With Bitcoin as a point of reference for how toxic the global financial system truly is, the gas lightning is wearing off – and the people are starting to figure out where they can go to breathe easy again.
When it comes to Bitcoin and Balinese cockfights alike, conversations that focus exclusively on speculation, gambling, and greed risk totally missing their points. Discussions surrounding Bitcoin in particular need to consider the political and philosophical questions this community raises about money, privacy, self-sovereignty, and of course, memes.
Bitcoin then can be seen as the extrapolation of what is a necessary implementation of that which would set the stage to the natural asymptotic convergence of all centrally banked money to perfectly demand elastic supplies but without cooperation or political coordination of any single central bank or nation.
Whereas short term thinking dictates the course of our monetary and fiscal policy, Bitcoin forces participants to have low time preference and make longer term decisions. As the network grows in prominence and individuals opt for a “Bitcoin Standard”, it may put pressure on Central Banks to act more responsibly.
But it should also be pointed out that Goldman Sachs is steering its investors to a safe haven that doesn’t hedge against this failing system as well as bitcoin does.
Money creation solves short term problems like liquidity in financial markets or economic collapse endured during a global pandemic, but only kicks the can down the road whilst creating and exacerbating wealth inequality. This has heart-breaking consequences for the livelihoods and welfare of billions of people. Bitcoin fixes this.
The monetary system that we’re under is a tyranny. The Fed is an independent organization and is not accountable to voters. Furthermore, the dollar standard means that inflation gets exported to people outside the US, who have even less say. The dollar hegemony is an unjust system where the wealth of the world is controlled by an organization that’s able to tax without anyone’s consent.
However, what we can surely all agree on is that leaving your money in cash is a poor medium to long term move, assuming you want to retain some wealth.
Because in the end, we are all Satoshi, even if the real or the real Satoshi showed up, it would not really matter, Bitcoin separates the role of the state and money. That is its intrinsic value, that is its true wealth. We are all Satoshi.
But even if the tech fails, the ideas that make up Bitcoin will never die.
Behind every revolution is a revolutionary idea, and no monarch, dictator or democratic government can do a thing to stop an idea whose time has come.
And now is the time for Bitcoin.