May 11, 2018

"Bitcoin is a revolt against fiat [government-backed] money, and an all-meat diet is a revolt against fiat food."

"Once someone has grown capable of seeing beyond the lies and myths that experts peddle in one domain, it becomes easier to see beyond them in other domains as well."

Said Michael Goldstein, a “bitcoin and meat maximalist," who seems to eat nothing but steak — "very rare" rib-eye steak — and says non-meat foods "don’t even register in my brain as food" and likes not wasting any time getting food-shopping done.

He's quoted in "They mock vegans and eat 4lbs of steak a day: meet 'carnivore dieters'/An extreme, all animal-based diet is gaining followers in search of heightened productivity, mental clarity, and a boosted libido. But experts express doubts" (The Guardian).

55 comments:

rhhardin said...

Fiat money gets its stability from stable demand; you have to pay taxes in it, so you need some. Since you need some, other people are willing to accept it.

Bad Lieutenant said...

Mmmmmmeat!

traditionalguy said...

If you add in some fordhook limas and some brockley, your all steak and eggs diet will be all you need.

You really wont miss the wheat, corn, rice, potato, and sugar foods, in all their various forms, at all. The hard part is remembering to eat.

n.n said...

Bitcoin is an energy-intensive fiat (i.e. without intrinsic value) money with limited availability and distribution. Government-backed money is widely, cheaply available, and has the full faith and credit of a population. We could also conduct commerce with chickens and goats, or carrots and celery, but that would reduce liquidity. As for diet, consume in moderation: fats, proteins, carbohydrates, vitamins, and minerals.

n.n said...

The hard part is remembering to eat

To eat regularly (keep the digestive tract stocked and in motion) and to moderate consumption.

Wince said...

Baker, who regularly mocks vegans on his Instagram account, said that contrary to his posts, “most vegans are wonderful people trying to do the best thing”.

"I got chunks of guys like you in my stool!"

David Begley said...

Total and complete BS.

In Omaha last Saturday, Charlie Munger called bitcoin "turds." Warren was more circumspect. He said that bitcoin is premised on the greater fool theory. It is worse than gold.

This narrative that bitcoin is anti-government is a last gasp by the cons running the bitcoin scam.

Bob Boyd said...

Bitcoin is already dead. The future is meat medallions.

robother said...

Top of the food chain, Ma!

rehajm said...

Most definitions of fiat money define it as money not backed by any asset or physical good. Bitcoin is fiat money. There's sometimes an element of government decree thrown in but it isn't the defining characteristic.

Birkel said...

The PC (Berlin) Wall of thought was built to keep people inside. The wall is manned by volunteers.

The revolt is against the guards. The PC Wall is merely a symbol.

rhhardin said...

Government-backed money is widely, cheaply available, and has the full faith and credit of a population.

There's no faith and credit. It inflates like it inflates.

It's bond issues that have full faith and credit, except the courts never honor it when it winds up in court, as it regularly does for cities.

mezzrow said...

"meat's meat, and man's gotta eat." - Farmer Vincent (Motel Hell, 1980)

buwaya said...

Anything can be taken to absurd lengths.
The idea of a neolithic diet is a good one, worth exploring.
There was much more evolution going on in those hundreds of thousands of years than over the last 50-70, with the extremes of carbohydrates modernity made available.
Its darn close to a diabetic diet in fact, and in my case at least, and no doubt I have lots of company here, I should have been much closer to that decades ago.
But this certainly does not require eating 2kg of meat daily.

CJ said...

I will just brag a bit and say that I killed it in Bitcoin last year. Sold everything in 2017. Basically hit the lottery. Profits in the low two commas range.

I plan to buy back in when it's less speculative.

But you guys need to understand - all this censorship of conservatives that's occurring on the internet is possible because the infrastructure is centralized. Amazon doesn't like the content on your website? It can kick you off its servers.

Decentralization is coming to the internet, which will not allow anyone to censor anyone else.

It's likely that as governments crack down and need more money, in the soon-to-be-entirely-digitized (ie cashless) world, they'll begin to censor your bank accounts if they don't like what you're doing.

Bitcoin prevents that. It's a useful technology for that fact alone. It may be 10-15 years too early, but Bitcoin will be a key technology for anyone that cares about freedom, soon.

Look at the state of the Left - they're eventually going to win elections again and they're going to come after you and your family and your property with a vengeance.

And it won't be the nice Lefties we've been dealing with up til now (Bernie, Kamala, Keith, Valerie, Barry, etc) - we're going to get a bunch of little Shitlers and Shaved Guevaras ordering us around. Be ready for this inevitability.

CJ said...

And yes before anyone asks I paid half of it in taxes as I live in NYC and everything was in the 39.6% bracket and counted as earned income. I'm not going to jail for tax evasion after hitting the lottery.

wild chicken said...

Earned income from speculation? I don't think so. It's investment income.

Ralph L said...

Off to the Tower with them!

Ron Winkleheimer said...

It's likely that as governments crack down and need more money, in the soon-to-be-entirely-digitized (ie cashless) world, they'll begin to censor your bank accounts if they don't like what you're doing.

Governments can and will make cryptocurrencies illegal one second after they threaten their power in any way. What is a bitcoin worth the second that governments start thinking that it is threatening their monopoly on issuing the currency? And if its outlawed, you won't be able to exchange it for actual money and businesses and individuals simply won't accept it as payment for debts.

There is an interesting documentary from National Geographic about the lengths the Mexican drug cartels go to to launder their money so as to get it into the banking system. One guy claimed that a resort city (I forget which one) was primarily financed with drug profits so that they could use it to launder more money. Rooms are kept empty, but the books say they were filled, more drinks are reported sold than actually are, etc. That's to launder legal tender cash. How can you convert bitcoin to something actually spendable when nobody will accept it?

mockturtle said...

In my current travels a troubling trend has come to light. More business are refusing to take cash. Cash may become worthless in the very near future. Makes me wonder what drug dealers will use for large transactions? Bitcoin? What about small ones? If our money is really only digital, does it really exist? I'm just an old lady but I think we are painting ourselves into a dangerous corner.

rcocean said...

"More business are refusing to take cash."

That's interesting. Like who?

CJ said...

“Governments can and will make cryptocurrencies illegal one second after they threaten their power in any way. What is a bitcoin worth the second that governments start thinking that it is threatening their monopoly on issuing the currency? And if its outlawed, you won't be able to exchange it for actual money and businesses and individuals simply won't accept it as payment for debts.”

Yes you can still exchange it for currency or other assets. People do so in Venezuela currently even though it’s illegal. Government cannot take it away from you and you can anonymously pay anyone any amount even after the government has made it illegal.

The millions of people in the bitcoin community *expect* governments to make it illegal to use bitcoin. I fully expect bitcoin to become illegal soon, which of course, will prove its use case and its necessity.

CJ said...

“Makes me wonder what drug dealers will use for large transactions? Bitcoin? What about small ones?”

Many, many drug dealers take bitcoin as payment and mail your drugs right to your door.

Ralph L said...

My old boss would sooner drop dead than pay the merchant's fee on credit card sales. But he racked up miles paying with a card for everything he could.

Bruce Hayden said...

“There was much more evolution going on in those hundreds of thousands of years than over the last 50-70, with the extremes of carbohydrates modernity made available. ”

One of the worst things that has happened to our diets is the USDA food pyramid. Problem is that it grossly emphasizes carbohydrates, esp grains. Grains, in excess have never been good for us - but are what allowed/enabled modern civilization. Human size apparently decreased, while bones, etc often show significant dietary deterioration after the introduction of agriculture. Both dentition and bone density apparently suffered. Decreased health was traded for the much higher population densities that could be maintained as contrasted to hunter/gatherers. Which meant that most times that an agriculturally based society came up against one that wasn’t, it would typically ultimately win by its much greater strength of numbers. Just think of the long lines of cavalry that finally ended our Indian wars in our southwest. One on one, the Indians could easily hold their own. But in the end, it wasn’t one on one, but dozens on one.

One of the things that I am not sure of is whether our addiction to sugar is completely innate, or learned. My guess is that a good part of our susceptibility to sweet tastes is a result of sugar being very rare in our diets, and a drive to eat as much as we can, when it was available, as a cheap source of immediate energy. There are animals that can tolerate and properly metabolize large quantities of sugar. Ours is just not one of the species that can.

mockturtle said...
This comment has been removed by the author.
mockturtle said...

rcocean asks: That's interesting. Like who? [re businesses refusing cash]

So far mostly chain restaurants. I've seen it in RV parks as well. It's been written up in major news media like the NYT and the Boston Globe so I won't bother to include links.

James Pawlak said...

I have been, at a very low level, attending to the "Bit Coin" phenomena

As a (Self-declared) "Avocational Historian" I, most strongly, suggest that anyone considering involvement in that movement (Or, wondering if s/he should leave it) consider the "Tulip Mania" (About which information can be found on any, general-knowledge) search engine.

The thinking investor or other person might also look up "The South Sea Bubble" and "Ponzi Scheme" for other, possible, parallels.

Yancey Ward said...

"Most definitions of fiat money define it as money not backed by any asset or physical good. Bitcoin is fiat money. There's sometimes an element of government decree thrown in but it isn't the defining characteristic."

The defining characteristic is that it can be produced at negligible cost vs its face value. In other words, the Federal Reserve can produce a paper dollar bill (in whatever denomination) for about a cent or two. So, by that definition, Bitcoin a unique money isn't fiat, though, of course, there is no limit to the number of such monies that might be created- see the other blockchain currencies for example.

I made a prediction a couple of years ago- in 20 years a single Bitcoin will either be worth $1 million dollars, or zero. There will be no in between value.

Ron Winkleheimer said...

Yes you can still exchange it for currency or other assets. People do so in Venezuela currently even though it’s illegal.

Because they can then convert it to US currency. If you can't convert it to a legal tender currency, and it is illegal to accept it, then how is it valued?

Bitcoin isn't money, its a commodity, like gold or silver. Theoretically, you could exchange them for goods and services instead of using cash, but most people don't because it would be inconvenient for the merchant who would have to weigh the metal, determine its current worth in relationship to an actual currency at that particular moment (the spot price) and then accept that amount of precious metal for payment, which he would then need to sell for cash, with the risk that the value could have fallen before he did so.

Yes, I know, Bitcoin doesn't weigh anything and since its digital the process can be automated, "fiat" money is also prone to inflation, etc. But, the fact of the matter is, since Bitcoin is digital, if it is made illegal, regulating it out of existence will be the simplest thing in the world.

"Hey, I've got some Bitcoin, how much for that bread mister merchant."

"Sorry, accepting Bitcoin can get me 10-20 in federal prison, I can't accept it."

"Mister banker, can I exchange Bitcoin for some legal tender so I can buy some bread?"

"Why no, you cannot and excuse me while I go call the Treasury Department."

Bunches of people simply aren't going to continue using Bitcoin if they can't spend it and risk going to prison for even trying.

Earnest Prole said...

One word: Gout.

Yancey Ward said...

CJ,

Congratulations! When Bitcoin first became a thing in the news, I actually seriously considered buying several thousand of them and even considered mining them, too- I went so far as creating a wallet and researching the best exchanges to buy them. This was back when they could be bought on exchanges for less than $5 a piece- this would have been sometime around 2011 or so. Unfortunately, I never followed through. Coulda woulda shoulda....

However, I don't lose sleep over it- knowing my own tendencies, I am pretty damned certain I would have sold long before it reached it even $100/Bitcoin, and only realized a small profit.

Yancey Ward said...

I definitely enjoy eating a nice sirloin, but I wonder if I would enjoy it for every meal. I doubt it.

mockturtle said...

Several months ago my younger daughter wanted to invest in Bitcoin. I advised her against it. She's glad.

Rick.T. said...

Ron Winkleheimer said...

"There is an interesting documentary from National Geographic about the lengths the Mexican drug cartels go to to launder their money so as to get it into the banking system."

The series "Narcos" - highly recommended - dealth at times with the problem of too much paper money. Stunning both visually with archival footage and recitations of sheer numbers. There's probably millions of dollars still buried around various places in Columbia. There was just no place to put all the cash.

MadisonMan said...

More business are refusing to take cash

Burgritos on Monroe St in Madison doesn't take cash.

At least at one point the sign on the door said that. Not sure if that's still the case. Maybe I'll go there next week and check it out.

mockturtle said...

It could even be, in the future if our digital world collapses, that gold and silver will be the only reliable legal tender. What if William Devane was right all along? ;-)

Michael said...

CJ is on it, at least as far as the underlying technology of blockchain is concerned. Discreet and impenetrable silos of data, documents, currencies and conversation are coming.

Yancey Ward said...

From what I understand about Bitcoin, I think the real danger to it is a breach of its cryptography. It isn't implausible that in the future, the crytographic protocols used aren't the equivalent of a 4 digit ATM passcode today. How easily can Bitcoin update the cryptography to beat such a threat- and how quickly could it be deployed?

Paddy O said...

A true Swanson.

Paul J said...

Great! Diet and Bitcoin. Two topics that old farts don't have firm opinions about, no siree.

So long as you are so attached to those opinions, that dhamma-eye won't open. Trapped in the never-ending wheel of samsara!

Paul J

CJ said...

@Yancey thanks! and @michael, yes, decentralization + online ledgers ie blockchain will solve lots of problems we have online today.

Yancey, in regards to your last post - the Bitcoin developers (500 of the best CS coders and thinkers in the world today including Luke-JR who is one of the most prominent) have supposedly already come up with a quantum-computing-proof algorithm. I don't know whether this is just more cryptohashing eg we use SHA-512 now and the quantum-proof would be SHA-99999999999999999 or something or if it's an entirely different method.

I hasten to add that this is all subject to being rumor, as confirming such cryptographic ability would be an instant visit from the N_A/C_A or other group who would hit you over the head with a hammer until you gave them the algorithm.

Still - incredibly interesting rumor.

CJ said...

"Earned income from speculation? I don't think so. It's investment income."

Short term capital gains are counted as earned income on your tax forms. Trust me on this.

StephenFearby said...

Ketogenic diets can help you loose weight. First reported in the 1970's (the Atkins Diet).

Turns out it more recently been found to reduce brain inflammation. Inflammation in the hypothalamus is associated with obesity.

However, brain inflammation is also associated with depression (a Google search yields over 9 million hits).

But brain inflammation is also associated with many other psychiatric conditions.

I suspect this guy eats his extreme paleo diet because it makes his brain feel better.

A recent study suggests there is a way to address brain inflammation with a pill mimicking the ketogenic diet effect. But it ain't here yet:


9/2017
How Ketogenic Diets Curb Inflammation in the Brain | UC San Francisco

https://www.ucsf.edu/news/2017/09/.../how-ketogenic-diets-curb-inflammation-brain

Sigivald said...

As a fairly serious follower of Austrian economics, it pleases me to make fun of "fiat money" obsessed people.

(Yes, BitCoin is not fiat money. It's also ... permanently and inherently deflationary, as the supply is finite and BitCoins [partial or whole] can be lost, permanently.

I'd rather have fiat money with a basically trustable, predictable low inflationary rate - like USD or even, in a pinch, the Euro - than a deflationary money, any day of the week.

"But Zimbabwe/Venezuela/Weimar!" is not a sufficient counter-argument; a government could shoot everyone it caught using a BitCoin, if it was willing to be equally awful and wicked.

"Fiat money" is not bad in itself; it's inflationary monetary policy of the above ilk that is.

Ask Mises, FFS, who was writing about it before WW2.)

Etienne said...

I dare anyone to eat meat after driving US Highway 50 through Kansas and Colorado¹.

If you can eat a skunk, then you can eat meat after traveling Highway 50.

1) Highway 50 has feed lots every 20 miles and skunks smell sweeter.

mockturtle said...

Etienne, feedlots are abhorrent in more than just the olfactory sense.

Etienne said...

mockturtle, I know what you are saying. Like humans, the worst thing you can give an animal is grain.

Humans, who eat grain, are called diabetic. The cattle in the feedlot are all diabetic, as their insulin is pumped out of their pancreas in response to the grain they are forced to eat.

Eat grain, you get a nice fatty meat (marbled they call it). Same with humans - fat. Not only that, but you get the runs, and there is crap everywhere (which makes feedlots smell so bad). The poor cattle stand packed together in their own poop.

We of course no longer shop supermarkets for beef. Here's where we get our beef. It's lean, and I can't even eat marbled beef anymore at a restaurant.

Grass Fed Beef

Etienne said...

Two things: do not invest in bitcoin, and don't invest in Ford.

Even though I made $800k on Ford stock, it was a fluke after the 2008 crash.

OK, only invest in Ford after a market crash (if you still have money).

Luckily I had $50k not invested in my IRA, so I bought Ford at $1 a share.

Krumhorn said...

Bitcoin is, indeed, a fiat currency. While it may not be decreed as a medium of exchange by a government (well..exxcept in Venezuela), it shares all other material fiat characteristics, primarily that it is not backed by a commodity of independent market value. It has nothing to do with the cost of creation. When US bank notes were backed by gold, that is to say that you could theoretically go into a bank and receive the face amount of the note in the weight of gold in exchange, the fact that the notes were printed paper did not determine the nature of the currency.

The central feature of Cryptocurrency is that it is not necessarily controlled by an intermediary. If it is structured as a distributed public ledger, it’s value is premised on demand for the currency and the trust created among skeptical strangers that the currency used in a transaction is legitimate and not counterfeit.

That’s the problem with processed lunch meat. Is it really meat? Or fiat meat?

- Krumhorn

Bruce Hayden said...

@Etienne - one of the nice things about living in MT half the year is the meat. Our beef is grain fed maybe 7-8 miles west of us as part of a deal that involves the harvesting of hay and alfalfa. A bit of pork is typically thrown in too. Know someone in Kalispell who ranches elk and bison, so we stock up there every year - except for this year, since the freezer is full.

n.n said...

it’s value is premised on demand for the currency and the trust created among skeptical strangers

Backed by the full faith, credit, and authority of skeptical strangers, subject to the availability of cheap processing plants. With its mission uncritical applications, this may be a good niche for "green" energy products without a grid and CAGW production reserves. They will still need to address its calculable limits and intrinsic pyramid structure.

Beldar said...

"Fiat money" doesn't mean government-backed money. It means money that has nothing but government backing it (in contrast to money convertible into some other asset, e.g., gold).

It's worth quibbling about in this context because in the case of both money and food, it's being imposed by government fiat, rather than setting its own level according to some market function. The element of compulsion by government fiat or decree — you must eat this, you must treat that paper as having this value — is fundamental to the comparison.

Beldar said...

I bought a new computer in January from Dell. I wanted a fairly high-end system since I do lots of video editing for work, and I also play computer games that require powerful CPUs and video cards.

The configuration I wanted, therefore, with a pair of high-end Nvidea video cards, I was told would take at least six weeks for Dell to build and deliver. "Why the delay," I asked.

"Right now the top-end components are being bought in bulk by bit-coin miners," said the Dell sales rep, "and the manufacturers can't keep up with their demand."

I immediately thought of people paying above-market rates for next month's tulip crop. This is not economically productive activity; no wealth is being created, but suckers are indeed being fleeced.

Will Cate said...

The late San Francisco LSD king Owsley Stanley was, oddly enough, a devotee of this diet.