Just before the internet became a massive display of human ingenuity and networking, a few individuals anticipated the emergence of tools that would help progress the end of politics and the nation states. 22 years ago, much like Nostradamus, Isaac Newton, Gerald Celente, and Carl Jungs forecasts, a book called The Sovereign Individual predicted the growing autonomy of the individual but also noted the development of the worlds largest economy flourishing in cyberspace.

Also read: Bitcoin Is a Viable Way to Remove the State From Your Life

Since the inception of Satoshi Nakamotos Bitcoin, many people have come to believe that cryptographic technology is meant to progress freedom and liberty by separating money from the state. The concept is similar to when the church was separated from the state but when the power of the church dissipated, the nation states quickly took its place. Cryptocurrencies now provide the means to transact financially without a middleman and this removes the great wealth of power from the states arsenal. More than two decades ago, the cypherpunks started spreading the seeds of crypto-anarchy after envisioning that the internet would help remove the parasites that stem from governments.

Just as the technology of printing altered and reduced the power of medieval guilds and the social power structure, so too will cryptologic methods fundamentally alter the nature of corporations and of government interference in economic transactions, cypherpunk Timothy May wrote in 1988. Humans have always tried to predict the future and forecasting trends has been popular since medieval times. People predicted the world wars decades beforehand, global economies collapsing, and monumental events that have changed society a great deal years before they happened.

Most people know about the cypherpunks from Silicon Valley and the great crypto-anarchist manifestos that were published at this time. In addition to these new philosophers, in 1997 two well-known investment advisors and authors, James Dale Davidson and Lord William Rees-Mogg, published a book that also predicted a huge change coming to society over the next century. Within the book of forecasts, the two authors of The Sovereign Individual predicted the coming of cryptocurrencies and economic realignment. Rees-Mogg and Davidsons book does not specifically mention Bitcoin, because it was published 12 years prior to the cryptocurrencys inception. However, the predictions do note the coming existence of an uncontrollable cybercash and that with technology we will see the growing autonomy of the individual and taxing capacity will plunge by 50-70 percent.

[Society will] develop what promises to be the worlds largest economy by the second decade of the new millennium, The Sovereign Individual states. If we were to look at the invention of Bitcoin as being part of the Sovereign Individuals timeline, we can see that things are just getting started. The cryptoconomy, for instance, is a $200 billion dollar economy that is not backed by a sole individual or endorsed by a corporate entity. Governments do not support the electronic borderless money, and ever since it was created the nation states have met the technology with adversity.

The open web has allowed online economies to flourish and financial epicenters like New York and technological regions like Silicon Valley have no hierarchy over the internets borderless and faceless power. Governments feel threatened by these technologies and The Sovereign Individuals predictions suggest that the nation states will push back just like the church did. At the time, during its predominant institution, the church, saw its monopoly challenged and shattered authority that had been unquestioned for centuries was suddenly in dispute, Rees-Mogg and Davidsons book highlights. The Sovereign Individuals timeline predicts the next millennium will be very similar. With economic tools like cryptocurrencies and other forms of technological advances like autonomous software, drones, defense groups, meshnet technology, Tor, VPNs, and influencer/gig economies, society can begin to remove the bureaucracy from their everyday lives. Davidson and Rees-Moggs novel states:

We believe that change as dramatic as that of five hundred years ago will happen again. The Information Revolution will destroy the monopoly of power of the nation-state as surely as the Gunpowder Revolution destroyed the churchs monopoly Like the late-medieval church, the nation state at the end of the twentieth century is a deeply indebted institution that can no longer pay its way. Its operations are ever more irrelevant and even counterproductive to the prosperity of those who not long ago might have been its staunchest supporters.

Right now, many people believe we are entering the initial phase of change that books like The Sovereign Individual predicted decades ago. On page 160 of the book, the two authors stress that as commerce takes hold on the internet it will lead inevitably to cybermoney. This new form of money Rees-Mogg and Davidson explain will reset the odds, reducing the capacity of the worlds nation-states. Unique, anonymous, and verifiable, this money will accommodate the largest transactions. It will also be divisible into the tiniest fraction of value. It will be tradable at a keystroke in a multi-trillion-dollar wholesale market without borders.

It is interesting to watch the forecasts written years ago come to fruition and especially ones that are changing society for the better. The advent of Bitcoin and the economy behind the thousands of digital assets out there shows that a massive transformation is indeed happening right now. Past predictions from the cypherpunks and books like The Sovereign Individual may help us understand why. Moreover, failing economies and protests worldwide clearly indicate the demand for freedom is just getting started.

What do you think about how Bitcoin and other tools apply to the Sovereign Individual thesis? Let us know what you think about this subject in the comments section below.

Op-ed Disclaimer: This is an Op-ed article. The opinions expressed in this article are the authors own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

Image credits: Wiki Commons, Shutterstock, Pixabay, Fair Use, and Twitter.

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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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How Bitcoin Applies to The Sovereign Individual Thesis - Bitcoin News

Louisiana-based Whinstone US, Inc.a developer of high-speed data centersis teaming up with Bitcoin mining firm Northern Bitcoin AG of Frankfurt, Germany, to build a new mining facility in Texas, according to a press release issued yesterday.

The new joint company will build a center that is slated to have an energy capacity of one gigawatt and cover approximately 100 acres of the Lone Star State, which the company claims will make up the largest data center in North America and the largest Bitcoin mining facility in the world.

Construction on the facility will occur in three phases, with the first set to begin during the first quarter of 2020, and the last scheduled to be completed by the end of next year. According to the press release, the firms already have two clients on board that, while unnamed, are purportedly two stock-listed corporations involved in bitcoin mining.

With Northern Bitcoin AG, we have found the ideal partner to position our successful business development on the capital market from now on, said Whinstone co-founder and Managing Director Aroosh Thillainathan in a statement. The joint company has the immediate potential to shape the future course of the global mining industry.

And if all that sounds vaguely familiar, its likely because the worlds leading Bitcoin mining firmthe China-based Bitmainjust weeks ago announced it was finally ready to open up its very own Texas mining farm in Rockdale. Following nearly a year of construction delays, Bitmain announced that the mining operation would contain roughly 50 megawatts of power, but that this figure would later be expanded to 300 megawatts, supposedly making that the largest Bitcoin mining facility on Earth.

However, Whinstone and Northern Bitcoin said in their joint announcement that their facility will have over 300 megawatts of power following the completion of just the first phase of construction. In other words, the Whinstone/Northern Bitcoin complex will purportedly have even more power than Bitmains facility before its building is even halfway completed.

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This is a pretty big claim coming from a company that, according to its LinkedIn page, only employs between 11 and 50 people. Thats a far cry from the nearly 3,000 employees at Bitmain, a company that garnered close to $3 billion in annual revenue in 2017. Can the market expect a showdown between Bitcoin mining giants in Texas?

Mathis SchultzCEO of Northern Bitcoinexplained in a statement, With this merger, we are catapulting ourselves faster than originally planned to the top of the world in bitcoin mining. Whinstones team has done a great job over the past few years and is proving its leadership in the blockchain industry.

Whinstone opened its doors for business five years ago and has already established cryptocurrency mining centers in several European countries, including Sweden and the Netherlands. Stepping into the crypto space in 2018, Northern Bitcoin operates a bitcoin mining facility in Norway that claims to run on 100 percent renewable energy.

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Another major Bitcoin mining farm is set to open in Texas - Decrypt

smiling family with turkey celebrating thanksgiving day at home

Last Thanksgiving a lot of crypto enthusiasts were forced to eat crow instead of turkey.

After all, many friends and relatives bought bitcoin or ether after first hearing about it over dinner in 2017. While most were not expecting to retire on these investments overnight, they also did not foresee the bitcoin price dropping 80% (from $20,000 to below $4,000) in the next twelve months.

This years conversations might still turn acrimonious, but they will likely have more to do with President Trumps impeachment hearings, the 2020 election, or the perilous state of the global economy.

That said, there is still much to discuss regarding crypto. Here is what everyone should know before they sit down for that 2:30 pm dinner.

The Price of Bitcoin, Ether, and other Crypto Assets Are Rebounding

If your Uncle Charlie was unfortunate enough to buy into the market in late December 2017, he is probably still licking his wounds. However, most people probably do not realize that the prices of bitcoin and ether have at least doubled since their nadirs at the end of 2018.

The bitcoin price has risen from slightly above $3,000 to $8,300 today

Ethereum has moved from $84 to just above $175

These gains may not make everyone whole, but they are encouraging.

Additionally, there is a significant increase in institutional interest in the space, lending platforms continue to expand, and financial markets are diversifying into products such as derivatives. All of this will add transparency, reduce fraud and arbitrage opportunities, and make regulators happy.

Crypto is in the Spotlight like Never Before

In what was probably beyond Bitcoin creator Satoshi Nakamotos wildest dreams, bitcoin entered the presidentialtwittersphere. On July 11th President Trumpdirected a series of tweetsat bitcoin, libra (Facebooks coin i.e. Zuck buck), and cryptocurrencies writ large, dismissing them as unregulated assets with no innate value or use cases other than to support illicit activity.

The president has almost 67 million followers on Twitter, and the reach of these quotes is far higher when one takes into account press reports and shares. To people who avoided the 2017 hype, this was bitcoins coming out party.

It is almost irrelevant that the posts cast crypto in a negative light because:

Crypto represents a threat to the U.S. dollars global dominance, which has been a driver of U.S. economic prosperity for decades. It is also useful when it comes to sanctions. If President Trump made a statement, it was likely going to be negative.

Most observers recognize that governments are risk adverse, especially when it comes to money

If President Trump felt it necessary to tweet about bitcoin, Libra, and crypto he must feel that there is more substance than smoke

And now 67 million people are curious.

Mark Zuckerberg Became the Hero Crypto Deserved, but not the One It Wanted

If the presidential spotlight wasnt bright enough, Facebook founder and CEO Mark Zuckerberg brought it into solar-eclipse territory when the company announced its stablecoin initiative, Libra, in June. (For readers unfamiliar with stablecoins, they are a novel form of crypto asset that is designed to maintain a constant peg to an asset such as the U.S. dollar. Libra will actually be pegged to a basket of global reserve currencies).

The announcement was widely criticized amongst regulators and populations around the world for a couple of reasons.

The Facebook CEO, Mark Zuckerberg, testified before the House Financial Services Committee on ... [+] Wednesday, October 23, 2019 Washington, D.C. (Photo by Aurora Samperio/NurPhoto via Getty Images)

There remain multiple legitimate questions about how Libra will operate as an open platform yet remain secure and compliant with global sanctions and relevant regulations

Facebooks reputation is at an all-time low, much of it stemming from incidents such as the Cambridge Analytica scandal and growing concerns about the companys privacy policies. So why would anyone want to now give the company access to their financial data?

Mark Zuckerberg actually acknowledged the irony of the Libra announcement when he testified in front of Congress this fall. In his opening statement he said, Im sure people wish it was anyone but Facebook putting this idea forward.

It remains to be seen when or if Libra ever gets off the ground, but regardless Facebook did crypto a favor. It again highlighted how the current financial system has failed to onboard the 1.7 billion people who are unbanked, underscoring one of cryptos main value propositions.

Now More than Ever, Crypto Represents a Port in the Storm

Though U.S. markets may seem a bit erratic, the global economy is teetering on the brink of another recession. Citizens in the European Union and other countries around the world such as Japan, with negative interest rates are actuallypayingbanks to hold their money and lock-in their losses rather than watch their wealth wither away.

Dovish monetary policy from banks around the world, such as quantitative easing programs and further interest rate reductions may prevent a global recession, but they are unlikely to lead to create a thriving global economy. At least in the near term.

Although bitcoin, ether, and other forms of crypto have some correlation to global markets, they represent the building blocks of a new global economy and model of wealth creation that is decoupled from central banks and monolithic companies.

This suggests that they will clear their own path, one which is more equitable and transparent than the world in which we live today.

To 2020 and Beyond

Even though crypto has been around for 10 years, it is fair to say that we are still in the second inning. Or as Winston Churchill once put it, Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.

The industry is recovering from the 2018 bear market, and trends are looking up.

Happy Thanksgiving!

Original post:
Why Its Safe To Discuss Bitcoin And Crypto At This Years Thanksgiving - Forbes

The Bitcoin price often creates repetitive patterns that can be identified to predict future price movements. One such pattern is created by a long bearish upper wick and a moving average (MA) rejection.

The Bitcoin price has been known to be very volatile. Therefore, when trading, it is important to use several methods to reduce your risk such as using stop losses, low leverage if you are margin trading, and proper trade sizing.

However, especially in the case of stop losses, significant fluctuations in the form of wicks can often trigger them. In this case, the price moves very quickly in one or the other direction before swiftly reversing. This effectively stops out traders from their current position.

However, wicks create several important patterns, which when used along with indicators can help in predicting future prices.

Cryptocurrency analyst and trader @cryptopeppa suggested that a pattern of upward wicks an a rejection once they reached the 100-hour exponential MA suggests that the Bitcoin price will decrease.

Lets see if we can find more of these patterns and if they can be successfully used to predict the Bitcoin price.

In the pattern, the Bitcoin price first initiates a downward move. After some consolidation, it begins an upward move which is ultimately unsuccessful and leads to the creation of a long upper wick. The wick stops once it reaches the 200-hour moving average (MA) and an important Fib level. In the case below, it was the 0.5 Fib level.

Additionally, after the wick, the Bitcoin price made two more attempts at breaking out above the MA. However, both were unsuccessful. It is imperative that the price reaches a close above the MA for the reversal to be initiated.

Another similar pattern transpired on November 17. After a decrease, the Bitcoin price made an attempt to retrace upwards. The first attempt ended once the price reached the 100-hour MA and the 0.618 Fib level, similar to the previous move.

However, the Bitcoin price made another attempt, which retraced fully to the pre-breakdown prices. However, the movement also ended with the creation of a long upper wick.

Another full retracement occurred in September.

This time, after a decrease, the Bitcoin price made a double top at the 0.618 level. This was below the 100-hour MA.

Afterward, it made an attempt at moving above the MA, which ended in a similar wick. This decrease was more easily identified since it was combined with a bearish divergence in the RSI.

To conclude, wick rejections at a significant MA do not necessarily mean that the Bitcoin price will dump. Previous market structure plays a big role in determining if they will.

A rapid price decrease followed by an attempt at a reversal, in which a wick is created a significant Fib level and MA, very often leads to a dump. The potential for further decreases is strengthened by the presence of a bearish divergence in the RSI.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.

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Bitcoin Price Dumps Can Be Identified by One Simple Method, Notes Analyst - BeInCrypto

Bitcoin has shaken the establishment over the years as those who couldnt understand the cryptocurrency have outright rejected it as a pump-and-dump scheme or as a fraud. However, bitcoins price gains have clearly proven those critics wrong. This is exactly what Twitter user Rhytmtrader pointed out recently.

The price change since they criticized bitcoin:

Peter Schiff: 43,492%Nouriel Roubini: 13,052%Emin Gn Sirer: 3,462%Warren Buffett: 1,103%Paul Krugman: 963%Jamie Dimon: 840%Larry Fink: 58%Ben Bernanke: 37%Brad Sherman: 23%Donald Trump: -32%Janet Yellen: -54%

Rhythm (@Rhythmtrader) November 21, 2019

Lets take a closer look at how some of these prominent bitcoin critics have got it all wrong.

Peter Schiff is a well-known gold bug and a big-time bitcoin hater who doesnt let go of any opportunity to criticize the crypto asset. It was only a few days ago that Schiff called the cryptocurrency a pump and dump scheme. And then a few days later, he made a wild claim stating that bitcoin is all set to go down badly thanks to the pot stock crash.

But despite Schiffs best efforts, the price of bitcoin has gone in only one direction north. Schiffs dislike for bitcoin came to the fore just over eight years ago in June 2011, when the cryptocurrency was trading below $20.

Schiff believes that bitcoin has no intrinsic value. He favors gold, stating that the yellow metal has value and can be used for different purposes such as jewelry and electronics. But he seems to be forgetting that bitcoin has come to the rescue of people when banking systems and governments have failed. The divisibility of bitcoin and the fact that it can be used to quickly execute transactions at low costs are utilities that Schiff has conveniently ignored.

So, while bitcoin adoption has gained steam, Schiff has lost out on a ton of money.

Rhytmtraders list also includes economists Nouriel Roubini and Paul Krugman, whose ignorance toward bitcoin has cost a big opportunity to enhance their wealth. Roubini gets happy every time theres a development against crypto.

Good news for 1.4 bil Indians whose savings will not be suckered into 1000s of shitcoins that already lost 99% of their value from peak. Crypto is a massive driver of inequality: sleazy criminal whales getting rich at expense of retail suckers. Inequality in crypto worse than NK! https://t.co/8n9CWGFPvC

Nouriel Roubini (@Nouriel) July 23, 2019

He believes that it is a tool that creates inequality by putting money in the hands of criminals. Roubini might not have had the same views had he brought bitcoin when the cryptocurrency was taking off. It was in April 2013 when Roubini started ranting against bitcoin, and it must be really painful for him to see how the flagship crypto asset has taken off ever since despite the ups and downs.

Gold-bug suckers found another irrational useless bubble fad, the Bitcoin, the bubble flavor of the day. So they are dissin gold 4 Bitcoin

Nouriel Roubini (@Nouriel) April 9, 2013

Paul Krugman is another economist who doesnt have a very bright view of the cryptocurrency. In September 2011, Krugman said that the crypto asset is susceptible to money-hoarding, deflation, and depression. However, it has emerged that bitcoins uncorrelated nature to the stock market and the broader economy is a blessing in disguise.

As it turns out, institutional investors have been pouring money into bitcoin. This is a validation of the crypto asset, and it wouldnt have happened if the words of the critics listed above carried some weight. All of this means that the critics have been wrong this entire time, and they might not get any redemption in the future either.

Click here for a real-time bitcoin price chart.

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Bitcoin Price Gains Prove These Critics Were Dead Wrong - CCN Markets