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Q1: Who are you? Where are you from, what is your background?
A1: My name is Keith F. Smith. Many know me as SmileyGnome in the cryptocurrency ecosystem.
I have been involved in various projects in the “Blockchain” space. I invented variable proof of stake and worked on hardware wallets on microcomputers before they became main stream technologies. I am one of the original founders of Nexus IO, a decentralized cryptocurrency and platform being developed for over 6 years.
I have long been a huge fan of the internet, its software protocols, and economics. I worked on developing databases for some large fortune 500 companies when I was a teenager, to debugging software for the Y2K bug. It all started with me building websites and writing CGI/Perl scripts for that would record data for online game tournaments when video games were only played over TCP/IP platforms in the 90s.
Born and raised into a libertarian family, I have always been a student of Mises Austrian Economics. Bitcoin, Blockchain, and distributed systems was the natural evolutionary conclusion of my activism over the past two decades.
I currently provide education to those looking to learn about these technologies. I also am heavily involved in Bitcoin BTMS (Bitcoin Teller Machines). Working with people and companies around the world to build a fiat to Bitcoin on-ramp in their communities.
Q2: When did you first hear about Bitcoin and what did you initially think about it?
A2: I first heard about Bitcoin when there was no market for it. It was discussed in some online libertarian forums, and seemed like a really cool experiment. I was a precious metals maximalist. Meaning that I thought that silver and gold were the ultimate forms of currency and nothing could ever compete with them.
Being involved in the organization of the Nation Wide End the Fed events, I was introduced to my first opportunity to purchase 220 Bitcoin for $20. A fellow libertarian at an after party event needed to pay a bar tab. I had turned it down because I just didn’t see the value in the currency at the time.
I kept an eye on the Bitcoin markets because it did fascinate me that such a thing could have value. And where there is value, there is opportunity to a free market lover like myself.
Then one day, at a local paint store, I ran into a Federal Reserve Banker. Everyone was praising him on their economic policies that saved the economy in 2008 in the store, except for myself. This led to a fierce in person debate about currency. I discussed that soon, gold and silver would replace the dollar as it continued to devalue itself through unlimited printing of paper.
I brought up other alternative currency systems such as Ithica Hours and Mountain hours which were designed to keep the purchasing power and sweat equity of remote economies localized. The whole “buy local” movement but with money. He was completely not amused, nor concerned.
That’s when I brought up Bitcoin. My research on the subject was very limited. He was intrigued and asked more about it. I could not say much about how it could compete with the dollar. Truth was, I just didn’t know much about Bitcoin. All I could say was it was digital and decentralized.
I lost that debate. I vowed to not ever not know what I was talking about involving Bitcoin.
This is when I set out to prove that there was no way that Bitcoin could be equal to or better than gold and silver.
The deeper I dug into the subject, the more I realized its full potential. Then one day it clicked and there was no turning back. I had to get some and try it myself.
Q3: What does cryptocurrency mean to you? What does it represent?
A3: It represents many things. Individual financial freedom. From the ability to be your own bank, to recording historical fact. It means to not trust anyone, or anything. Instead, verify it as fact. Proof through immutable math instead of proof through corruptible humans. The blockchain is much better than any record before. Its better than being written in stone. Stone will turn to sand. The blockchain lasts forever.
Q4: What do you think about the current state of the (fiat) economy?
A4: The current state of the economy is in complete fraud. The numbers that represent its health, are nothing more than a mirage of propaganda. Numbers only go up to hide inflation. Cost of living continues to rise but through international monetary and trade agreements, the money changers hide inflation. Often exporting the inflation of labor costs to other places in the world. Its also been the natural evolution of Moore’s and MetCalfe’s law that has allowed this to happen. Technology gives illusion things are stable when in fact, technology will always become cheaper the faster it is adopted.
All fiats inevitably collapse. This happens quickly throughout history. Once politicians and banks realize they can print themselves out of problems, they will print. It always works, in the beginning.
The Weimar Republic instituted Quantitative Easing in the years leading up to the collapse of their currency, the Papiermark. Like a drug, they became addicted to printing to pay for the governments operations. We see this happening today. Historically, it continues on an exponential rate and as with all mathematical exponents, there is a top, then a collapse. Math is always verified throughout history.
Q5: Besides Bitcoin, what cryptocurrencies are on your watchlist?
A5: Way too many to list. There are many technologies that fascinate me. From sig chains, Interplanetary File Systems (IPFS), Decentralized Finance (DeFi), to Decentralized Exchanges (DEX).
That’s one of the beauties of alternative currencies. It continues to decentralize the marketplace and offer solutions to today’s centralized issues.
Q6: What does the future hold for Dogecoin?
A6: I honestly do not know. Dogecoin was the first cryptocurrency other than Bitcoin I ever owned in 2013. It has a rather predictable market cycle. This is likely due to the inflationary monetary economics coded into the coin. Its a really fun community to be involved in. It was created by its developers as a joke, yet its community took it seriously. Being that it is a very cheap and plentiful coin, it was the most tipped coin in history. I have given away millions of Dogecoins over my span in this space. I have used it as a sandbox while educating people how to use cryptocurrencies. Being that it is cheap, fast, simple to use, and if you mess up, it wont break your heart losing a Dogecoin, I would always teach people how to use Dogecoin before they move their Bitcoin or other more expensive cryptocurrencies.
Since the beginning, there was always this idea within the community that it could become the worlds cryptocurrency. Why? For the same reasons that Elon Musk recently mentioned. The irony of it all.
So could it happen? It could. Will it happen? I have no clue. But I love Dogecoin. Its brought more people into crypto than any other cryptocurrency, maybe even moreso than Bitcoin. Its fun. Its easy. Its hard to get mad at a Shiba Inu.
I even have a Shiba Inu named Toshi. Short for Satoshi Nakamoto (Creator of Bitcoin).
Q7: When do you think cryptocurrencies will become dominate over fiat currencies, like the Dollar or the Yuan?
A7: Depends on your definition of dominate.
Cryptocurrency is a system outside of existing legacy financial structures. It is a system that is designed so that when the legacy systems collapse, for the first time in human history, we the people have a system we can voluntarily adopt. This is not an act of dominance but an act of merely stepping out of the way of a car accident.
It is inevitable the existing systems will indeed end. Currency is based on faith. It is the belief in a currency that makes it a viable currency. After the past few years, specifically the year 2020 on, people have lost faith in institutions. We lost faith in governments, corporations, universities, science, elections, and most recently, the markets. As was seen with Wall Street Bets.
The change will happen quickly. There are already talking heads on the media calling for regulations of Bitcoin and cryptocurrencies to prevent the collapse of the dollar and to strip safe havens from the people and corporations in the world. They see what is coming and they are scared. Rightfully so.
Hyperbitcoinization, the mass worldwide adoption of Bitcoin and Blockchain Technolgies, will coincide with the run on the dollar. When people lose all faith in the dollar, its over. And the dollar will lose its value worldwide, overnight.
Q8: What is your advice for people who are just getting started with cryptocurrencies?
A8: Understand the technology behind it. Blockchain technology has the potential to replace all institutions and radically disrupt all forms of organizations.
Do not gamble on cryptocurrencies. Do your own research. Do not invest anything you cannot afford to lose. Hold your own cryptocurrencies. Your keys, your cryptocurrency. Not your keys, not your cryptocurrency.
Use it. Buy a little bit of cryptocurrency and send it to someone. Once you do that, you will get what cryptocurrency is about.
Q9: Do you trust the government? What is your opinion on the current state of politics and the world?
A9: I have absolutely no trust in government. How can I trust something I cannot verify to be honest? I used to allow the current state of politics to affect my life. Then I came to the realization that there is no amount of pamphleting, petitioning, politicking, begging, and activism, that can change the abusive relationship I have with my fellow man. The only solution is to defund them. By taking away their power to inflate money, counterfeiting themselves into perpetual power, you starve them of the only weapon they have over you. This is why I focus on Bitcoin and cryptocurrencies. It is irrelevant what they say and do. Bitcoin does not care. It never has, and never will.
By starving the fiat system, you neuter their power over the individual. The individual being the ultimate minority against the mob, the system.
Q10: What does success mean to you and who or what do you attribute your success to?
A10: Success is much like decentralization. Its not a point you reach, but a point you are always reaching for. So being successful is accomplishing what you reach for. Setting realistic goals, focusing on accomplishing them in an efficient and timely manner, with minimal set backs. Failure is key to success. The best lessons that pave the way to winning are from crushed hopes and dreams. Never give up.
I would have to attribute this line of thinking from my parents and grandparents. It was they who taught me that freedom is worth more than any amount of money. So I have spent my life working to be absolutely free. Accepting nothing less than absolute freedom. It just by happens to be that those who live free, tend to attract wealth and success.
FQ: Tell us about your business and how people can find you and your business.
FA: You can find me on Twitter and the Keybase app @SmileyGnome. I answer all messages and will help whoever I can especially relating to cryptocurrency.
I work for a Bitcoin Teller Machine manufacture called Chainbytes.com and a BTM fleet.
We are headquartered in Allentown Pennsylvania, USA.
We focus on fleet enterprise services and provide the tools needed to start and operate a BTM Business. With our partnership with BTM Compliance, we are a one stop shop for Bitcoin ATM Machines, with ATM grade hardware, the software and infrastructure that operates them, and the compliance to operate in the USA.
We also offer blockchain services such as brand customized Bitcoin wallets to blockchain development services.
Our services are available worldwide.
All consultations are free and don’t forget to ask for me, Keith F. Smith, or SmileyGnome. I will explain how the business works to those serious and interested.
What is a Cypherpunk? Read A Cypherpunk’s Manifesto, a recommendation from Keith.
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Bitcoin (BTC): 16ewr1Ezy7GPnvkfjcCkq23eUq82Q6qQso
Dogecoin (DOGE): DMK29BPtncdGMxTc1sQ4c4SkLSLhnoG9We
Verge (XVG): DTGk29ZNRGWTdeUkj9zwaPs3EgmTzKjTEW
Nexus (NXS): 2RmpjZXcWhM2qv3C7JwqqNefVZCu38wQp7XvuMktD5QZHejbaCo
Ripple (XRP): rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy Tag: 755877368
