adaptable in their choice of cryptocurrencies, as new promising projects can also face challenges.}
- Bitcoin has played a significant role in familiarizing the public with cryptocurrencies, reducing the need for basic educational arguments about their use.}
- The speaker's background includes extensive experience in legal matters related to financial issues, adding depth to the conversation about Bitcoin and regulatory challenges.}
[01:34:19](
The discussion revolves around the potential future of Bitcoin, the role of established figures in the cryptocurrency space, and the broader implications for the economy and society.
- Critique of established figures like Michael Saylor who advocate for Bitcoin as a long-term hold, questioning its fundamental utility.}
- Speculation on a scenario where the general public is protected from financial turmoil while established institutions face the consequences.}
- A distinction is made between real capitalism that creates value and plunder capitalism that exploits resources.}
- Discussion on the current societal state, described as a 'dark age,' emphasizing the prevalence of false narratives.}
Man convicted for repeatedly lying about inventing Bitcoin
18 hours ago
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Joe Tidy
Cyber correspondent, BBC World Service•@joetidy
Craig Wright attending the London High Court in February 2024
A computer scientist has been found to have committed contempt of court for falsely and persistently claiming to be the mysterious inventor of Bitcoin, Satoshi Nakamoto.
In March, the High Court ruled Craig Wright was not Satoshi, and ordered him to stop claiming he was.
However, he continued to launch legal cases asserting he had intellectual property rights to Bitcoin, including a claim he was owed $1.2 trillion (£911 billion).
A judge said that amounted to a "flagrant breach" of the original court order and sentenced him to 12 months in prison, suspended for two years.
March 15, 2016
Ethereum, The prescient augur of exchange.
CLICK TO GO TO ETHEREUM HOME PAGE
Ethereum, The prescient augur of exchange.
Bitcoin has opened the eyes of the world to the inefficiencies of the Banking System. PayPal did something similar before hand and Online banking has been with us for a while. But I am excited about something which is much, much, more than just making transfers of money or on line payments.
Bitcoin was conceived as more than just a Crypto Currency it is built on Block Chain Technology and at its heart there is a vast potential for independent verification of ownership systems. As a currency Bitcoin tokens in the possession of the customer are confirmed and then the transfer of the tokens value is made in return for ownership of whatever the Bitcoin owner exchanges the token say, A coffee, a Massage , unblocking a toilet perhaps and so on . When you sell a house or some shares the solicitor or the stockbroker confirm that the House is owned by you or, the shares are registered in your name. The change of ownership will be recorded where it officially needs to be recorded. Similarly if you sell a car The form needs to be sent off and the insurance confirmed both with the insurer but also with the people who hand out speeding fines or collect road fund license taxes. This administration and maintenance of the public or private record of the responsible party or the owner of the rights and responsibilities of stuff in general requires trusted if often despised Agents and Middle men. In many cases this service is as expensive as bank fees and useful savings and improved security can be engineered in the block chain platform. Indeed this is precisely what has been delivered by Ethereum. Ethereum augers the end of the privileged middle man, an end to government and Corporate sponsored ”money for old rope”, you might say.
The block Chain cuts out the middle man and Ethereum provides a Platform upon which any two people or combinations of people or organisations, wishing to exchange a promise and record the event, can do so. Any party can confirm independently that what they claim happened, happened. The claim can be verified via an always available, secure, independent and democratically diversified network with common ownership. Eureka , Free at last!
May 4, 2016
Extraordinary Claims Require Extraordinary Proof – Dr. Craig Wright Blog #Satoshi Who gives a Fuck. Who´s the Daddy?
Extraordinary Claims Require Extraordinary Proof – Dr. Craig Wright Blog: Yesterday, Andreas Antonopoulos posted a fantastic piece on Reddit. Andreas said something critically important and it bears repeating: “I think the identity of Satoshi Nakamoto does not matter”. He’s absolutely right. It doesn’t – and shouldn’t – matter to the Bitcoin community. I cannot deny that my interest in bringing the origins of Bitcoin into the light is ultimately and undeniably a selfish one – the only person to whom this should matter is me.…
Creative Systems Thinking
8 hrs ·
~ Are Bitcoins a Ponzi Scheme?~
I believe that Bitcoins are a Ponzi Scheme. Here below, in excerpts from a essay written in Nov, 2013, investor Gary North explains why. If you or someone you know are considering cryptocurrencies as investments I hope you will read this. If you have already invested, and get out now, you will be in a better position than many.
Those selling Bitcoins or encouraging others to buy will be angered by the ideas North presents in this essay. That’s …
September 28, 2017
The King Is dead long live the king. Bitcoin Bubble , ICO madness . What are the fundamentals for Money and democracy?
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On Tulip Manias and Fragility in our Nascent Democracy.The Future of Us: ZeroNet @ TED2017
On Tulip Manias and Fragility in our Nascent Democracy.for ethereum to have utility as a means of exchange what is needed is stability, money has several functions Store of Value means of exchange and unit of account being the most well known. The idea of Bitcoin and ethereum being in competition is unhealthy for both. Both currencies are complementary and their chief predator and enemy is FIAT money or Central Banks and issuers of FIAT money credit. Ether and Bitcoin are vanishingly insignificant in the context of the Trillion dollars Global FIAT derivatives market. Money is by definition debt in the current system and both Ether and Bitcoin are pegged to FIAT currencies and hence debt. The size of the FIAT debt market dwarves Bitcoin and Ether and they are both highly vulnerable to market manipulation, as such they are merely tolerated. As long as they are seen speculatively there is a potential problem but, if Cryptocurrency generally is seen as a complementary alternative system that is symbiotically connected and mutually supporting outside of a FIAT money framework then real value and enduring value will be created and become
un-manipulated by the structured/rigged and Coercive FIAT debt ´´Markets“`
Here are two blogs I did on Ether and Bitcoin over a year ago. Both Ether and Bitcoin are and have been in Bubble territory, diversification and balanced portfolios rule in what is a highly volatile and As I say very very small and therefore highly manipulated market place. Remember, Money and Value is make believe so have lots and lots of dreams, not just one.
October 19, 2017
Excellent Article Interview with Vinay Gupta about Bitcoin and Ethereum and the BlockChain.
Gupta makes a cameo appearance in the Movie I am Satoshi, his analysis is worth listening to. The Biggest Weakness of Ethereum and Bitcoin is the Bandwagon and Greater fool drivers of Fiat Money derived value.
http://letthemconfectsweeterlies.blogspot.se/2017/09/the-king-is-dead-long-live-king-bitcoin.html
“Bitcoin’s competition was always the successor to Bitcoin,” Gupta said. “Not pressure from regulators. Ethereum’s competition is pressure from the next system. But my gut thinking about this is I don’t think that we are going to see extremely expensive tokens as a standard feature in the long run. The smart contracts on the other hand I think are going to be an increasingly huge deal. I think they are going to be immensely important.” Spot On.
This Revolution Will Be Tokenized
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Some more up to Date Vinay.
October 24, 2017
Getting the BlockChain. Central Banks worried for all the wrong reasons. Time for banks to worry is when Cryptos no longer priced in Dollar or other FIAT denominations!
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How is Bitcoin Money?
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First Published December 1, 2015 (Bjerg 2014, 96
–
100). With Žižek, we can understand the commodity theory of
money as an effort to found the value of money in the dimension of the real by pointing to the intrinsic value of gold as the ultimate support of the currency. It is crucial to note how Žižek’s definition of the real is anything but straightforward and even varies throughout his writings. At some points, the real is located in a positive existence beyond the sphere of symbolization. He defines the real as ‘that which resists symbolization’ and ‘as the rock upon which every attempt at symbolization stumbles’ (1989, 69, 169). At other points, the real is located in a negative existence, i.e. as merely a void or an aporia inherent in the symbolic
15
order. Žižek states that: ‘the symbolic order itself, is …
barré, crossed-out, by a fundamental impossibility, structured around an impossible/traumatic kernel, around a central lack’ (1989, 122). This lack is the real.
https://aisberg.unibg.it/retrieve/handle/10446/26746/7146/Lucarelli%20n.%201-2012.pdf
Credit money plays a crucial role in Schumpeterian theoretical analysis of economic development.
Recollection of the famous passage in The Theory of Economic Development
(Schumpeter, 1934,p. 74) should suffice: The banker […] is not so much primarily a middleman in the commodity ‘purchasing power’ as a producer of this commodity […] He stands between those who wish to form new combinations and the possessor’s of productive means. He is essentially a phenomenon of development, though only when no central authority directs the social process. He makes possible the carrying out of new combinations, authorizes people, in the name of society as it were, to form them. He is the ephor of the exchange economy. In other words – as Schumpeter wrote in his ambitious and unlucky
Business Cycles credit creation is the monetary complement of innovation
(Schumpeter, 1964, p. 110):
Soddy
Money now is the NOTHING you get for SOMETHING before you can get ANYTHING
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