Bitcoin

Vijay Boyapati: The Bullish Case for Bitcoin

The former Google engineer talks about inflation, the Austrian school of economics, and how bitcoin is revolutionizing banking.

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During the 2008 presidential election, Vijay Boyapati quit his job as an engineer at Google to campaign for Ron Paul in New Hampshire. A few years after that, he discovered bitcoin, and in 2018 he published an essay on Medium titled "The Bullish Case for Bitcoin," which got widespread attention and was translated into more than 20 languages.

Boyapati, an Australian native who now lives in the Pacific Northwest, launched a fundraiser on Kickstarter to expand the essay into a book, and it was released at the star-studded 2021 Bitcoin Conference, which was held in early June in Miami.

Nick Gillespie caught up with Boyapati in Florida to talk about inflation, how bitcoin fits with the Austrian school of economics, his libertarian origin story, and what he thinks has to happen for bitcoin to finally become the new global monetary standard.

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  1. “The Federal Reserve is moving forward in its efforts to develop its own digital currency, announcing Thursday it will release a research paper this summer that explores the move further.”

    —-CNBC, May 24, 2021

    https://www.cnbc.com/2021/05/24/feds-lael-brainard-pushes-digital-dollar-as-central-bank-currency-race-heats-up.html

    The Chinese are cracking down on Bitcoin and introducing their own digital currency, and if [when] the Fed introduces its own digital dollar, I doubt the U.S. government will tolerate much in the way of competition for long.

    Like with most things, the question won’t be whether the government wants to tolerate competition or whether cracking down is legal. The question will be whether they can shut down the competition.

    I bet Ethereum will remain as a framework, maybe even pegged to the digital dollar. There are so many big interests that are already heavily invested in Ethereum. My other bet would be on a more anonymous currency like Monero.

    1. There are so many big interests that are already heavily invested in Ethereum. My other bet would be on a more anonymous currency like Monero.

      Or the infinite number of permutations that will follow.

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    2. Yes. BTC, ETH, and Monero are my coins.

      I don’t even see why the US making a crypto is a thing. They already have a functional digital currency in the dollar.

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  2. Why would someone invest in a government run digital currency. Being decentralized is the main benefit of bitcoin.

    1. Because they don’t have a choice?

      Also, you can avoid the costs of payment processing by third parties. There’s the time it takes to process those payments, too. You’re cutting down on the opportunities for credit fraud. I think there are a lot of good reasons.

      “Because you don’t have a choice” is probably the best reason of all.

    2. The US dollar is already digital. The last time I had a physical dollar in my pocket was probably eighteen months ago. Seriously. I’m not sure what a US “digital currency” would look like, or differ from what I do now.

      the point of “alternate” digital currencies is they’re not tied to the US government and therefore– in theory– mostly immune from its manipulations. The other reason is anonymity which… alas doesn’t really exist with Bitcoin and very certainly won’t exist with whatever the Feds produce.

      1. Exactly my thinking.

  3. Seems like the chicoms were cracking down lately because they realized you could put anything into the ledger including anti chicom stuff. But that’s how commies roll.

  4. Good thing we can be lectured to by a junior engineer instead of, you know, someone who actually knows what he’s talking about. I just about went through my phone screen when he talked about Bitcoin slowly gaining use as a store of account as more people start to use it. Wow, you mean like fiat currency actually backed by something and acceptance enforceable by law? Bold innovation: less useful and already invented. Charlatans.

    But I’m a dinosaur so what do I know

    1. And now he’s making elementary errors about energy systems, i should have turned it off 30 minutes ago, im so dumb. It never ends

    2. The point is surely that supply of Bitcoin is finite so it’s value can’t be inflated away by the government like your dollars can. That seems like a pretty important difference.

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