Interview: The Philosophy Of Bitcoin With Professor Craig Warmke

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On this episode of the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with a professor of philosophy at Northern Illinois University, Craig Warmke. Warmke is quite unique in academia because he has fallen deep down the Bitcoin rabbit hole. As a scholar in philosophy, ethics and human nature, Warmke is fascinated by Bitcoin’s incentive structure and the implications of Bitcoin on society.

Warmke is saddened by the state of academia and lamented about the broken incentives around tenure that force academics to hyper-specialize rather than encouraging them to take more complete and holistic worldviews and studies. Warmke believes it is this hyper focus in academia that causes most academics to miss Bitcoin altogether.

Warmke is currently managing a research collective focused on the ethics and philosophy around Bitcoin called Resistance Money with two fellow Bitcoin philosophers, Andrew Bailey and Bradley Rettler. The three write papers to demystify why Bitcoin is good and they are working on a book titled “Resistance Money.”

Please enjoy this wide-ranging conversation with Professor Craig Warmke.

Follow Craig on Twitter @craigwarmke. Learn More about Resistance Money at


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Dilbert Creator Puts the ‘F’ in NFT, Fans Go ‘Nuts’

In brief

  • Dilbert is a popular comic strip.
  • Will it be a popular NFT?
  • What about if you add curse words?

Dilbert creator Scott Adams is selling a pair of NFT versions of his famous comic strip on marketplace OpenSea.

And one of them is a bit “naughty,” according to the author.

The non-fungible tokens, which went on sale today and will be on auction until May 1, feature bespectacled office drone Dilbert chatting with his pet, Dogbert, about the high prices non-fungible tokens are demanding. A digital artwork from Beeple sold for $69 million last month, and everyone from Grimes to Rob Gronkowski have cashed in on multimillion-dollar sales.

In one PG-rated version, Dogbert explains that he bought an NFT for $600, to which Dilbert retorts, “There is literally no good reason to own any collectible digital art.”

Dogbert responds that he’s sold the item for $120,000. The mild-mannered Dilbert proceeds to go ballistic, screaming (mug still in hand): “Can you let me be right for one minute?”

The PG-13 version is identical apart from one key detail. After Dogbert informs him of the money he’s made, Dilbert yells, “Can you let me be right for one f-ing minute?” (We at Decrypt prefer our funnies G-rated.)

Dilbert NFT
Dilbert NFT. Image: OpenSea

Newspapers, where Dilbert appears, don’t usually publish comic strips with cursing (unless it’s Family Circus, of course) making this an apparent first for the character.

Responding to fans and/or trolls via Twitter, Adams admitted he didn’t quite get the fuss:

“For those who wonder, NFTs are digital art that is collectible because the original is registered on the blockchain. Yes, anyone can copy digital art. But you can’t copy its entry on the blockchain, which makes it collectible. Does that make rational sense? Nope.”

Of course, as Adams suggested, it doesn’t have to make rational sense to make money.

Nor does it make a ton of sense to pay extra for a curse word, but the top (and thus far only) bid on the PG-13 version is over $7,077. As of the time this article was published, no one has bid on the PG strip.


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Bitcoin Power: The Energy Of A Money

The energy sector is seeing a complete paradigm shift:

  • Bitcoin’s monetary network effect
  • Monetization of energy
  • Leads to an arms race of energy tech becoming more and more efficient and productive
  • Cheap energy production allows for cheap energy utilization
  • Cheap energy utilization allows for cheap manufacturing, mineral mining and product R&D
Photo by NASA on Unsplash

Photo by NASA on Unsplash


Ripples and splashes are being made in the financial realm. Since its entry onto the world stage, the Bitcoin network has been growing. With each addition to the horde of nodes and miners that are scattered across the globe, Bitcoin continues to dig in. Supplying the world with a financial vehicle that provides solutions to the failed experiment that is Keynesian economics, inflationary monetary policy, savings, and it cannot be forcibly removed from an individual or entity. If you can’t see the value there, then I won’t hold you.

Fixing money fixes the world. Fiat currencies have allowed a disease of the mind to proliferate. That disease is living beyond our means. With the popularity of this false currency, companies and individuals are incentivized to spend more than they earn. We are at a time in history where companies that earn little to nothing are being valued higher than those that turn a legitimate profit. And that is just from the monetary side. Social media has seen a rise in popularity for groups and individuals to go into debt to simply project a life of luxury and excitement, while the reality is the opposite. Luxuries and services supplied by debt get rapidly destroyed when reality comes knocking and the bill is due.

Bitcoin’s hard money philosophy rewires the thought processes of those that turn to using bitcoin as a savings vehicle. The individual begins to worry less about impressing those around them and narrows their vision onto purchases that provide the most utility and value to their life. Frivolous spending becomes a practice of the past, as they focus more on stacking, saving and building their financial independence. For without financial independence, you are also without true freedom.

Bitcoin Mining and Energy Production

Bitcoin mining is energy intensive — this is true.

Is there anything that isn’t, though? Consider the amount of energy that gets expended mining gold from the earth. The amount of fuel and power utilized to power the mining industry, that is also tearing up our planet , all to acquire a heavy substance. What about the energy that gets used in the refining process? Then the transportation, packaging and shipping said gold across the world. What of the energy dedicated to handling the paperwork of this whole process? Those are man hours that somebody is paying for.

Bitcoin has come under recent fire via energy utilization moralization.

Are we guilt-tripping anyone that is using up energy to watch Netflix in their free time? Or what of those individuals playing video games? Are we considering the amount of energy that gets wasted in politics? When a speaker is engaged in a filibuster? The amount of billable man hours that goes into this process — the work of interns, analysts and drones that collect intel for politicians just so a speaker can practice a legal waste of time? And that’s without considering the valuable energy that goes into the lighting, wi-fi and heating/air-conditioning of the building!

Energy moralization is the podium from which the village idiot crows.

What bitcoin mining does is far more revolutionary.

Right now the energy sector is stuck. Fossil fuels provide energy production but at a massive loss. Not only in the energy that is capable of being captured but also at great cost to the health of our global ecosystem. Similar to the gold mining process, fossil fuel extraction is extremely destructive. Renewable energy can provide energy at less ecological cost but is not free of the mining process. These renewable projects are also being financed by the fiat monetary system that is rapidly being exposed as a disease. As the collapse of fiat money approaches its crescendo, the renewable energy sector stands to suffer heavy losses. Bitcoin fixes this.

Bitcoin mining allows for renewable energy sources to directly monetize their capture process during non-peak hours. As the energy sector operates today, the majority of the operating time is not at 100% demand or utilization. Energy production and capture stands to gain massively by incorporating bitcoin mining during their non-peak times. By shifting their production to power bitcoin miners (and mining pools) these entities get a direct monetary reward which can then be stacked onto the corporate treasury as savings or sold onto the market. Bitcoin’s trading market is active 24 hours a day, 365 days a year. This allows greater liquidity to power production.

These operations require minimal human presence once they are fully deployed. Because of this simple aspect, humanity can begin to monetize geographically dispersed energy sources. Rivers and waterfalls can provide hydroelectric power without a heavy human presence. Wind and solar farms can be built in rural or barren areas that would make life for humans difficult. The fragility of humanity becomes less of a liability when it comes to energy capture and deployment with Bitcoin.

Game Theory

Because of this radical shift in energy production profitability, we will see an arms race play out. Companies and countries will begin to scramble to bring more energy production online to earn bitcoin. Cheaper and cheaper energy sources will become the focus of desire. Cheaper energy also entails cheaper upkeep costs. Renewables provide energy with far less cost to the environment, which may be the greatest cost of all. What little does money matter if we strip-mine and burn ourselves to oblivion? The future lies with zero-cost energy. With Bitcoin — that future inches closer.

Editor’s note: Fossil fuels continue to account for a majority of domestic energy production and consumption in the United States according to the US Energy Information Administration.

Cheap Energy and Tech (Industrial Revolution?)

Cheaper energy production and storage has been a focal point for the past decade in particular. In the summer of 2016, Tesla’s radical attempt to revolutionize the battery game was met with ridicule and laughter. Look at where the company is now – a mere 5 years later.

As Bitcoin causes energy production to become radically cheaper, those dwindling costs bleed into manufacturing. Cheaper manufacturing of goods allows for higher quality products to be sold at cheaper and cheaper prices.

These goods include: household items, cleaning products, food, phones and computers, homes themselves, and so on. As more Bitcoin-focused power production comes online, the cost of living will go down. As these costs come down, it also makes improvements much, much more actionable. Research and development is a costly process — trying new things costs man hours and goods to be expended and wasted in order to trailblaze new technologies and theories. Energy production that is made profitable by Bitcoin ( both the network & the currency) allows for this process to become rapidly cheaper via free-market competition.

“Bitcoin power” (referring to the power that is made profitable via bitcoin monetization) will propel the human species into the next technological era, an era we were supposed to be in decades ago.

This process allows for us to fix the issues that plague the United States of America today: education, healthcare, employment and manufacturing. Bitcoin is the most American technology that has ever been brought into existence.

Cheap improvements on tech plus a population reverting back to financial resilience equals a healthier and better educated population. Financially stable families are physically and mentally strong. These families become capable of partaking in higher education, possibly in the way of mentorships (not the farce of “higher education” that has become the collegiate stage).


Ultimately, what I am suggesting is that Bitcoin is, in fact, a singularity event. Whereas it is a network effect upon the financial system that is exorcising Keynesian economics, it is also inadvertently exorcising inefficiencies in the energy production sector as well. A network effect in economics that is causing a reflecting network effect upon energy.

While money is the vehicle that facilitates human ingenuity, energy production and utilization is the super highway upon which that ingenuity vehicle travels.


  1. Angelo, Steve St. “Market Underestimates Energy Consumption By The Gold Mining Industry.” Money Metals Exchange, Money Metals Exchange, 25 Jan. 2018,
  2. Banerjee, Ryan, and Boris Hofmann. “The Rise of Zombie Firms: Causes and Consequences.” BIS Quarterly Review, September 2018, Sept. 2018.
  3. Hodge, Tyler. “U.S. Energy Information Administration – EIA – Independent Statistics and Analysis.” Hourly Electricity Consumption Varies throughout the Day and across Seasons – Today in Energy – U.S. Energy Information Administration (EIA), 21 Feb. 2020,,dependent%20on%20weather%2Drelated%20factors.&text=During%20the%20winter%2C%20the%20daily,peak%20and%20an%20evening%20peak.
  4. Rider, Christopher I. “Constraints on the Control Benefits of Brokerage: A Study of Placement Agents in U.S. Venture Capital Fundraising.” Administrative Science Quarterly, vol. 54, no. 4, 2009, pp. 575–601, doi:10.2189/asqu.2009.54.4.575.
  5. Ross, Sean. “What’s the Average Profit Margin for a Utility Company?” Investopedia, Investopedia, 16 Sept. 2020,
  6. Steffen, Bjarne, et al. “Experience Curves for Operations and Maintenance Costs of Renewable Energy Technologies.” Joule, Cell Press, Dec. 20, 2019,
  7. Truong, Cong, et al. “Economics of Residential Photovoltaic Battery Systems in Germany: The Case of Tesla’s Powerwall.” Batteries, vol. 2, no. 2, 2016, p. 14, doi:10.3390/batteries2020014.
  8. Weitzel, Tim, et al. Reconsidering Network Effect Theory, Association for Information Systems, 2000,
  9. Denver Bitcoin

This is a guest post by Mike Hobart. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Ethereum Breaks $2,500 All-Time High

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Crypto’s leading smart contract platform, Ethereum, has set a new all-time high at $2,500. 

Ethereum Sets New Record High

Ethereum just crossed $2,500 for the first time in its history. 

Source: TradingView

The second-ranked crypto has enjoyed a parabolic run in recent months, fuelled by growing interest in the digital currency space. 

Ethereum has fared particularly well over the last few days; it’s up over 25% in the last week. 

Various other assets have soared amid heated market conditions. DeFi staples like Aave, Uniswap, and Synthetix all jumped in price today. Binance Coin, Ripple, and Cardano also hit new highs throughout the week. But the biggest gainer has been Dogecoin, which is trading at $0.18 after a 200% rise this week. 

Aside from the ongoing bull run, Ethereum has had various notable developments that have helped its surge this year. Earlier today, the blockchain successfully completed its Berlin hard fork (though there was a brief setback shortly after the event, involving a consensus error at block 12,244,294). Ethereum’s next major upgrade is happening this summer, when the long-awaited EIP-1559 “ETH buyback” proposal will ship as part of its London hard fork. After that, the move towards Proof-of-Stake is expected to follow sometime later this year. 

At $2,500, Ethereum’s market cap is now over $288 billion. That’s more than Intel, Toyota, and Netflix. 

 Disclosure: At the time of writing, the author of this feature owned ETH, AAVE, and SNX. They also had exposure to UNI in a cryptocurrency index. 

This news was brought to you by ANKR, our preferred DeFi Partner.

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Analyst Who Called Crypto Crash Says Five Altcoins Are Set To Outshine Bitcoin

Cryptocurrency analyst and YouTuber Benjamin Blunts is revealing five altcoins that he believes will perform better than Bitcoin.

The cryptocurrency trader who called Bitcoin’s bottom after the 2017 then-record-high six months ahead of time, kicks off the list with Ethereum.

“…if Bitcoin still continues up to $100k and beyond while this is happening, that’s just going to mean ETH is pumping even more so, you know. If Bitcoin doubles from here that means ETH will triple from here because it’s going to be outperforming Bitcoin.”


The second altcoin that Blunts believes will record larger percentage gains than Bitcoin going forward is blockchain oracle Chainlink (LINK).

“I’m not 100% sure how high LINK will go. I’m not sure whether or not it’s going to make a new all-time high against Bitcoin. But I do think from here it’s going higher, and it’s going to outperform Bitcoin, and its USD value is going to explode.”

The other altcoin on Blunts’ list is decentralized exchange SushiSwap (SUSHI). On the SUSHI/BTC charts, Blunts projects that the decentralized exchange will appreciate by around 70%, and this will translate to larger gains when SUSHI is paired with stablecoins.

“[SUSHI will] probably go up around 70% or so against Bitcoin. So in USD value that will probably be more again.”

Decentralized finance lending protocol Compound (COMP) is another altcoin that Blunts believes will record bigger gains than Bitcoin percentagewise. The cryptocurrency analyst expects COMP to rally by over 160% against the flagship crypto asset.

“So I think ultimately Comp is another nice DeFi project… 164% target against Bitcoin.”

Litecoin is the fifth altcoin that Blunts predicts will outperform Bitcoin and other leading cryptocurrencies by market cap. According to Blunts, “Litecoin is going to outperform a lot of the majors” in the short term.

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DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap

The price of Dogecoin has surged seemingly without any push from prominent figures on social media or major developments in the project. 

According to data from CoinMarketCap, the price of Dogecoin (DOGE) is more than $0.18 at time of publication, with a market capitalization of roughly $23.8 billion. The token’s most recent rally had its price surge more than 63% over the last 24 hours, passing both Uniswap (UNI) and Litecoin (LTC) and become the 8th largest cryptocurrency by market cap.

More retail outlets have adopted the currency as a form of payment in recent days. On Tuesday, a popular Miami nightclub announced it would be accepting DOGE upon reopening as payment for tables, drinks, and merchandise.

Dallas Mavericks owner and DOGE proponent Mark Cuban also reported the basketball team’s store had sold more than 122,000 DOGE worth of merchandise — more than $16,000 at the time of publication — since first accepting the token in March. Cuban said the team “will never sell 1 single Doge ever.”

Though Tesla CEO and DOGE enthusiast Elon Musk has tweeted one of his memes amid the token’s price surge, the recent rally may simply reflect the climate around the crypto market. Mainstream media attention was largely focused on Coinbase’s COIN stock being listed on the Nasdaq this week as both the price of Bitcoin (BTC) and Ether (ETH) reached new all-time highs.