WAKE UP!!! Can somebody tell me what the date is? What year are we living in? Why does it feel like we are living in the 1630’s and not the 21st Century? Are we headed for a revolution? Ushering in a new Era , zeitgeist?
Max Keiser, a world famous shock jock economist would have you think so. His obsession with Bitcoin so strong he refers to it as BITCHRIST along with making other references to the old book, the BIBLE.
After my last post here regarding Bitcoin, Max acknowledged in a tweeted reply that it was an “interesting read…but obviously I disagree”. My blog entry attracted commentary from supporters of bitcoin. It is amazing how the trolls come out when someone questions the reality of something they are so deeply attached to.
Bitcoin has had that effect on people, I mean, Max Keiser is the prime example. For those that follow Max on twitter, you know what I am talking about. It is a tireless promotion, Max is attached to Bitcoin like a two year old is attached to their security blanket.
Max has a huge following, his twitter page littered with pro Bitcoin rants, heck Max even retweeted and heralded the return of Silk Road after it was shut down by federal law enforcement for illicit drug supply.
I have tried to engage Max Keiser in a debate on Twitter post my blog. After reading a post where Keiser referred to bitcoin as having intrinsic value, like gold does, I was fed up and demanded an explanation.
It seems to me that asking for an explanation along with questioning Max on a number of key issues was enough for him to block me on twitter. All I wanted was an explanation Max. I felt this was a misrepresentation and sought some clarification.
As it turns out my tweets attracted staunch supporters justifying Max’s assertions. Some supported my position, some didn’t. One of my followers that also follows Keiser tweeted “Come on Max, grow a pair. Do you believe in BTC or no? Back It up man!
At the risk of sounding bitter, I assure you I am not. I enjoy watching Max Keisers other economic commentary, that can be sourced through youtube. Max probably did me a favour, rid me of the angst and aggravation of the endless Bitcoin tweet dump. The fact is all I wanted was an open forum debate with Max Keiser. In the end I got one from others that live in twittersphere. To those that got involved, thank you, it was a great debate. As one of the onlookers put it “Good show fellas”
The title of this blog expresses how I feel. It seems Max did not want to address my concerns. It is not just my concerns over Bitcoin that he has chosen to ignore or block out. It seems when it comes to the topic of Bitcoin, if Max wants YOUR opinion on the topic He Will give it to YOU!
Recently Max Keiser hosted a show with one of my favourite economics commentator, Jim Rickards. I enjoy Jim’s commentary because he remains on point, explains his position and is not one to shut down or block someone simply for disagreeing or debating his comments.
Jim Rickards has a huge Twitter following, a promotional tool I thought Max Keiser would pounce on and exploit in his recent Keiser Report with Jim. After an endless tirade of bitcoin promotion on his twitter page, surely he was going to use Rickards’ popularity to push Bitcoin knowing the clip would be watched by Rickards supporters?
In his opening segment Max talks about Bitcoin with Stacy Herbert but when Jim took the seat, Max missed his opportunity. Gold was talked about, Currency wars were mentioned, so was inflation and a potential dollar crisis. Max had nearly 13 minutes with Rickards and no mention of Bitcoin.
Below is the Keiser report relating to this. Jim Rickards Joins Keiser at aroun the 12min mark.
http://www.bloomberg.com/video/malka-rickards-debate-bitcoin-utility-longevity-662IxXXTQl2e~49s0UZNhw.html
I wonder what Rickards would have said if propositioned on the topic of Bitcoin? Judging by some of Jim’s commentary on Bitcoin I am guessing it would not have been a Bitcoin backslapping party.
Below is a debate Jim Rickard’s engaged in. For those interested in Bitcoin, this is a robust debate, informative and enlightening.
http://www.bloomberg.com/video/malka-rickards-debate-bitcoin-utility-longevity-662IxXXTQl2e~49s0UZNhw.html
After watching it you will see Rickard’s has highlighted the weaknesses that lie within the Bitcoin protocol. Perhaps that is why Max Keiser chose to no broach the topic, perhaps Max could address that question if enough of his followers tweet him. I have started a HASHTAG on twitter #askmaxkeiser for those who that feel there are some questions they want Max to answer. Perhaps he could start with how Bitcoin has intrinsic value like gold does?
I started the thread because I am sure many have questions they want answered but cannot get through amongst all of Keisers Twitter noise. He does have 76,000 followers. If the HASHTAG gets enough questions perhaps Max could select some to answer.
It appears to me that Max also missed an opportunity to debate the Bitcoin phenomenon with Peter Schiff. Peter is a well respected economic mind and was one of the few outspoken voices predicting the Global Financial Crisis.
One of Schiffs clips on youtube dubbed “Peter Schiff was right” the early edition went viral and had over 1 million views. Another worthwhile Youtube clip to watch was Peter Schiff and another economics commentator Professor Steve Keen discuss the economy at the beginning of the '08 Crisis.
Max had Peter Schiff on his show a couple of weeks ago. Again, no mention of Bitcoin. Was this an opportunity missed given Peter Schiff’s profile? Imagine the marketing opportunity, Peter Schiff endorsing Bitcoin!
Why did Max Keiser not ask Peter Schiff about Bitcoin on his show? He posted a piece from a pro bitcoin blogger which insinuated that Schiff did not understand Bitcoin, but when Peter was on his show he did not debate it. As the tweet said “Come on Max, grow a pair. Do you believe in BTC or no? Back It up man!
Below is Peter Schiff explaining his view on Bitcoin.
http://www.youtube.com/watch?v=0L7SOPDOvvI
Again after watching the clip Peter Schiff’s position is clear. Schiff debunks Max Keisers’ assertion that Bitcoin has intrinsic value like gold does.
With all of this in mind I return to the title of this blog.
Is Max Keiser living in a Bitcoin induced Tulip Mania? Is he so immersed in the Bitcoin concept he has lost touch with reality?
Wikipedia defines Tulip Mania as the following - “Tulip mania or tulipomania (Dutch names include: tulpenmanie, tulpomanie, tulpenwoede, tulpengekte and bollengekte) was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed.”
“At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble (or economic bubble),[3] although some researchers have noted that the Kipper- und Wipperzeit episode in 1619–22, a Europe-wide chain of debasement of the metal content of coins to fund warfare, featured mania-like similarities to a bubble.[4] The term "tulip mania" is now often used metaphorically to refer to any large economic bubble (when asset prices deviate from intrinsic values).[5]”
The tulip mania took over the economy for a period, its effects so profound that a book was penned by Charles Mackay entitled “Extraordinary Popular Delusions And The Madness Of Crowds”. It highlighted, amongst other things, the ability for crowds to act irrationally in a setting of a popular delusion. Back then it was Tulips, right now is it Bitcoin?
I am not questioning Max Keiser’s belief in the concept of Bitcoin, his genuine feeling that it is revolutionary. I am not asserting he does not believe what he is preaching to his followers. I am a fan of what Bitcoin tries to achieve and also the competition it creates within both the banking and forex sectors of the economy.
The aim of this blog is not to be the Devil in Keiser’s Bitchrist story. The purpose is more to ask the readers how they see it, present a balanced debate for Max Keisers followers and readership. So…
If I am missing something, If I am lost on a point and confused, I would appreciate an explanation. Right now it feels like the 1630’s. Tulip Mania was a part of history and as the old Santayana saying goes “those who cannot remember the past, are doomed to repeat it”
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