The Anti-ICO Bitcoin Cowboy

Published on
June 18th, 2019
22 minutes

The Anti-ICO Bitcoin Cowboy

The Expert View ·
Featuring Jimmy Song

Published on: June 18th, 2019 • Duration: 22 minutes

Jimmy Song is a Bitcoin educator, developer, and entrepreneur. In this interview, the venture partner at Blockchain Capital explains why the power of Bitcoin lies in the change it brings. From removing the power to print money from governments to promoting entrepreneurship and minimizing rent seeking behavior in the economy, Song explains why the future for Bitcoin adoption is bright. He illuminates why he is a Bitcoin evangelist, outlines when Bitcoin could become a true medium of exchange, and reveals why he is an Initial Coin Offering skeptic. Filmed on December 13, 2018 in Austin, Texas.



  • SR
    Steve R.
    18 June 2019 @ 07:58
    "Bitcoin is sound money", "a store of value" - sorry, but I fundamentally disagree with this on principle. The biggest risk to bitcoin has nothing to do with more developers, its that eventually Governments around the world will simply ban it if it becomes too successful - again the BIG question no one answers! I do agree with his view that people will eventually start to think longer-term about many things - its long overdue.
    • CM
      Christopher M.
      18 June 2019 @ 14:09
      As more institutions get involved ie Fidelity, Bakkt, Endowments, and family offices, the likelihood of the government banning it reduces.
    • CH
      Crag H.
      18 June 2019 @ 19:05
      I agree that governments can slow down the adoption rate dramatically. But I'd rather ask myself this question: If the dollar is on it's way out as the world reserve currency then what will people own instead? Euros? Rinminbi? A corporate coin like Facebook's Libra? My bet is that gold and Bitcoin would be the obvious choices under such cuircumstances and that Bitcoin ultimately would be the big winner as it runs natively on the internet which has become the backbone of society.
    • RS
      Ryan S.
      19 June 2019 @ 07:41
      How exactly will they ban it? The only way they could is through violence. Good luck trying to police an entire nation who can exchange value from the comfort of their homes.
    • SS
      Shanthi S.
      19 June 2019 @ 08:00
      Ryan S, I wouldn’t underestimate any government’s ability or willingness to use violence or other coercive powers against its people. The history of governments isn’t a pretty one.
    • RW
      Ryan W.
      6 November 2019 @ 03:48
      Thanks, Steve. While I think bits are certainly trade-able, what makes coins different from fiat? Scarce or not, printing or seeding a ledger out of thin air is not backed by anything but faith, maybe hope. I did like the term "monetary medium" but still, nothing backs it. I like that Bolivar example a lot. Finally, I would concede that physical gold and digital crypto can be stores of wealth, though some would argue canned goods in the pantry are more valuable, depending on the moment. Still this inspired a flashback to the 60's - the rarest, scarcest thing may simply be ... emotional intelligence; Metaphysical gold. It's decentralized, does not require digital or physical, and we ourselves are the store of that wealth. Of course, we cannot predict future circumstances, so having some of each of these things might be a good idea. Peace baby.
  • MW
    Moritz W.
    27 June 2019 @ 04:12
    Filmed on December 13, 2018 Published on: June 18th, 2019 Please explain this delay.
  • IO
    Igor O.
    18 June 2019 @ 18:13
    Supply chain on blockchain is ridiculous? What about identity on blockchain? I am confused is it about blockchain or bitcoin now? Bitcoin developers are reach enough and retiring?.. Great!
    • IO
      Igor O.
      18 June 2019 @ 18:19
      This bitcoin maximalist dismissiveness towards other crypto projects is a bit annoying.
    • CH
      Crag H.
      18 June 2019 @ 18:48
      Well, as soon as you try to mix the physical world with a digital blockchain things get very hairy. You can prove ownership of the digital record on the blockchain but how do you prevent the corresponding physical good from being manipulated?
    • IO
      Igor O.
      19 June 2019 @ 04:39
      By putting hash of the real thing (picture, text, number) on blockchain.
    • CH
      Crag H.
      23 June 2019 @ 17:02
      ...and how do you create a hash of a crate of bananas? You can create a hash of the parcel/crate ID but how do you prevent that ID from being put on another crate?
  • GG
    Gabriel G.
    21 June 2019 @ 15:02
    Jimmy Song on real vision haha awsome
  • AS
    Andrew S.
    21 June 2019 @ 14:16
    Interesting thoughts, but I'm struggling to understand how widespread adoption of BTC as a store of wealth occurs. Only 21m coins, and how much of that is actually in the float? If the early adopters believe in the decentralized currency so strongly why will they trade meaningful amounts back into $, just so the masses can access the benefits of BTC also? BTC would need to be at USD 72.9k for its "market cap" to equal Australia's M2 (in USD terms, as at April 2019)...let alone a big country's. (M2 may not be the right measure to use, but taking measures of private wealth instead leads to 3x higher prices) So what price does BTC need to reach to allow a meaningful portion of the world's population to transfer their wealth from fiat currencies to BTC and make the decentralized dream come true? I'm probably missing something, but genuinely interested in how this plays out in practice.
  • BG
    Bart G.
    19 June 2019 @ 08:43
    I liked the presentation, although I'd like him to also address some of Bitcoin's drawbacks, in particular how slow it is and potential hacking attacks in the future using quantum computers.
    • CR
      Chris R.
      20 June 2019 @ 08:46
      all about trade-off's NicCarter just released a very good post on this:
    • GS
      Gunnar S.
      20 June 2019 @ 19:13
      Quantum computers are a real risk to bitcoins ECDSA signing algorithm. The issue is private keys can be computed from exposed public keys by a powerful QC using shors algorithm. At least 36% of bitcoin adresses has exposed public keys. Migration to new signing algo might not be feasible, due to lost coins etc. Search: Quantum resistant blockchain and cryptocurrency, the full analysis in seven parts.
  • SS
    Sam S.
    20 June 2019 @ 17:48
    My current opinion on BTC-----it's an asset that can be traded. Goes up and down in the market place and has an expensive cost of transaction component. Biggest Threat? Government Regulation!!! Government's aren't going to let go of their central bank cash cow and change their behavior to become prudent spend thrifts. This can only happen when the confidence in government implodes and we a revolution, so to speak, that changes the face of government completely. They all get kicked out of office. It will happen, I believe, maybe faster than we think, it will be very nasty but in the long run will transform to a better way of life. Us boomers may or may not be here when it does. However, well spoken presentation, just not much in the way of new information.
  • Sp
    Scott p.
    19 June 2019 @ 01:23
    Why did it take 6 months for this to be published?
    • ML
      M L.
      20 June 2019 @ 17:34
      Because Bitcoin's price is now going up
  • SS
    Shanthi S.
    20 June 2019 @ 03:57
    This was fun, but I’m not sure how you can say BTC is in a store of value phase... more like price discovery. Would be interested to know what others think. He’s also completely and perhaps conveniently ignored the threat of MMT, which is all but inevitable and undermines his arguments for limitations on government spending. Overall I’m on his side, and couldn’t agree more that central banks shouldn’t have a monopoly on money. Decentralised is the way (in Utopia), and I’m sincerely hoping and his dreams come true.
  • PF
    Patrick F.
    19 June 2019 @ 18:22
    Great interview. Would be glad to see Jimmy again.
  • SP
    Sat P.
    18 June 2019 @ 11:43
    This guy totally gets it. Every problem in society today is thanks to Central Banks and Banksters. The idea of having sovereignty over my own money is what won me over on Day 1 after hearing about Bitcoin.
    • SS
      Shanthi S.
      19 June 2019 @ 07:57
  • MA
    Matthew A.
    18 June 2019 @ 17:00
    What stops the government from simply declaring digital currencies/not their digital currencies, a form of terrorism funding or whatever "reason" etc? If a business accepts or holds digital currencies, they are breaking the new law, strangling digital currencies? Just spit-balling.
    • JC
      Joel C.
      19 June 2019 @ 04:36
      exactly > ultimately the value of a currency also comes down to taxes... if you have to pay your US taxes in $, and BTC is declared illegal, where does this leave 'store of value' and long term adoption? to me this is the key risk not being adequately addressed... god forgive if Trump learns about the existence of BTC and starts tweeting that its s*(T! what would that do to the price?
  • DC
    Darren C.
    19 June 2019 @ 03:50
    Mark me as sceptical. The written intro above appears to state that one of the powers of bitcoin is removing the power to print money from governments. My take is that the money printing by governments is at an all time high since the introduction of bitcoin. Much on this platform is above my head, on this point I'm truly lost in space.
  • SA
    Stephen A.
    18 June 2019 @ 19:13
    This guy is the best advocate for bitcoin I have seen and in my opinion, the only guy I have seen here that knows what he is talking about (on the subject of bitcoin). Notice he almost never mentions blockchain or other crazy stuff because he knows that's not bitcoin's use case.
  • JO
    Johnny O.
    18 June 2019 @ 19:03
    My issue with a lot of ICOs and ICEs is that they are project funding rounds that do not seem to give you equity upside in the project or in some cases even a currency that will be used by the project when it goes live or one that might increase in value due to scarcity even if the project is hugely successful.
  • JP
    John P.
    18 June 2019 @ 18:20
    One prediction is that while plenty of repressive governments might try to ban bitcoin, they really can't do much to enforce the ban within the confines of the technology and legal system. They could only catch users in the act and prosecute. Inevitably, some governments will choose not to ban and some (e.g. Bulgaria) might benefit from retaining large amounts. If the number of users storing wealth rises to a significant amount, a ban would have serious social repercussions. In an environment where holding bitcoin = wealth/power, nations cannot afford to not participate in buying bitcoin and will create an adoption arms race.
  • RG
    Ryan G.
    18 June 2019 @ 11:44
    Seems like he’s just throwing out a string of buzzwords. Also has any one who speaks about a future with decentralized currency systems ever consider the issues the U.S faced with liquidity in times of crisis before a CB( ex: Panic of 1907)
    • LJ
      Liam J.
      18 June 2019 @ 15:45
      That's why you've had 5 80% drawdowns in bitcoin in the last 10 years. But that's the whole point. instead of a governing body coming in and pushing liquidity in everytime it has a little price drop it just works itself out via free market principles. everyone has the same data to work with. everyone knows how many bitcoin there will be and if there is a liquidity crisis like the last 5 times bitcoin crashed it eventually just works itself out thru simple supply and demand. That's also why it's the perfect hedge against the current monetary system I think. I don't agree with alot of what Jimmy Song says except the hard sound money part and that it's a great way to store value long term.
  • js
    john s.
    18 June 2019 @ 15:15
    First glance I thought RV had on ‘The Rock’.