All Roads Lead To Bitcoin Pt. 1

We’ve been having a lively discussion about Bitcoin. This has prompted me to write a FIVE part series on Bitcoin to clear up misconceptions, address obligations, and finally end with HOW and WHY I think you should be backing up the truck and loading up on BTC right freaking now. [Daily Profit]( All Roads Lead To Bitcoin Pt. 1 Tuesday, October 11, 2022 Editor’s Note: I thought you might be interested in this special 5-part series on Bitcoin written by my colleague Brian Mac. Brian is editor of the publication Profit Windows, which features an online community on the Discord platform.  Joining Brian’s discussion community is free, but you must join to receive parts 2 – 5 of this Bitcoin series. You can get in by clicking here: [(  Welcome to my weekly “Friday Discussion” where I’ll be exploring topics of interest, especially ones brought up by Profit Windows members in our LIVE Discord chat group ([please GO HERE to join and participate](. If you want to give your 2 cents on these issues you MUST join my Discord group [HERE](.  We’ve been having a lively discussion about Bitcoin in the “General Chat” channel, with participants asking questions like…   “What would happen if the Government regulated in the future.”  This has prompted me to write a FIVE part series on Bitcoin to clear up misconceptions, address obligations, and finally end with HOW and WHY I think you should be backing up the truck and loading up on BTC right freaking now.  WHAT WE’LL BE DISCUSSING IN THIS SERIES OF THE NEXT 6 WEEKS:  - PART ONE: Gold Vs. Bitcoin – Which One Is Better Money? - PART TWO: Why Government Cannot Regulate It – Bitcoin is Not “Crypto” All Other “Crypto” Can Be Regulated EXCEPT For Bitcoin ALSO Why CBDCs Will Fail - PART THREE: The Big Picture Westerners Are Missing – Why Bitcoin is Being Adopted By 85% Of The Rest Of The World While Those In Legacy G7 Countries Remain Clueless - PART FOUR: Peak Centralization – We Are in Peak Centralization And Now It’s All Falling Apart, Bitcoin Will Be The “Layer” Upon Which The New Internet And Global Monetary System Is Built. No Other Option Exists. - PART FIVE: Stack Stats – How To Buy & Store Bitcoin Off Grid +PLUS A Video Tutorial on How To Safely Trade Up Your Bitcoin Account  Let’s start with part one…  Gold Vs. Bitcoin  This whole fiat ponzi scheme will collapse. I’m not going to give it a time frame – it could go on longer than I can possibly imagine. But it will…eventually.  Let’s just establish that first, seeing as how fiat has a 100% rate of failure for all known human history that it’s been attempted.  It has always started for the same reasons and ultimately ends for the same reasons since it was first introduced in China.  Why will it collapse this time? I think it really has to do with the dollar.  - Dollar Gets Too Strong:  If the dollar continues to get too strong relative to other currencies, then countries will be forced to sell US Treasuries in order to obtain more dollars to buy more things they need denominated in dollars.  Or – and in addition to – they will be forced to print more of their local currencies to buy more dollars, which hyper inflates their own currencies.  Think about how crappy of a situation that is for any country.  Eventually countries – starting with the smallest – are going to realize there is a VERY simple and logical way out of this problem that keeps persisting.  They need to stop using a system that relies solely on the monetary policy of another country that they have no control over. Who can shut on or off their ability to transact in it as well if they piss off the wrong people.  They need a NEUTRAL money that no single nation controls, that no single nation dictates the monetary policy for, and that everyone accepts all over the world.  Now – again – the dollar could go up for YEARS and break multiple economies. People could continue flocking to it as a safe haven, thus driving up its prices further. Many countries may just capitulate and adopt the dollar as their currency as well.  BUT – the more in the direction this goes, the more and more everyone realizes “My entire life, my country, my fate, my economy rests solely in the hands of the monetary policy of the US Federal Reserve directors.”  No matter WHAT way you cut it – that is not sustainable. Alternatives WILL be sought out, especially by those smaller economies impacted the most.  For most of human history the default has been gold as the neutral “alternative.”  - The Dollar Gets Too Weak:  If the Federal Reserve – in all its tough talk – has to restart QE BEFORE inflation gets down to the target 2% rate, then it’s game over (checkmate, if you will).  Collectively the entire world will realize one very important fact – the Federal Reserve will never be able to stop printing money EVER again. They will never be able to raise interest rates above inflation EVER again.  Once that collective realization is reached, it’s game over. Dollars will flood back to the US to purchase as many assets as possible (houses, stocks, consumer goods) as a flight out of dollars occurs and ultimately this will spell the end for the global fiat standard as we know it.  People will need to return back to some kind of hard money standard. Again – one that is global and neutral that cannot be inflated away by decree and adheres strictly to the laws of nature.  That – historically – has been gold.  In either case – the dollar gets too strong or the dollar gets too weak – the road leads to the same logical outcome.  Now the only question left is….will it be gold or will it be the new kid on the block: Bitcoin.  The Problem With Gold  I’m going to assume you know the arguments FOR gold as a money. So rather than waste time in this issue talking about why gold has traditionally been sound money and why it was always been defaulted to…  I’m instead going to talk about the obvious drawbacks of gold – problems that have never been fixed.  - Hard To Store And Transport  Gold is hard to carry around with you.  It’s also not safe to carry around with you.  The more you have, the less safe and the less simple it is to move from point A to point B.  Most people these days don’t even feel particularly comfortable carrying cash, nonetheless gold.  I own LOTS of gold and it just sits in a safe in the States, a few various third-party vaults, and also a safe in Southeast Asia.  To travel across ANY border with my gold I will have to fill out untold amounts of paperwork. And even then I am default “suspicious” for carrying it and it could easily be confiscated due to various anti-terrorism and money laundering laws that make it extremely easy for police in Western countries to just outright take your stuff if they simply WANT to (and never give it back).  If you want to ship it far and wide, you need to trust whoever is shipping it for you and storing it for you.  It’s also expensive to ship and store.  It’s also SLOW to ship and store.  I don’t think anybody can argue with this.  - Relies On Too Much Trust And Too Many Third Parties To Solve The Problem Above  How did people in the past try to solve this transport and storage problem? Paper notes.  You put your money in the bank.  The bank issues you paper vouchers for the gold in storage, allowing you to easily carry around the foldable value of that paper.  Much easier to travel with, store, and transport. Problem solved…right?  Or – in the case of long-distance purchases for example – the bank could go ahead and facilitate your payment NOW and settle it later in bulk with a bunch of other payments.  In effect – Gold was a “Layer 1” money and paper currency was a “Layer 2” money.  The Layer 2 allowed for faster, easier transactions (especially very small transactions), transactions at a distance, and transport.  But throughout all of human history – one prevailing problem has occurred with people trying to fix this “gold problem” with paper notes…  NOBODY has been able to resist the siren call of issuing MORE paper than is actually backed up 1:1 with gold.  Nobody.  Eventually every private bank or institution and every Government comes to the same conclusion – we can issue more paper vouchers than we have gold backed up in our coffers as long as everybody doesn’t come to claim their gold all at once.  The story is always the same.  It begins with 1:1 backup.  Then it reduces…maybe to 50% of the notes are backed up with gold…  Then 35%....  Eventually the tether is cut COMPLETELY and the notes are no longer backed up by anything tangible at all.  That’s what happened with the ENTIRE WORLD in 1971 (not that long ago). And, really, this has happened too man times to count.  A great book is to read about this endless process is Fiat Paper Money: The History and Evolution of Our Currency.  For example the first culture to invent paper money was China and they repeated this process verbatim throughout 5 dynasties over the course of 600 years. Lockstep with the same exact rinse-and-repeat cycle that the US has just completed (well…almost completed).  Now, some people point out, “But Brian – you can create a crypto token that is backed up 1:1 with gold and send it anywhere in the world and pay for goods and services with it. You can even use ‘credits’ backed by gold and pay with debit cards and use online banking similar to the way we do now!”  And you’d be right. In fact – those things already exist.  Glint is a mobile app that has a debit card they will send you. You buy gold in the app – and there it sits in your account. You can use the debit card anywhere in the world at any ATM and buy things with it and transfer money.  And yet – essentially – you’d be paying in gold.  There also exist gold-backed crypto tokens that I can store digitally just like Bitcoin and send anywhere in the world like Bitcoin.  PaxG for example. I own lots of it. I also love Glint.  None of that changes the fact that I am just TRUSTING a third party that what they say I own…is actually what I own in truth.  In the case of PaxG, each crypto token is supposed to be a fractional ownership of gold kept in London vaults, and audited by a third party.  The gold is supposed to be fully allocated, which means I can exchange my PaxG crypto token for physical delivery.  But again – This all comes down to trust and third parties saying “Take my word for it.”  Even today there is ENORMOUS speculation surrounding the paper gold market – meaning people who buy exposure to gold through ETFs and derivatives (allocated or unallocated).  The suspicion is that WAY more “paper ownership’ of gold is being distributed than gold exists in actual warehouses available for physical delivery.  It really comes down to this – YOU CAN’T TRUST ANYBODY.  But, if you WANT to use gold in today’s world to transact globally and instantly (which most people are accustomed to) you MUST use third party services that store your gold and TRUST that they actually have it backed up 1:1.  Or else you risk re-starting this whole dog and pony show AGAIN as we’ve been doing for millennia.  When is the last time Fort Knox has been audited for example? These third party institutions – whether they be private or Government – can tell you anything they want. And you don’t know FOR SURE if what they’re saying is true.  - You Can Find More Gold  Then there’s just the simple fact that you can find and mine more gold.  If the price of gold gets too high – SO high that it becomes wildly profitable to spend lots of time and money to find more of it – then that’s exactly what people will do.  And when the find more of it they will flood the market with supply, driving down the price of gold.  Which isn’t that big a deal, honestly. But still – it actually makes gold LESS of a hard money than Bitcoin (which I’ll talk more about in a moment).  How Bitcoin Solves Gold’s Problems  - Storage & Transport  I’m not going to get into the technical aspects of what makes a Bitcoin a Bitcoin. If you’d like me to expound on that more [make sure to follow THIS link and let’s discuss in my private Discord chat group]( (current Profit Windows members allowed ONLY).  Suffice it to say, when you own a Bitcoin you essentially own what’s called a “Private Key.”  This is a LONG series of numbers and letters, that looks similar to this:  bc1qd8et3ptmhg99gr0clsskxx0zmvmaxehwg5ew03jmm8qqy8xla58sx7al9a  If you write this private key down – then as long as you have access to it – you can access your Bitcoin.  In other words – as long as you know this string of numbers – you can carry ANY amount of wealth you want ANYWHERE in the world and across ALL international borders without the risk of confiscation… without needing to trust any third parties…. And without anyone even knowing you possess it.  I’m talking about leaving the United States and waltzing into – let’s say Argentina – with HUNDREDS OF MILLIONS of dollars worth of wealth and nobody batting an eyelash.  You could do it while wearing nothing but a pair of sweatpants, flip-flops, and a tank top.  As long as you know this string of numbers – you have access to your Bitcoin anywhere.  Now – obviously this is a very confusing series of numbers to remember, but you can actually simplify it even more.  By getting what’s called a “hardware wallet” such as a Trezor, it will generate 12 words that look like this: - Artist - Balcony - Bench - Dutch - Flush - Hurt - Latin - Mosquito - Original - Relax - Shrimp - Trick  Each of these 12 words has a number associated with it. You can actually see the fully list right here – all you do is find the word and you fill find the number: [(  In this case the number is as follows:  105143169548719895100411531254144915941860  These 12 words represent your Private Bitcoin key. If you simply memorize these 12 words (whatever 12 words your hardware wallet generates for you) then you can access your Bitcoin from anywhere in the world.  That INCLUDES if your hardware wallet is stolen, broken, or lost. You will still have access to all your Bitcoin.  In other words – you can store ALL OF YOUR WEALTH in your brain like an impenetrable bank vault.  Unless you just tell somebody these 12 words, they will never be able to have access to your wealth.  I want you to think seriously about this for a moment.  This doesn’t mean you’re remembering an account number, like to access your funds in a bank.  This doesn’t mean you’re memorizing a password, such as to access your funds on an exchange or a brokerage.  No – this number IS your funds.  Lose your computer? Your hardware wallet? Your phone? Your house? Flee the country with nothing but the clothes on your back?  As long as you memorize these 12 words – the one that was generated for you with a hardware wallet – you can access all of your wealth anywhere in the world you go.  No third parties. No trust required except for yourself. No exchange needed.  Not only can you access these funds, but you can do so OFFLINE. And not only can you do that, but you can also send it and transfer it anywhere in the world, to anyone you please, 100% anonymously, 24/7 in mere NANO-SECONDS and at ZERO cost.  You can trade and transfer these funds DIRECTLY peer-to-peer without going through any third party exchange. And you can do it OFFLINE.  Yes – I’m serious.  The other day it cost me $30 just to make a wire transfer between two different banks and I had to do it before the “cut off time” of 2PM and I could only do it Monday - Friday (excluding national holidays).  Oh, and because it was a sum greater than $10k, I had to call the bank and tell them why I was doing it and what the money was for.  Yet last month I sent $25,000 to my friend in the US at midnight on a Saturday and it arrived in 10 minutes and cost me a dollar.  You can’t beat that.  And for micro transactions (I’m talking about buying a coffee, or even tipping the equivalent of 1 cent) the “Lightning Network” (think of this as the Layer 2 to Bitcoin, like cash was the Layer 2 to gold) let’s you do this faster than all other payment transfer services in existence including Venmo, Zelle, Cashapp, Visa, Mastercard and more.  And you can do it for FREE. I’m talking about buying a piece of bubble gum in Bitcoin – sending the money in nanoseconds – and ZERO transaction cost…settled instantly in any international currency.  Think about what this is going to save merchants on credit card processing fees. But that’s a topic for another time.  Let’s move on…  - A Truly Global, Neutral International Monetary Network And Settlements System  What’s the biggest problem with gold at the end of the day? TRUST and THIRD PARTIES.  In an effort to solve gold’s problem of transportability, transactions over large distances, and convenience for micropayments they end up storing the gold, issuing notes, and then screwing the whole system up. They do it over and over again.  But Bitcoin is the most transparent monetary system that has ever existed in history.  Let me show you something.  I can go here right now: [( And in real-time I can see ALL of the world’s Bitcoin transactions as they happen second by second.  And I can just pick a random one to click on:  This individual sent $4,500 on October 7th 8:27 PM. I can even click on their wallet address:   I can see how much money they have in this wallet. How long they’ve had it. How much money they’ve sent (and when).  And I can see the same details on every wallet they’ve sent money to.  In other words, this monetary network allows ANYBODY in the entire world the ability to monitor EVERYTHING that’s happening with this system for FREE.  And in fact, if you have the time and want to spend the effort, you can use this information to deduce who some of the largest holders and transactions are in the bitcoin monetary network.  Never before has there ever been a monetary system as transparent as this.  So what private and Governmental institutions have been doing with gold for CENTURIES cannot be done with Bitcoin.  You cannot lie about how much Bitcoin you have or how much you transacted with. You cannot hand out more derivative instruments or “vouchers” backed up by Bitcoin than actually exist.  Everyone can see how much Bitcoin is in circulation, where Bitcoin is flowing from and towards, and in what amounts.  In other words, the problem of third-parties and trust that has plagued gold for centuries is something that Bitcoin unequivocally solves by being the most transparent monetary network on the planet and in history.  It cannot be faked. It is verifiable by anyone – not some third-party auditor or professional or group of professionals or big fancy-pants bank or Governmental regulatory bureaucratic branch of government….but by you and me and everybody else.  Not only that – but on a VERY important side not – the monetary policy of this network is crystal clear and cannot be changed.  No individual or group of individuals can come out and say that they will create more Bitcoin tomorrow.  No individual or group of individuals can say they are going to raise or reduce the interest rate at which it costs to borrow in Bitcoin.  No single group or nation can control it or dictate it – it is a PROGRAMMED monetary policy that cannot be changed except by overwhelming consensus by all those involved in securing the network.  So – if you are sick and tired of your country’s economy being thrown around like a ragdoll by some OTHER country’s changing monetary polices, then Bitcoin is your best bet.  Even better – it can do something gold cannot do. You can settle millions….billions…TRILLIONS of dollars worth of transactions 24/7 in 10 minutes for a tiny transaction fee.  You cannot do that with gold and the third parties gold requires.  So to recap…  - It’s 100% transparent and cannot be faked - It is a known, programmed monetary policy that everyone knows and that does not change - It is a purely neutral, global monetary system that allows for trillions of notational dollars in wealth to be settled in less than 10 minutes any time of day or night with zero third parties involved.  Now let’s look at the last problem it fixes…  - It’s Harder Money Than Gold  The “Hardness” of money is defined by how hard it is to obtain or create, essentially. It does not refer to its density as in “Wow, if you throw this money at Robert it’ll give him a concussion…it’s really hard.”  And, by rule of thumb, throughout history the money that wins – the money that ends up “taking over” all the other money – is the one that is the HARDEST.  The hardest money almost always wins in the end.  And Bitcoin is the hardest money in the world…it’s harder than gold.  Because while you can always find more gold and mine more gold and stumble onto a new gold deposit.  You cannot mine more Bitcoin. There will only ever be 21 million. Each Bitcoin is infinitely divisible.  For example, right now 1 bitcoin is divisible into 100,000,000 units. But in the future – if need be – it can be divided by an additional 100 billion smaller units.  Because you cannot “find” more Bitcoin. Because everyone knows EXACTLY the amount of Bitcoin currently circulating the world (and how much is circulating at any one time).  That makes Bitcoin harder money than gold. Because if the price rises – for example – to $2 MILLION a Bitcoin in the future… nobody can go out and mine more Bitcoin and flood the supply.  That makes it a purely deflationary monetary system. Deflationary meaning it takes LESS units to buy MORE things in the future.  And, truth be told, most technological progress is measured in terms of deflation.  Nobody says “Wow – we’re really making progress as a human race. It now takes us twice as much energy to produce the same amount of stuff.”  No – technological progression means getting MORE for LESS over time. And money is a technology. Therefore, we’d measure money technology the same as any other technology. Namely – you’d get more for LESS over time.  To Conclude Part 1: A Note On Volatility  I can hear it now “But Bitcoin is to VOLATILE TO BE MONEY!”  Bitcoins is not volatile. Yes – you read that right.  How can something that has a programmed, unchangeable monetary policy, which releases a set and known number of units onto the market at a purely known pace, which is completely transparent, and that will only have a fixed amount in supply forever POSSIBLY be considered “volatile.”  That’s literally the least volatile money and monetary network that has ever existed in human history – there’s not even as single “guessing game” involved in it.  No – what’s volatile is what Bitcoin’s value is currently measured in…which is dollars.  Dollars are volatile because at any moment a small group of private bankers can decide to flood the market with more dollars or stop the flow of new dollars.  At any moment they can completely alter the monetary policy of the dollar at-will, with zero oversight from anybody else. They can inflate it, they can deflate it. They can make it more expensive to borrow or less expensive to borrow.  This makes EVERYTHING priced in dollars inherently volatile.  Oil….Gold….Natural Gas…food.  Just look at the price of the dollar ever since it went off the gold standard – is this the picture of “not volatile” to you?   This looks like the price action of a crappy penny stock I’d never want to touch.  Remember the classic Weimar Republic hyperinflation after WWI?  Many smart investors recognized what was happening and went into gold.  But look at gold priced in the German currency at that time. The black line is the smoothed-out price of gold that most people reference when they show how the currency devalued against it.  The red line are the ACTUAL price swigs in that currency on the way up:   If you didn’t know what gold was and somebody was telling you “Hey, you better get into gold, it’s going to be the next big thing, your currency is going to collapse” you’d think they were BONKERS.  Obviously this “gold” thing is too volatile to be money – it goes up and down like crazy!  But it’s not gold that was volatile – it was the currency gold was priced in.  I’ve been into Bitcoin since 2013 – I used to mine it from my home when it was worth less than $100 per whole coin.  I’ve seen every single objection to it you can imagine. I’ve seen its “death” pronounced countless times.  First it was only geeky Internet people and “dark web drug dealers” use it.  Then only some small merchants use it.  Then it was only some fringe businesses use it.  Now only some small countries have adopted it.  If we look at the PURE characteristics that make a good money, when we finally default back to a sound money system and a neutral global currency (as gold has always been) what do you think the default will be this time?  How many characteristics of “sound money” does Bitcoin check off compared to gold?  I’ll leave you with this comparison by none other than Fidelity. There are seven characteristics of good Money – Bitcoin checks every box but one….track record.  The question is, are you going to wait until the track record has been established to get into what could be the greatest asymmetric risk opportunity of SEVERAL generations?   See you.  [Visit WyattResearch.com]( [Take a 7 day break from these emails]( [Unsubscribe from these types of emails]( [Manage your email preferences]( [Wyatt Investment Research] Disclaimer & Important Information [Wyatt Investment Research (“WIR”)]( owns and publishes the website WyattResearch.com, other web sites, and, through its subscription services, various investment newsletters, trade alerts, and other investment-related educational materials. Those publications are informational in nature – WIR is not your financial adviser and does not provide any individualized investment advice to you. 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