The True Intentions Behind a “Renaissance Billionaire”

Understanding the bitcoin flaw February 4, 2020 UNSUBSCRIBE | ARCHIVES Three Reasons You Should Trade Like an Algorithm… Reason 1: "Another home run – nice profit of $1600!" – Ann F. Reason 2: "Today I sold and MY PROFIT: $2,840. I AM JUST A 77 YR OLD MAN TRYING TO HELP MY DAUGHTER PAY HER DAY CARE." – Evans J. Reason 3: "I netted almost $40k in gains in a month. I made $19,000 in a week on [one] trade." – Tim G. Click here to learn how these regular people are racking up huge profits. The True Intentions Behind a "Renaissance Billionaire" Dear Daily Prophecy Reader, The world is full of people angling to meet a generous billionaire, emerging out of the blue, to bail out their business, marry their daughters, or bankroll their dream. The demand for these providential fellows sadly exceeds the supply. But the difference is gladly made up by cogent conmen and crooks. They often go by two first names: George Frederick, Richard Joseph, and the like. I was recently lucky enough to meet a suave "billionaire" investor who claimed links to the fabulous Renaissance Fund that I described in Life After Google. A smoothly engaging and articulate chap in billionaire denim, he sought to join me and my brilliant "Man on the Margin" Mike Kendall in a massive program, resembling Renaissance's Long Island data center, to launch a new cryptocurrency. Perhaps it would be a new "Gilder" that overcame the flaws of bitcoin described in my last chapters. Hey, I thought it was a great idea. Unfortunately, all my daughters are happily married to non-billionaires, but this guy was ready to bankroll all my dreams for a new currency and new architecture for the internet. The Bitcoin Flaw As Kendall will explain, the bitcoin flaw cripples all the other cryptocurrencies. It is the monetarist error of Milton Friedman. It consists in targeting the money supply, and letting the price gyrate for speculators.  The correct policy — tested by centuries under the gold standard — is to peg the currency to a monetary value, such as gold, and let the supply grow to meet the demand of entrepreneurs with profitable plans to use the money.  In our campaign to save the world by correcting crypto, we were exultant to meet a Renaissance billionaire with bottomless pockets. Delaying our grand plans, however, were minor snags. For one thing, the guy had no money. And he was shortly arrested as a conman and fraud with many previous convictions. So much for the new "Gilder," linked to time-prices. More important than your Social Security number? The type of 32-digit code you'll see here holds the keys to a market poised to grow 8,473% or more by 2024. Click here now to find out how to get in on the ground floor. The good news is that Mike Kendall has been honing his views on cryptocurrencies to a new mastery just as I am scheduled to travel back to the UK to keynote a CoinFest on February 20 with Craig Wright. The putative Satoshi Nakomoto who invented Bitcoin and the blockchain, Wright is now pioneering a new "hard fork" of Bitcoin called Bitcoin Satoshi Version BSV. Relaunched today, February 4, with a new "Genesis Upgrade," Bitcoin Satoshi Version is a marvel, overcoming all the scaling problems and other flaws of the original bitcoin. It adds further evidence for the case for Wright as Satoshi, rather than a "conman" as some experts have charged. However, it does not correct the fundamental problem of a currency with a volume cap. Mike Kendall comments:  "I can watch the crypto effort play out in front of me while already knowing the ending. You have to look at the crypto space as two separate innovations. Wright's Bitcoin attempts to overthrow the existing fiat system and redefine the internet architecture in accord with the Life After Google vision.  There are many derivatives of Wright's Bitcoin, but you can ignore them. Wright is the only real player that space. Wright's Bitcoin creates a currency independent of the fiat system and is the only potential disruptor of the fiat system. The other crypto innovation attempts to apply blockchain technology to make the existing fiat system more efficient. This is Giuseppe Gori's Gorbyte, R3's Corda, Jeff Garzik's Bloq and all the many other efforts by big banks and corporations at distributed ledger technology, DLT. The currencies involved in this are not decentralized and do not compete with the fiat system.  There's nothing wrong with these efforts at increased efficiency, but they will not redefine the internet architecture and overthrow big data. They will only play around the edges of the fiat system and enable it. Currencies such as Libra and any other central bank crypto efforts are merely digital fiats." Tomorrow I will tell a further chapter of this story: The Wright Stuff. (If you're interested, here's the article of the con man that inspired this Daily Prophecy.) Regards, George Gilder Editor, Gilder's Daily Prophecy P.S. Since we're already on the topic of flaws — did you know the stock market is basically run by computer algorithms?  But a handful of ordinary folks have learned to fight back!  For example, Ann F. made a nice profit of $1,600, and Evan J. made a profit of $2,840 to help his daughter pay for day care.  Click here to learn how my colleague James Altucher is showing others how to take control of their portfolio. Disturbing Message About President Trump The following message about President Trump will be disturbing to some audiences. 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