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“The Politics of Bitcoin: Software as Right-Wing Extremism” by David Golumbia


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PoliticsBitcoinWe have explored Bitcoin in a number of programs–FTR #’s 760, 764, 770 and 785.

An important new book by David Golumbia sets forth the technocratic fascist politics underlying Bitcoin. Known to veteran listeners/readers as the author of an oft-quoted article dealing with technocratic fascism, Golumbia has published a short, important book about the right-wing extremism underlying Bitcoin. (Programs on technocratic fascism include: FTR #’s 851, 859, 866, 867.)

In the excerpt below, we see disturbing elements of resonance with the views of Stephen Bannon and some of the philosophical influences on him. Julius Evola, “Mencius Moldbug” and Bannon himself see our civilization as in decline, at a critical “turning point,” and in need of being “blown up” (as Evola put it) or needing a “shock to the system.”

The Politics of Bitcoin: Software as Right-Wing Extremism by David Golumbia; University of Minnesota Press [SC]; pp. 73-75.

. . . . As objects of discourse, Bitcoin and the blockchain do a remarkable job of reinforcing the view that the entire global history of political thought and action needs to be jettisoned, or, even worse, that it has already been jettisoned through the introduction of any number of technologies. Thus, in the introduction to a bizarrely earnest and destructive volume called From Bitcoin to Burning Man and Beyond (Clippinger and Bollier 2014), the editors, one of whom is a research scientist at MIT, write, “Enlightenment ideals of democratic rule seem to have run their course. A continuous flow of scientific findings are undermining many foundational claims about human rationality and perfectibility while exponential technological changes and exploding global demographics overwhelm the capacity of democratic institutions to rule effectively, and ultimately, their very legitimacy.” Such abrupt dismissals of hundreds of years of thought, work, and lives follows directly from cyberlibertarian thought and extremist reinterpretations of political institutions:” What once required the authority of a central bank or a sovereign authority can now be achieved through open, distributed crypto-algorithms. National borders, traditional legal regimes, and human intervention are increasingly moot.” Like most ideological formations, these sentiments are highly resistant to being proven false by facts. . . .

. . . . Few attitudes typify the paradoxical cyberlibertarian mind-set of Bitcoin promoters (and many others) more than do those of “Sanjuro,” the alias of the person who created a Bitcoin “assassination market” (Greenberg 2013). Sanjuro believes that by incentivizing people to kill politicians, he will destroy “all governments, everywhere.” This anarchic apocalypse “will change the world for the better,” producing “a world without wars, dragnet Panopticon-style surveillance, nuclear weapons, armies, repression, money manipulation, and limits to trade.” Only someone so blinkered by their ideological tunnel vision could look at world history and imagine that murdering the representatives of democratically elected governments and thus putting the governments themselves out of existence would do anything but make every one of these problems immeasurably worse than they already are. Yet this, in the end, is the extreme rightist–anarcho-capitalist, winner-take-all, even neo-feudalist–political vision too many of those in the Bitcoin (along with other cryptocurrency) and blockchain communities, whatever they believe their political orientation to be, are working actively to bring about. . . .

 

Discussion

2 comments for ““The Politics of Bitcoin: Software as Right-Wing Extremism” by David Golumbia”

  1. Check out one of the big winners from the ongoing surge in the value of Bitcoin: neo-Nazis. And especially Andrew “weev” Auernheimer:

    Mic

    Neo-Nazi wealth is rapidly growing. Why? Bitcoin.

    by Jack Smith IV
    Published Dec. 1, 2017

    In many ways, white nationalists were the big losers after the Unite the Right rally in Charlottesville in August. First, they lost web hosting for neo-Nazi hives like Stormfront. Some far-right attendees lost access to Uber or their social media accounts. Others lost meeting venues and were driven out of subsequent public spaces during follow-up rallies. And of course, some attendees, such as those who were exposed in photos taken at the infamous torch-lit march the night before the rally, lost their jobs.

    In that time, they were also essentially forced to invest in bitcoin, and after the cryptocurrency’s meteoric rise throughout 2017, that financial move has broadened their wealth significantly.

    After the Charlottesville protests, many white nationalists lost access to money-transfer services like Apple Pay and PayPal, and therefore turned to bitcoin, doubling down on their investment or creating wallets to experiment with the apolitical cryptocurrency.

    In the past few months, the price of bitcoin soared to record heights, reaching a trading price over $11,000 per coin on Wednesday. Throughout this boom, white nationalist wealth has grown, with some of the country’s most virulent celebrity racists often raking in thousands of dollars in a single day.

    Bitcoin can be used anonymously, but in order to accept donations, white nationalists had to de-anonymize themselves. So John Bambenek, a cybersecurity researcher and threat analyst, created a Twitter bot to follow and collect this information. It’s from that bot, @NeoNaziWallets, that Mic has collated and graphed this behavior. Even so, while anyone can watch the money move in and out of accounts, it’s uncertain where the money travels to, who is contributing and how many other digital wallets are involved in the network of white supremacist bitcoin users.

    The cryptocurrency is also pretty attractive to those who believe in anti-Semitic conspiracies about greedy, often assumed Jewish, overlords who engineer our society through control of central banks. In March, Richard Spencer declared bitcoin “the currency of the alt-right” — though that should be taken with a grain of salt. The alt-right will lay claim to anything from New Balance shoes to Papa John’s pizza if it suits them.

    Bitcoin is the currency of the alt right.— Richard ???? Spencer (@RichardBSpencer) March 18, 2017

    Still, since Charlottesville, white nationalists who ramped up their investment in bitcoin have seen their virtual wealth grow.

    The clearest case of such growth is with Counter-Currents, a publishing house for books like Trevor Lynch’s White Nationalist Guide to the Movies and Toward the White Republic. From late August until Wednesday — our observation period for the data — the wallet for the far-right publisher held at about 7.7 bitcoin, including some tiny contributions (possibly donations) along the way. Its wealth more than doubled, netting them about $41,000 between Sept. 2 and Tuesday. And then by Wednesday it made $5,859 more.

    Bitcoin’s been particularly useful for Andrew Anglin, a neo-Nazi leader who’s been in and out of the public eye since the Southern Poverty Law Center filed a potentially debilitating lawsuit against him. Bambenek has estimated that Anglin has taken in about $250,000 in bitcoin since 2014.

    On Oct. 1, the Daily Stormer withdrew $64,353, reaping the early rewards of the bitcoin boom, shortly after making about $2,202 in just one day. Since then, the balance for the Daily Stormer has been fairly level, as whoever manages the wallet skims the occasional few hundred dollars off the account, with some withdrawals as high as $1,602.

    Other white nationalist experimentations in bitcoin are fairly meager. Spencer — president of the National Policy Institute, a white nationalist think tank — had about $3 in bitcoin sitting in an account until Nov. 22, when roughly $1,000 in bitcoin was transferred to the wallet. As of Wednesday, he had about $1,317. Vanguard America, a militant white nationalist group with a large contingent in Charlottesville, grew a small balance from roughly $218 on Aug. 27 to about $533 on Wednesday with no new deposits.

    One neo-Nazi stands above the rest in his bitcoin usage: Andrew “weev” Auernheimer, who’s received over $1 million in bitcoin, according to one report. Even though Auernheimer has withdrawn roughly $118,620 from his bitcoin wallet between late August and Wednesday, his remaining bitcoin store has been replenishing his wealth throughout the recent bitcoin boom.

    While bitcoin is an effective, apolitical escape pod for moving money away from services that become inhospitable to hate groups, many mainstream wallet providers can still de-platform white supremacists. After the Charlottesville rally, Coinbase allegedly kicked users off of its wallet-providing service for donating to the Daily Stormer.

    In the meantime, all of the transactions moving in and out of the identified wallets are still in public.

    “The disadvantage [for neo-Nazis] is that I can see their transactions, I can see when they’re spending money, and given effort and investment of time, I could figure out who is donating to them also,” Bambenek told Mic.

    Bambenek said his next project is to chart the web of transactions around the neo-Nazi bitcoin wallets to try to determine where the money is going and, potentially, the identity of the donors using cryptocurrency to lend thousands of dollars to the white nationalist cause.

    ———-

    “Neo-Nazi wealth is rapidly growing. Why? Bitcoin.” by Jack Smith IV; Mic; 12/01/2017

    “After the Charlottesville protests, many white nationalists lost access to money-transfer services like Apple Pay and PayPal, and therefore turned to bitcoin, doubling down on their investment or creating wallets to experiment with the apolitical cryptocurrency.”

    So following the backlash from the neo-Nazi violence in Charlottesville, the ‘Alt Right’ neo-Nazis redouble their interest in Bitcoin, including for fundraising, allowing them to turn those donations into massive profits as a result of the recent Bitcoin surge.

    But in order to accept those donations, the neo-Nazis had to make their Bitcoin “wallets” publicly known, allowing people to track at least the publicly available Bitcoin neo-Nazi wealth. Which is exactly what cybersecurity researcher John Bambenek did:


    Bitcoin can be used anonymously, but in order to accept donations, white nationalists had to de-anonymize themselves. So John Bambenek, a cybersecurity researcher and threat analyst, created a Twitter bot to follow and collect this information. It’s from that bot, @NeoNaziWallets, that Mic has collated and graphed this behavior. Even so, while anyone can watch the money move in and out of accounts, it’s uncertain where the money travels to, who is contributing and how many other digital wallets are involved in the network of white supremacist bitcoin users.

    And what did Banenek find? Well, found that Stormfront founder Andrew Anglin has taken in an estimate $250,000 in bitcoins sinc 2014, but that’s dwarfed by Anglin’s associate, neo-Nazi hacker Andrew Anglin who as seen over $1 million in bitcoins flowing into his wallet:


    Bitcoin’s been particularly useful for Andrew Anglin, a neo-Nazi leader who’s been in and out of the public eye since the Southern Poverty Law Center filed a potentially debilitating lawsuit against him. Bambenek has estimated that Anglin has taken in about $250,000 in bitcoin since 2014.

    On Oct. 1, the Daily Stormer withdrew $64,353, reaping the early rewards of the bitcoin boom, shortly after making about $2,202 in just one day. Since then, the balance for the Daily Stormer has been fairly level, as whoever manages the wallet skims the occasional few hundred dollars off the account, with some withdrawals as high as $1,602.

    One neo-Nazi stands above the rest in his bitcoin usage: Andrew “weev” Auernheimer, who’s received over $1 million in bitcoin, according to one report. Even though Auernheimer has withdrawn roughly $118,620 from his bitcoin wallet between late August and Wednesday, his remaining bitcoin store has been replenishing his wealth throughout the recent bitcoin boom.

    Based on this performance, we should probably expect neo-Nazis to continue favoring Bitcoin when it comes to accepting donations. But there is one big catch to all this: Bitcoin is only quasi-anonymous and it’s often possible de-anonymize a Bitcoin wallet and figure out who is making all these neo-Nazi donations. And that, of course, is Bambenek’s next project:


    In the meantime, all of the transactions moving in and out of the identified wallets are still in public.

    “The disadvantage [for neo-Nazis] is that I can see their transactions, I can see when they’re spending money, and given effort and investment of time, I could figure out who is donating to them also,” Bambenek told Mic.

    Bambenek said his next project is to chart the web of transactions around the neo-Nazi bitcoin wallets to try to determine where the money is going and, potentially, the identity of the donors using cryptocurrency to lend thousands of dollars to the white nationalist cause.

    So it’s going to be interesting to see how many people end up getting identified as a neo-Nazi donor (at which point they will likely act very persecuted when people don’t think well of them for donating to/being neo-Nazis and ask for more donations themselves).

    And don’t forget that this study of neo-Nazi Bitcoin activity is based on the wallets that have identified as owned by a neo-Nazi. So Bambenek’s study is really just a subset of the total neo-Nazi Bitcoin wealth.

    Posted by Pterrafractyl | December 5, 2017, 3:59 pm
  2. Check out one of the ‘disruption’ projects Steve Bannon is working on: It’s Bitcoin. Surprise!

    But not just Bitcoin. Bannon is interested in all sorts of cryptocurrencies. Including making up some of his own (and making a bunch of money in the process). And part of his sales pitch is that no political movement is truly free unless it controls its own currency. He’s even talking about making a ‘Deplorable Coin’. So that’s apparently Bannon’s next big plan: making partisan cryptocurrencies that he can sell to the right-wingers as ‘freedom’:

    The New York Times

    Stephen Bannon Buys Into Bitcoin

    By Jeremy W. Peters and Nathaniel Popper
    June 14, 2018

    WASHINGTON — Stephen K. Bannon, 10 months removed from the job of chief strategist to President Trump and five months after his ouster from the arch-conservative news site Breitbart News, is betting that Bitcoin and other cryptocurrencies can disrupt banking the way Mr. Trump disrupted American politics.

    Mr. Bannon won’t reveal very much about his cryptocurrency plans — he worries that the controversy that comes with his name could have a bad impact on projects just getting off the ground.

    But he has had private meetings with cryptocurrency investors and hedge funds where he has discussed working on so-called initial coin offerings through his investment business, Bannon & Company. And in his first interview on the topic, he said he had a “good stake” in Bitcoin.

    In a small gathering of academics at Harvard University this spring, he even floated the possibility of creating a new virtual currency, the “deplorables coin.” The name is a nod to Hillary Clinton’s description of Mr. Trump’s supporters as “a basket of deplorables.”

    The work that Mr. Bannon is doing in the virtual currency realm is still in its early stages. But he has expressed an interest in helping entrepreneurs and even countries looking to create their own cryptocurrencies — generally outside the United States.

    The offbeat world of cryptocurrencies has drawn interest from all sorts over the last few years, from drug dealers and scam artists to the biggest companies in Silicon Valley and the most staid institutions of Wall Street.

    It is not a shocking place for Mr. Bannon, 64, to plot his re-emergence. Cryptocurrencies have many of the characteristics that drew him into Tea Party politics: They break old rules, they exist on the periphery, and they pose a challenge to the powerful figures and institutions that have long called the shots.

    “It’s disruptive populism,” Mr. Bannon said in the interview, at his Capitol Hill townhouse in Washington. “It takes control back from central authorities. It’s revolutionary.”

    Even though he has no formal ties to the business anymore, Mr. Bannon still refers to his townhouse as the “Breitbart Embassy,” the nickname given to it because so much of the site’s business was done there.

    While Breitbart editors and writers no longer linger at all hours inside the embassy, remnants of the website remain in Breitbart mementos hanging from the wall and coffee mugs with the signature block B logo strewn about the kitchen. Mr. Bannon still accepts a steady stream of visitors who provide him intelligence and gossip from the conservative circles he once commanded. But these days he is just as likely to be convening meetings there on his new financial venture.

    He won’t talk about a possible return to politics someday. His messy rupture with the White House over critical comments he made in Michael Wolff’s book “Fire and Fury” about colleagues and Donald Trump Jr. is still too fresh. But he does see a political component to virtual currency.

    “It was pretty obvious to me that unless you got somehow control over your currency, all these political movements were going to be beholden to who controlled the currency,” Mr. Bannon said.

    His vision for virtual currency has elements of his unorthodox ideology. He sounds like both an avowed libertarian who wants government out of his life and a progressive who wants Wall Street held to account when he insists that virtual currencies can help citizens take back power from the central banks that “debase your currency” and make citizens “slaves to debt.”

    His focus on creating new digital tokens, which are usually offered through initial coin offerings, puts him squarely in the edgiest, most scam-filled slice of the cryptocurrency business.

    New companies have raised billions through these I.C.O.s, which allow them to bypass regulators and other middlemen and go straight to investors. That has also led to plenty of scams, and authorities throughout the world are starting to crack down.

    Mr. Bannon’s involvement in cryptocurrencies has raised eyebrows among people trying to move the business toward the mainstream. They fear he will further cement the technology’s reputation as a plaything of fringe elements.

    “It almost seems like a natural progression for a man who gained prominence by shoveling out unfounded conspiracies to now shilling complex technology and financial instruments to an unsophisticated investing public,” said Colin Platt, a cryptocurrency researcher and adviser.

    Bitcoin are stored and moved around a global network of computers that allows for the system to work without relying on a central authority. That lack of oversight has made Bitcoin a favorite method of payment for online drug markets and ransom schemes.

    Bitcoin has been popular with the alt-right and nationalist communities because it has provided them with a way to receive online donations and evade restrictions put on them by banks and payment companies. PayPal and Apple Pay, for example, shut down the accounts of some right-wing groups last year.

    Cryptocurrencies are also gaining mainstream interest. Goldman Sachs, where Mr. Bannon worked in the 1980s, recently said it was creating a Bitcoin trading operation. The parent company of the New York Stock Exchange has been looking at building an exchange for digital tokens. And Facebook has put top executives on a project exploring use of the technology.

    These big companies are generally trying to take the technology away from its radical political roots. But Mr. Bannon is hoping to embrace those roots. “Control of the currency,” he said, “is control of everything.”

    Timothy Lewis, a hedge fund manager who met with Mr. Bannon to talk about cryptocurrencies last month, said he was impressed with the degree to which Mr. Bannon had delved into the details of the technology and the challenges it faces.

    “I didn’t know what to expect going in, but he had clearly done his homework,” said Mr. Lewis, who is a co-founder of the Ikigai hedge fund, which invests in cryptocurrency projects. He said they had talked about the laws governing new cryptocurrencies and a few initial coin offerings that had recently raised money from investors.

    Mr. Bannon is particularly interested in the possibility that countries could create coins tied to national wealth — an Italian coin tied to marble deposits in the country, for instance.

    He found his way into the virtual currency universe through Brock Pierce, a former child actor who appeared in films like “The Mighty Ducks” before starting a company in Hong Kong that sold the virtual gold that players use in the video game World of Warcraft.

    The company, Internet Gaming Entertainment, or IGE, brought on Mr. Bannon as vice chairman in 2005 to help Mr. Pierce expand the business and deal with legal threats.

    Mr. Bannon credits the company with introducing him to the ranks of disaffected young men who gathered online around video games, and who became pillars of the alt-right movement.

    Since leaving IGE in 2007, Mr. Pierce has become involved with a wide array of virtual currency projects, including an effort to create a cryptocurrency enclave in Puerto Rico that takes advantage of the island’s low taxes, and a new virtual currency known as EOS, which has raised over $3 billion.

    Mr. Bannon said he would have gotten involved with Mr. Pierce and cryptocurrencies back in 2016 if the Trump campaign hadn’t intervened.

    Mr. Pierce’s big claims for cryptocurrencies — and a recent turn toward new age spiritualism — have made him a target for critics. John Oliver, on his HBO comedy show, recently held up Mr. Pierce as an emblem of the bombast that floats around the virtual currency community. After the segment, the company that created EOS said Mr. Pierce had left the company.

    ———-

    “Stephen Bannon Buys Into Bitcoin” by Jeremy W. Peters and Nathaniel Popper; The New York Times; 06/14/2018

    “Stephen K. Bannon, 10 months removed from the job of chief strategist to President Trump and five months after his ouster from the arch-conservative news site Breitbart News, is betting that Bitcoin and other cryptocurrencies can disrupt banking the way Mr. Trump disrupted American politics.”

    That’s apparently Bannon’s big bet: Bitcoin can disrupt banking the way Donald Trump disrupted American politics. Oh joy.

    But the particular disruption Bannon has in mind doesn’t appear to revolve around Bitcoin. Instead, he’s talking about helping others start their own cryptocurrencies and even starting his own (like the proposed “deplorables coin”) and getting in on the potentially lucrative ‘initial coin offerings’, when a sizable portion of the coins in some new cryptocoin are given to early investors:


    Mr. Bannon won’t reveal very much about his cryptocurrency plans — he worries that the controversy that comes with his name could have a bad impact on projects just getting off the ground.

    But he has had private meetings with cryptocurrency investors and hedge funds where he has discussed working on so-called initial coin offerings through his investment business, Bannon & Company. And in his first interview on the topic, he said he had a “good stake” in Bitcoin.

    In a small gathering of academics at Harvard University this spring, he even floated the possibility of creating a new virtual currency, the “deplorables coin.” The name is a nod to Hillary Clinton’s description of Mr. Trump’s supporters as “a basket of deplorables.”

    And note how Bannon is framing this move to start his own cryptocurrencies: It’s all about ‘taking back control from central authorities’. So Bannon’s private currency that he wants to peddle to the public is how one ‘takes back control’:


    The work that Mr. Bannon is doing in the virtual currency realm is still in its early stages. But he has expressed an interest in helping entrepreneurs and even countries looking to create their own cryptocurrencies — generally outside the United States.

    “It’s disruptive populism,” Mr. Bannon said in the interview, at his Capitol Hill townhouse in Washington. “It takes control back from central authorities. It’s revolutionary.”

    Even though he has no formal ties to the business anymore, Mr. Bannon still refers to his townhouse as the “Breitbart Embassy,” the nickname given to it because so much of the site’s business was done there.

    “It was pretty obvious to me that unless you got somehow control over your currency, all these political movements were going to be beholden to who controlled the currency,” Mr. Bannon said.

    His vision for virtual currency has elements of his unorthodox ideology. He sounds like both an avowed libertarian who wants government out of his life and a progressive who wants Wall Street held to account when he insists that virtual currencies can help citizens take back power from the central banks that “debase your currency” and make citizens “slaves to debt.”

    Cryptocurrencies are also gaining mainstream interest. Goldman Sachs, where Mr. Bannon worked in the 1980s, recently said it was creating a Bitcoin trading operation. The parent company of the New York Stock Exchange has been looking at building an exchange for digital tokens. And Facebook has put top executives on a project exploring use of the technology.

    These big companies are generally trying to take the technology away from its radical political roots. But Mr. Bannon is hoping to embrace those roots. “Control of the currency,” he said, “is control of everything.”

    “It was pretty obvious to me that unless you got somehow control over your currency, all these political movements were going to be beholden to who controlled the currency…Control of the currency is control of everything.”

    So are all political movements in the US are beholden to the Federal Reserve and US Treasury? Well, that’s the narrative Bannon is adopting. So, presumably, when he sells worthless “deplorable coins” to all the Breitbart rubes he’ll be peddling it as ‘taking back control of everything’.

    Also keep in mind that Bitcoin is about the worst example one could think of when it comes to ‘the people’ ‘taking backing’ their currency because it’s almost all owned by a tiny number of people. According to a recent study, 87 percent of all existing Bitcoins are owned by half a percent of the Bitcoin wallets. In other words, Bitcoin is already a private currency with a de fact oligarchy. And a completely anonymous oligarchy. So when Bannon is talking about ‘talking back control of everything’ using cryptocurrencies he is presumably talking to his oligarch buddies.

    And while cryptocurrencies may not actually allow people to ‘take back control of everything’, the lack of regulations in this area does potentially allow people to legally get away with what amounts to a pyramid scheme: raise a bunch of money directly from investors with the ‘initial coin offerings’ (I.C.O.s) that bypass regulators:


    His focus on creating new digital tokens, which are usually offered through initial coin offerings, puts him squarely in the edgiest, most scam-filled slice of the cryptocurrency business.

    New companies have raised billions through these I.C.O.s, which allow them to bypass regulators and other middlemen and go straight to investors. That has also led to plenty of scams, and authorities throughout the world are starting to crack down.

    Mr. Bannon’s involvement in cryptocurrencies has raised eyebrows among people trying to move the business toward the mainstream. They fear he will further cement the technology’s reputation as a plaything of fringe elements.

    “It almost seems like a natural progression for a man who gained prominence by shoveling out unfounded conspiracies to now shilling complex technology and financial instruments to an unsophisticated investing public,” said Colin Platt, a cryptocurrency researcher and adviser.

    But, in fairness, there is one idea Bannon is proposing that does sound at least kind of interesting: coins tied to actual national wealth, like an Italian coin tied to Italian marble deposits:


    Mr. Bannon is particularly interested in the possibility that countries could create coins tied to national wealth — an Italian coin tied to marble deposits in the country, for instance.

    Keep in mind that one of significant problems with many cryptocurrencies, like Bitcoin, is the fact that there’s a cap on the total number of coins ever created (21 million for Bitcoin). It’s a remarkably stupid feature to have for a national currency. But if you wanted to somehow represent ownership of non-renewable national resources, like marble, well maybe something like ‘marblecoins’ could be useful?

    Granted, such a scheme would probably be used to make it even easier to force financially distressed countries to sell off and privatize all their national wealth and that’s probably one of Bannon’s goals in all this. But at least in theory there might be some positive applications for such a coin. And assuming the nation itself is actually issuing the resource coins at least it’s much less likely to be a fly-by-night scam.

    And there’s one potentially really nice feature of ‘resource coins’ that could positive exploit one of the ‘features’ of Bitcoin that, under normal circumstances, would be highly undesirable for an actual currency: if you lose the keys to your coins, they are gone forever. For Bitcoin, somewhere between 17-23% of existing Bitcoins were already lost as of last November according to a study. And that’s a generic problem that applies to any cryptocurrency: if the own losing the keys to their coins those coins are lost forever.

    Who knows, maybe Steve Bannon accidentally came up with a great system for preserving natural resources: issue a limited number of coins tied to existing non-renewable resources and then wait for people to start losing them forever.

    So that appears to be one of the many ‘disruption’ projects Bannon is working on these days. Privatized currencies created for the profit of Bannon and his oligarch buddies will set you free.

    Posted by Pterrafractyl | June 14, 2018, 3:11 pm

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