Boy did we have a headache today! I did this yesterday and thought it was all fine. Something happened that never has before. When I went to edit Jeffrey was fine, my entire side of the interview was GONE! Seriously like it never happened. SOOOOOO what you hear today is actually Jeff saying everything word for word and I had to rerecord my entire side to save it. Not sure how I did it but I think I got it about 95% the same as yesterday’s live recording.

First if you can trace bitcoin that means nothing in comparing it to all other electronic commerce as it can be traced. Bitcoin is not just really great because you can be anonymous. Look quit buying into the hype and bullshit on both sides. No one that understands bitcoin thinks all transactions are untraceable. NO ONE, period, got it NO ONE.

Now the other side, you can make a bitcoin transaction for all purposes totally untraceable and there are several ways to do so, none are as simple as just sending it somewhere via a third party like coin base but it absolutely can be done.

I used to install multiplexers for MCI, they break up calls into many channels and reassemble them on the other side. There is a protocall called zero coin, it is sort of kinda like multiplexers on steroids. They break bitcoins into thousands of tiny fragments, each taking their own path in the block chain and slowly being reassembled at the other side. Good luck with that, could it be done, sure but unless a specific person is targeted for other reasons it isn’t likely.

But again this is at the edge of what bitcoin can do, it is not what it is meant to do. What it is designed to do is make your money 100% portable, enable commerce of value for value without the banking system and give you more options to move and store you wealth in. You haven’t heard me one time tell anyone to put most of their money in bitcoin, nor will you. I simply see it as another option and one with some real advantages. Every transaction in bitcoin is one OUT SIDE OF THE POWER ELITE STRUCTURE.

Oh and this crap, “what happens if communications are off line and everybody has a great deal of money in bitcoin”, well what happens if all communications are offline and you have a great deal of money in the bank, in the stock market, in paypal, in a merchant account, in an ETF, in a mutual fund, in a brokerage account?

Oh and how does bitcoin compare to those during a crisis. Well if the economic system is totally F’d all of those items will be subject to capital control, if there is any working internet at all, bitcoin isn’t. Get it?

Of course there is risk during a communications outage that any form of electronic wealth could be inaccessible. Your fing car will not work if we have a shut down of gas supply, are you going to get rid of it and buy a bike. May be Ron Snook can sell you an electric one with some solar charging so you will be good to go when peak oil hits otherwise you are f’d right? Hell come to think of it, do you have a job, you better quit it right away and find a way to live with no money at all, because if the internet goes away forever, I promise you that your job is totally f’d, no matter what you do.

This angle is myopic. I have always advocated, some money in the bank, some money in PMs, some in cold hard cash, some in investment and some even in alternatives like bonds or ETFs. Now I simply add to that list, bitcoin as an option.

Now the trojan horse angle, the government did all this and can shut it down or know everyone that did everything in a micro second, “it’s a trap”. This is also idiocy. First the government isn’t competent enough to do this, not just not competent enough to get the info, they are also certainly not competent enough to create bitcoin. I am not talking about the code, I am talking about he concept, government can’t conceive of this, it is like asking a monkey to conceive of a flux capacitor.

Next even if they could have, they would have sprung the trap a long time ago and they sure is hell would not have set it up to be cloned into litecoin, duckcoin, thiscoin, thatcoin, etc. They would not have created a way to do paper wallets and they would not be trying to figure out what to do about it right now, all confused and simply unable to believe this thing even works.

I am not misleading anyone, it pisses me off that you claim this. Please tell me one thing I have said or written about bitcoin that isn’t true, one. Either that or apologize for a baseless accusation. Saying I am misleading people is saying I am lying to people, I take it seriously. I also take it as a pretty big insult! So tell me one thing I have said or written about bitcoin that is untrue, or apologize or BE GONE!

So nothing I said was untrue and you are saying I am buying into it without thinking? Or are you saying that while nothing I said is untrue my listeners are in danger of buying into it fully without thinking?

Either way, how about you worry more about tido and less about me or people that listen to me. I never told anyone to do anything risky with bitcoin, I have advised caution but I have also explained the value it offers.

Franky you seem to be talking out of your rear end!