You know, we’ve sure hear a lot about Bitcoin in the media, how the perceived value or intrinsic value of a bitcoin has so rapidly increased, fallen back and then held steady. Some say the volatility was a sign of a systemic problem, but maybe that’s not the real problem at all. Maybe, the real problem with currency, isn’t the nature of the electronic strategy it uses or electronic money at all, but rather an internal struggle with complex systems in our monetary world over all. Let’s talk some philosophy on distributed power and centralized power for a moment.
You see, there was an interesting article posted on November 29, 2013 titled; “Is bitcoin mixer a potential weapon of mass economic destruction? Bright graduates who create electronic currencies may be as dangerous as unregulated traders before the financial crisis,” appearing in the Guardian. The article stated;
“Regulators say they are worried about the growth of shadow banking as much in China as in the US and Europe. They should be equally worried about Bitcoin. Regulation is annoying and banks can charge too much for processing transactions, but that is not a justification for a shadow currency with the potential, should it be allowed to proliferate, to wobble and crash.”
Okay so I dare to ask: Is it a weapon for economic destruction or a wake-up call for the dishonorable and irresponsible use of wealth creation for incestuous power grabs? Does it show that folks inherently dislike centralized control of money, wealth, interest over their lives? Many have said that Bitcoin is a Ponzi scheme, but one could also point to monetary policy in many countries and how they play the game – is that not too a Ponzi scheme relying on the good nature of folks who trust the system – after all without trust the worthless “paper money” wouldn’t serve anyone as a unit of trade.
Further I guess I’d like to inquire if anyone would like to have a serious debate with me on this topic? Hey world are you listening, are you thinking, do you humans have a clue out there? We can do better than this – but seem to be doomed to repeat, both the strategy and planning behind Bitcoin and the central planners of global currency future.
Bitcoin in many regards is just one of many virtual currencies, on which happens to have the most notoriety and media in 2013 and 2014, and no one really knows where it will go or if it will even be a viable unit of trade in 5-years, but just the fact that it has come into existence ought to be a wake-up call to all central banks, central planners, and economists. Philosophically speaking of course – so, please consider all this and think on it.