Michael Goldstein: Everyone's A Scammer, Praxeology & Advanced Geopolitical Meme Warfare
2/2/2021 · 113 min · transcript via mlx
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Key topics
— Michael Goldstein's path from Austrian economics (discovered post-2008 financial crisis) through the Mises Circle at UT to co-founding the Nakamoto Institute and launching Bitcoin analysis through an Austrian lens.
— His essay "Everyone's a Scammer" (2014) reframes scarcity and self-interest: cultivating lowest time preference by viewing all actors as competing for scarce Bitcoin, making hodling a form of ethical self-interest that strengthens the network.
— Rejection of electoral activism in favor of entrepreneurial action: voting has negligible personal statistical impact, whereas accumulating capital and building alternatives (like Bitcoin) creates real-world change without political theater.
— Rhetorical warfare and memetic strategy: the distinction between dialectic (good-faith debate) and rhetoric (persuasion and trolling); deploying reframing, agreeing-and-amplifying, and dominating narratives to win over no-coiners while respecting truth.
— How COVID normalized previously contrarian views (homeschooling, rural living, self-defense, Bitcoin) and accelerated acceptance of decentralized alternatives.
— Sovereignty through capital accumulation and low time preference rather than geographic citadels; long-term vision enabled by Bitcoin-denominated savings shields individuals from state friction.
Market & price signals
— Goldstein notes Bitcoin's exponential price appreciation since his 2014 "Everyone's a Scammer" article validates the scarcity thesis. He regrets being too poor to buy cheap Bitcoin in early days and emphasizes that hodling (not spending) preserves network value. He briefly mentions the Ethereum crowd-sale: the Ethereum Foundation's decision to hold and later sell for Bitcoin (not fiat) as evidence that even alternative projects implicitly validate Bitcoin as the numeraire. Observation on GameStop and market rigging illustrates how central control suppresses wealth-building for ordinary people, making Bitcoin's non-correlated properties attractive.
Actionable insights
— Study Austrian economics and praxeology to build a coherent worldview that enables better long-term decision-making; understanding how incentives really work sharpens judgement across all domains.
— Cultivate lowest time preference by treating all spending (especially in Bitcoin) as opportunity cost against exponential future value; focus capital accumulation on tools and knowledge rather than consumption or activism theatre.
— Learn Bitcoin's mechanics deeply enough to communicate it truthfully in any rhetorical context—memes, arguments, or long-form writing—so that your persuasion rests on genuine understanding, not empty trolling.
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