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September 15, 2018, 02:37:06 PM |
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Satoshi Nakamoto's original vision of Bitcoin as an honest alternative to fraudulent and crony-capitalist Federal Banks sought to take the power of creation of money away from the Central Banks and put it in the hands of the common man. What was the alternative?
An overthrow of the prevailing corrupt system orchestrated on the lines of the Communust insurrection in Russia, China, and elsewhere. These sought to physically overpower and overthrow the offending institutions, and proceeded to replace them with financial institutions acting per their ideology. The Soviets attempted and lost, the Chinese and Vietnamese deftly side-steppped the issue, and the latest wannabe Venezuela has now ended up neck deep in the financial quagmire.
In this light, Bitcoin seems like a welcome ray of light, a beautiful alternative to the cancerous polity that is decaying the Western body politic. But for this schematic to work, the mechanics of Bitcoin have to be less 'malleable'. How so?
Whereas Bitcoin is expected to transcend the nation state, a majority of the miners operate out of China exploiting it's subsidised electricity. Secondly, those very institutions that corrupted the fiat dispensation are now looking to make merry in the Bitcoin arena with their synthetic (non-BTC based) trade offerings.
So, while Bitcoin offers these perennial offenders a chance to reform and redeem themselves within the ambit of a peaceful transition; if they continue their old '1 percent' ways, then not only will their system fail, worryingly it'll drag down Bitcoin with it.
Then, the only option will be a new ideological 'system reset' that physically overpowers and removes the extant institutions; and Bitcoin well may find itself unfortunately entangled with these latter ones in that case. Therefore, it is important for Bitcoin to discover this ideological situational awareness, in preparation for the troubled times ahead.
Chris Hedges, author of the book, 'America, A Farewell Journey' states that the amount of quantitative easing that ended up fattening the economic criminal bankers of the 2008 recession episode could have ensured not just Universal Basic Income for every citizen, but also free health care and education for every American, and great improvements in the crumbling infrastructure. But, it went to the 1 percent. In previous times these were the outrages that fomented revolution.
Hence, Bitcoin needs to do it's own 'housekeeping' on these matters, not only to avoid the backdraft from these evils, but also so that it can remain robust should such a physical systemic overthrow, that renders the Bitcoin introduction infructuous, take place.
In fact, Bitcoin could explore the possibility of forestalling such physical revolution through it's own unique policies and abilities to influence the economic situation. But, for that, the Bitcoin community must realise this ideological situation, and elevate Bitcoin above it's current 'novel commodity for trading and profiteering' status. The vision of Bitcoin as set forth in Satoshi's paper was expansive and idealistic, but operationally it seems just like another profit-making tool of the '1 percent'. This needs to change.
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