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Bitcoin Matters: Why are the Bitcoin “maximalists” getting together in Miami?
By Allen Stevo
June 3, 2021


Dear Stevo: Why are the Bitcoin “maximalists” getting together in Miami?

- David B., Nashville, Tennessee

People ranging from US Senator Cynthia Lummis to Wall Street money managers to tech titans are expected to gather in Miami, Florida this first weekend in June for a conference named “Bitcoin 2021.” They will be frosting on the cake for a determined cadre of diehard Bitcoin aficionados.

Bitcoin 2019 was held in San Francisco. It was an event dedicated to the discussion of Bitcoin. Bitcoin 2020 was planned for San Francisco and due to Covid-19 restrictions was delayed repeatedly until it was finally cancelled. Bitcoin 2021 is moving full speed ahead and has sold 10,000 tickets.

With thousands of altcoins on the market, the conference was envisioned as a nod to the flagship cryptocurrency: Bitcoin.

Those who consider Bitcoin the flagship currency are sometimes derided as “Bitcoin maximalists” or “maximalists.”

The qualities and shortcomings of each coin can be a hot topic for some. The debate over which coin is better is redundant, however. It can be partisan in its small mindedness, and is quite boring.

What is better is determined in action, not conversation. There is not one best coin. There is perhaps a best coin for each person or a collection of good coins for each person and that is shown by what a person chooses to utilize at a given moment.

Most cryptocurrency provide little more utility than being a vehicle of speculation. They serve no function other than being a casino of sorts.

More than anything, this boom in cryptocurrency is a symptom of the monetary harm being done to the world economy by the last year of government created economic suppression combined with monetary inflation. A bad flu season was made into a total mess by government claiming that it was just trying to help.

When more money is printed, each individual dollar eventually looses value. All that money wants to go somewhere. The more it loses value, the more it wants to go somewhere. The high prices of cryptocurrencies and stocks alike are reminders that a painful day of reckoning is ahead, in which the economy painfully corrects itself. The longer we delay that correction through government intervention, the more awful the outcome will be.

Each politician in office is incentivized to continue endlessly printing money in hopes that they can eventually point the finger at someone else.

Why are Bitcoin maximalists meeting in Miami this week? There are plenty of reasons for that. One of them is the fact that Bitcoin has only 21 million coins that can ever be created, while the US dollar has no cap on money creation, and so much in the world around us tells us why that is so awful.

Endless lockdowns could not continue without the US dollar as the world reserve currency being injected into the economy to keep a locked down economy afloat. We are being held captive at the hands of powerful politicians, and it is able to happen precisely because of our easy-to-inflate currency. Money creation is a power government must never again be allowed.

The endless wars are also a product of the easy-to-inflate currency. It makes their financing much easier. Military foreign intervention has have been nearly constant since the creation of the Federal Reserve Bank, which took place shortly before the outbreak of World War I. A flexible government controlled money supply really allows a currency to be used for ill. It has done so in increasing frequency the less gold was used to regulate the size of the money supply. Gold tends to protect the people from exactly this tyranny.

Each person has his own reason for going to Miami. Some just want an excuse to get out of the house. But many are going there because they realize the potential of Bitcoin to limit money printing and the good that will be for society.

Allan Stevo is a cryptocurrency industry veteran and author of The Bitcoin Manifesto. Email him at BitMatts@protonmail.com with your questions for the column.

















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