Last night I tuned into Free Talk Live, and there was a caller sharing his professional commentary as a financial advisor that he believed that we could mark March 12, 2020 as the day that the Federal Reserve officially lost control of the dollar, and by extension, the entire American economy.
As far as I can understand from a laymen’s perspective, the stock market started to tumble because of panic and fears related to the corona virus — specifically, interruptions in “supply chains” because of factories and warehouses and transportation businesses telling workers to stay home. The idea is that some time needs to pass for people to be isolated and prevent the transmission of this deadly virus. After a while passes, and the number of new cases starts to decrease rather than increase, then life can begin to resume as normal. But until then, the economy is shutting down. There is a panic in the market, causing the biggest point drop in Dow history this week.
In response, the Federal Reserve (aka “The Fed”) injected (aka “printed”) $1.5 Trillion dollars into the economy. A trillion is a thousand billions, or put another way, a trillion is a million millions. It’s a lot!! And the market ate it up, rallied for a moment, and then continued its downward spiral. Woops. That wasn’t enough. If that wasn’t enough, then what WILL be enough? Can anything boost the confidence of the market? It seems not. And the only tool left in the Fed’s toolbox is money printing. They are talking about buying stocks now to help save the stock market. Will that work? Is that even a good idea? What if they are just trying to keep a sham economy going, and the jig is up? Uh oh.
So! Listen to this amazing call by Tim Picciott of TheLibertyAdvisor.com — I am not affiliated with Tim in any way other than we met at a conference one time and exchanged pleasantries. I think he’s a cool, smart guy, and his call into FTL was historic, so I ripped it from YouTube and uploaded it here for your enjoyment:
As Bitcoin (BTC) is once again making headlines for crossing the $10,000 price point, the world’s premiere multi-cryptocurrency, real-life payments platform Anypay has announced they are disabling BTC from their system. Based in Portsmouth, New Hampshire, Anypay’s co-founder Steven Zeiler said in an announcement today that BTC was “worthless for payments”, now that transactions can be easily canceled.
Originally, when Bitcoin (BTC) launched in 2009, and for several years into its life, one of the major selling points that set it apart from other electronic payments like credit cards was that Bitcoin transactions were irreversible. Once the buyer hit send, there was no way for the buyer to undo it. There was no “authority” like a credit card company or bank that the buyer could contact to have them reverse the transaction. Business owners are very familiar with the concept of the dreaded “chargeback”, where a dishonest customer can use the credit card company’s ability to undo transactions to scam a merchant and receive money back AND keep the product. Chargebacks were impossible under Bitcoin (BTC) and this was a major reason why businesses wanted to accept BTC.
However, midway through its first decade, after its anonymous founder Satoshi Nakamoto disappeared and development was taken over by others who did not share Satoshi’s vision, the newer programmers introduced a “feature” called “Replace By Fee” or RBF. The purported reason for this was to allow a sender – after they’d already sent a transaction – to update the associated fee and help it get through the network faster. However, this also allowed them to cancel the transaction entirely, as long as the transaction had not yet received its first confirmation. This RBF “feature” broke one of the fundamental tenets of the original vision of Bitcoin – irreversible transactions.
Satoshi Nakamoto, Anonymous Creator of Bitcoin
For a while, this cancellation “feature” was only accessible through the “full node” Bitcoin Core software, which meant it was relatively tough to use in a real life payments situation. However, as shown by this video here, now more mobile wallets are incorporating the “feature”, which means that accepting Bitcoin (BTC) at point-of-sale is now highly dangerous and increases the risk of fraud. Hence, Anypay has announced they are no longer going to allow Bitcoin (BTC) payments on their platform.
While some BTC-only fanatics will be disappointed by the news, the reality is most people don’t use BTC for payments via Anypay’s platform anyway, given BTC’s ridiculously high fees compared to other, more useful cryptos that were designed for payments like Bitcoin Cash (BCH) and DASH or even Bitcoin SV (BSV), which Anypay is now supporting. Plus, when paying with BCH or DASH on Anypay at a real-life business one will usually receive 10% back instantly thanks to Anypay’s “Bitcoin Cash-Back” and “DASH-Back” programs.
I think Anypay has made the right choice here to protect merchants from potential fraud. It’s too bad the Bitcoin (BTC) programmers forced Anypay’s hand, by making BTC less useful over time. Once upon a time Bitcoin was useful for payments, as it was originally intended. Sadly, those days are long gone. Bitcoin (BTC) may still be the king crypto, but if it’s not useful for payments, is it really a currency?
Anypaymap.com shows the most active crypto-accepting businesses in the area.
Big news from the Monadnock Crypto blog! The Keene area now has three additional local businesses that are accepting cryptocurrency for their services. All three are mobile businesses and will travel to their customers and were all added to the local Coinmap in the last month. That brings the already very high concentration of businesses accepting crypto to an all new level, keeping Keene in the top tier of cities globally that are high in crypto-acceptance-per-capita. In fact, both Forbes and Bitcoin.com have called Keene, “Crypto Mecca”.
With her new business, “EuPHOria”, the founding chef of Keene’s “Pho Keene Great”, Isabelle Rose, has struck out on her own and is now regularly meeting customers in Keene with hot Vietnamese food cooked-to-order. Another recent addition is Pure Bliss Clean, a professional cleaning service that handles home and small businesses. Also, Kenzy Dietz of “KD Prestige Detailing” recently won Monadnock Crypto’s radio giveaway contest on 92.7 Bratt FM and decided to set up Anypay Cash Register shortly thereafter. Dietz had already been introduced to cryptocurrency by someone close to her and was elated to be the winner of the $500-worth-of-crypto giveaway. When asked what her reasons were for accepting cryptocurrency at her car detailing business, Dietz said, “Cryptocurrency is the currency of the future, so I am delighted to be a local business that accepts it as payment. Not only is it easy to accept, but it’s a great way to broaden my businesses acceptance of alternatives to paying with just cash, checks, or debit. The future is coming.”
Have you been to Forkfest yet? If you have, you already know how great it was and are likely planning to return. If you haven’t been yet, you won’t want to miss Forkfest 2020. Forkfest is a libertarian decentralized camping festival, with no board of directors or organizer, so there’s nothing official about it in any way, but this week, Rogers Campground‘s owner Crosby Peck has “officially” welcomed Forkfesters back for the fourth annual festival happening in 2020 from June 29th through July 5th.
Of course, those are just some arbitrary dates chosen by some Forkfest old timers, who this year decided that Forkfest 2020 would move and expand to the entire week after the Porcupine Freedom Festival. Though Porcfest has yet to officially announce their dates, we have no reason to wait. For the first time ever, Forkfest will coincide with Independence Day weekend!
Rogers Campground for decades has been known for having a well-attended Indpendence Day weekend, complete with a fireworks show. Rumor is the fireworks professional Rogers has hired for years is retiring soon, but there’s a good chance Crosby will be hiring someone else to keep the longstanding tradition going. Whatever happens with the campground’s fireworks show, Forkfest will surely be a perfect event to happen during that timeframe. Many Forkfest attendees are big secession fans who love the idea of New Hampshire independence.
Given the point of Forkfest is that attendees create the event they want without asking permission, it should be interesting to see the variety of ways independence will be celebrated across the week, leading up to Independence Day that Saturday July 4th, which happens to also be the final night of Forkfest 2020.
Pirates’ Big Gay Somalian Road Builders Disco at Forkfest 2019
Something else Forkfest attendees seemed highly interested in this year was cryptocurrency like Bitcoin, DASH, and Bitcoin Cash. All the food vendors at Forkfest this year were offering their wares for those three cryptos, at least. As a result, this year’s Forkfest felt like a libertarian crypto festival, held in the woods. At one time, Porcfest felt similarly, when people like Roger Ver, Charlie Shrem, and Erik Voorhees all attending the event during Bitcoin’s earlier years. I don’t like predictions, but think it’s safe to say the crypto aspect of the event will continue and perhaps even grow stronger at Forkfest 2020.
If you want to attend, keep in mind that the demand for camping, RV sites, and hotel rooms will likely be even higher in 2020, not just because Forkfest grew significantly on its own from 2018 to 2019, but also because in 2020 we’ll be mixing with the regular Independence Day weekend campers. Plus, since Forkfest will be following Porcfest in 2020 and it was heavily marketed to Porcfesters this year, you can expect more people to stay on if they were already attending Porcfest. Make sure you lock-in your reservations for June 29th through July 5th as soon as possible. You can visit Rogers Campground’s website and call them at 603-788-4885.
Want an excuse to stay in the Shire even longer? The long-running Porcupine Freedom Festival aka Porcfest will be happening before Forkfest in 2020, though you do have to buy a ticket to attend Porcfest, while there is no ticket required or even available for Forkfest, as there’s no organization to support. Forkfest is New Hampshire’s decentralized libertarian camping festival. No one is in charge, so everyone is. Hope to see you at Forkfest 2020!
Recently I had the pleasure of being interviewed on the CoinSpice Podcast with host C. Edward Kelso. We discussed my path to cryptocurrency and the benefits of pro-liberty crypto people migrating to New Hampshire, specifically the Crypto Mecca of Keene.