The cryptocurrency markets have been in “dire straits” the last few months. I want to remind everyone this kind of activity is expected and it is happening for several reasons. It does not mean “crypto is dying,” like the FUDsters tend to repeat ad nauseum.
The New Crypto ‘aristocracy’ is here. These cryptocurrency entrepreneurs and technologists have arrived with peace and anarchy. Not bombs and blood anarchy, but the loving variety. They are fundamentally altering the landscape of economics, business, and society. They have brought plenty disruptive new toys, inventions, and business models. Imagine a scene that looks like Silicon Valley geek meets individualist anarchist meets Etsy-wielding soccer mom. [Read more…] about The New Crypto Aristocracy has Arrived with Peace and Anarchy
The Cryptocurrency markets are like the wild west. That is what people say. However, they mention this fact as if it were bad news. They use “wild west” pejoratively and condescendingly. They view a wild west market as untamed, chaotic, and destructive. I say cryptocurrencies markets are destructive, but it is a kind of creative destruction. It is destructive evolution, and it is healthy and sober. [Read more…] about The Cryptocurrency Wild West is Healthy for the Marketplace
There are some people who believe bitcoin was created by government. They think big brother made it to subjugate and subdue everyone. They believe it’s a one-world digital currency that benefits government rather than the people.
Bitcoin was Built by Crypto-Anarchists
There is no evidence bitcoin was created by government. The opposite is true. Bitcoin was likely built by crypto-anarchists to undermine and destabilize governments. The exact creator of bitcoin is unknown. The individual’s pseudonym is Satoshi Nakamoto. It could also be a group of people. We have no clue. However, we do have an idea of the type of people who fleshed out the original blueprints. We can see the beginnings of bitcoin in the early work of cypherpunks like David Chaum, Timothy May, and Whitfield Diffie. None of these people cared for governments. They were mainly anarchists.
Indeed, the characteristics of bitcoin are wholly anti-government. The fact that governments cannot control the circulating supply of bitcoin means they can’t defraud people by hyper-inflating it. The fact that bitcoin is peer-2-peer and censorship resistant means governments can’t freeze accounts, halt transactions, or arbitrarily steal money. The fact bitcoin circumvents central banks immediately testifies to its purpose.
Bitcoin’s features are not something governments would purposely build into a currency to control people. Its features are antithetical to control. Why would government make a decentralized currency that does not support its agenda?
Governments Could be Co-Opting Bitcoin
However, there is a major caveat.
Governments did not build bitcoin, but they may be trying to co-opt it. They are doing this by making developers neuter bitcoin’s anti-government features. They appear to have succeeded. Developers have striped away bitcoin’s digital signature architecture, and failed to scale the block size of bitcoin, rendering it weak and helpless. This move was initiated by the Core development team, Blockstream. Some people believe they are being funded by “globalists” and other big government types.
A Steemit article said, “Blockstream is now controlled by the Bilderberg Group – seriously! AXA Strategic Ventures, co-lead investor for Blockstream’s $55 million financing round, is the investment arm of French insurance giant AXA Group – whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.”
Jeff Berwick also commented on this issue in an Dollar Vigilante article called “Bitcoin War Begins – Bitcoin Cash Rises 50% While Bitcoin Drops $1,000 In 24 Hours.”
“Who owns Blockstream? Well, one of the main shareholders is insurance giant AXA. CEO and Chairman of both the Bilderberg Group and AXA are the same person, Henri de Castries. Yes, essentially, the person most in control of bitcoin development is the Chairman of Bilderberg; the place that I have gone for the last three years to expose from the outside! And, even one time, briefly, from the inside.”
I am not making any statements regarding the veracity of the above claims. Nonetheless, it is interesting to note that central bankers put money into bitcoin, and then the code began to change, making transaction fees soar and confirmation times slow to a snail’s pace.
Cryptocurrencies Can Undermine Government Regardless
For the sake of argument, Even if bitcoin was hijacked, I still believe freedom lovers can win. No one can stop the signal. The genie is out of the bottle. We now have a fully competing market of cryptocurrencies, and no one is forced to use any one. This means any fedcoin on the market is just another token to choose out of a vast sea of currencies, and no one will consciously choose coins that are inefficient or that may enslave them.
The true version of bitcoin — bitcoin cash — is also available for use. It is Satoshi Nakamoto’s original vision. It has expanded block size, low fees, and fast confirmation times. If cryptocurrency connoisseurs are going to succeed in their mission to thwart government, tools like bitcoin cash are going to be what they use to win in the long run. This is a beautiful time to be alive.
Who do you think created bitcoin? Was it built to undermine governments?
Images courtesy of Shutterstock
I just returned to the United States from Lisbon, Portugal. I am a bit jet lagged. My ear is pressurized from being in the sky for 12 hours. The trip was necessary, though. I journeyed to Lisbon to attend a couple of high-profile tech conferences. [Read more…] about Realizations from Web Summit: Bitcoin and Anarchism are Still Niche Anomalies in the Tech Industry