On Aug. 31, 2013 Reddit user Luka Magnotta posted the thread “I am a time-traveler from the future, here to beg you to stop what you are doing.” This was the first and only post from this Reddit user. Magnotta claims to be from the year 2025, a time when the world is on the brink of nuclear war thanks to Bitcoin (BTC). According to Magnotta, the price of Bitcoin (BTC) rose by an order of magnitude every two years, reaching $1,000 in 2015, $10,000 in 2017, $100,000 in 2019, and $1 million in 2021.
Note that this self-proclaimed time traveler was accurate about Bitcoin (BTC) first hitting $10,000 in 2017. This prediction is astonishing, considering it was made more than four years before Bitcoin (BTC) hit $10,000. Bitcoin (BTC) was worth $120 at the time. It’s important to also note that he failed in his prediction that Bitcoin would hit $1,000 in 2015 when it actually hit $1,000 in 2013, several months after the post.
Although it is hard to believe that Magnotta is an actual time traveler, we think it’s worth looking at what he claims unfolded as the world switched from fiat to Bitcoin, and it makes for an interesting mental movie.
Apparently, according to Magnotta, after 2021, it became nonsensical to express the value of Bitcoin (BTC) in terms of fiat currency since fiat currency hyperinflated and collapsed around that time. Magnotta claims that just 0.01 Bitcoin (BTC) was enough to live an entire life without working.
This prediction is actually the ultimate dream of Bitcoiners and is perhaps grounded in some truth. Numerous Bitcoiners think Bitcoin (BTC) will one day become the primary global currency due to its decentralized and pseudo-anonymous nature. This allows Bitcoin (BTC) to be sent anywhere in the world instantly without the threat of being frozen or reversed. Also, Bitcoin (BTC) is deflationary, with the rate of Bitcoin (BTC) mining halving every four years or so until, eventually, no more Bitcoins (BTC) will be created. Compare this to fiat currency that can be printed at will and is inflationary, causing fiat currency to steadily lose value.
Magnotta describes how this dream of Bitcoin (BTC) dominance turns into a nightmare. As the value of Bitcoin (BTC) skyrocketed and fiat collapsed, many people lost their life savings, while early Bitcoiners had enough money for the rest of their lives. According to Magnotta, on average, each person in the world only held only 0.001 Bitcoin (BTC), with early adopters holding the vast majority.
Further, even after the initial shock of fiat collapse, the deflationary nature of Bitcoin (BTC) caused the economy to contract at a rate of 2% per year. This is because in an inflationary currency economy, like the one we live in now, people with savings are forced to invest, otherwise, inflation will cause their savings to evaporate long term. Magnotta describes how, in the future, people with Bitcoin (BTC) do not have to invest. They can just hold Bitcoin (BTC), and it gains value long term. The resulting drastic drop in investment results in fewer corporations and fewer jobs, leading to widespread poverty and despair.
Armed terrorist groups apparently began to attack Bitcoiners, and Magnotta says the Winklevoss Twins were among the first to die. Numerous Bitcoiners were robbed by force, and 25% of the people with Bitcoin (BTC) are apparently criminals who stole it.
According to Magnotta, Bitcoiners retreated to guarded cities called Citadels. These Citadels were based around Bitcoin (BTC) mining farms.
The governments of the world apparently collapsed for the most part according to Magnotta, since Bitcoin (BTC) made it easy to circumvent taxation. Some governments tried to stay in power with a last ditch attempt to buy Bitcoin (BTC), and this rapidly accelerated Bitcoin’s (BTC) price rise, although government employees often stole the Bitcoin (BTC) and ran away to Citadels. Magnotta claims that Saudi Arabia and North Korea are the top countries that hold Bitcoin (BTC), having 110,000 Bitcoin (BTC) and 180,000 Bitcoin (BTC) respectively.
Magnotta further describes how the governments of the world tried to save the economy by releasing a new inflationary currency in order to reignite investment, but few people chose to use a currency that loses value long term compared to Bitcoin (BTC) that does not lose value to inflation.
Magnotta then reveals that he is part of an underground network that has 20 nuclear submarines and that they will cut the underwater internet cables and launch a simultaneous nuclear attack on all the population centers in the world. This is in order to allow the people of the world to rise up and destroy all the computers until the Bitcoin (BTC) network does not function.
Magnotta then ends the story with this:
“Of course, this outcome will likely lead to billions of deaths. This is a price we are forced to pay, to avoid the eternal enslavement of humanity to a tiny elite. This is also the reason we contacted you. It doesn’t have to be like this. You do not have to share our fate. I don’t know how, but you must find a way to destroy this godforsaken project in its infancy. I know this is a difficult thing to ask of you. You believed you were helping the world by eliminating the central banking cartel that governs your economies. However, I have seen where it ends.”
This time-traveling tale is captivating, like something from a science fiction movie, and even more intriguing since this self-proclaimed time traveler correctly predicted the price of Bitcoin (BTC) in 2017 more than four years prior.
True or not, this story should make us look at the potential fallout from such a dramatic shift in history and how it might affect the world. It’s worth considering that a handful of Bitcoiners might end up the super-rich elite, but they might also face growing civil unrest sparked by bad monetary policy that leads to rampant inflation.
And of course, it will be interesting to watch if Bitcoin (BTC) does in-fact hit $100,000 before the end of 2019 as this self-proclaimed time traveler says. We will certainly revisit the topic either way.