The bitcoin dream is a permissionless, decentralized currency immunized from predation by encryption where trusting anyone is unnecessary. A system that doesn’t need to trust, where a person doesn’t need permission, ruled by laws that can be changed by anyone but only go into effect with consensus, is a political structure.
How could the creation of money be otherwise, whether it be by a government or a kid in his bedroom. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated.
Anyone considering it should be prepared to lose their entire investment.] Bitcoin’s decentralized system works and hundreds of billions in value has been created by it. On its back has risen a whole juggernaut of crypto money that needs permission and requires trust and is centralized.
These systems are anathema to the bitcoin dream and they have little kinship to bitcoin apart from using a blockchain and a method of encryption. They too, have created a huge amount of wealth–not because of bitcoin’s anarchic vision but in spite of it.
Anarchy in its true sense rather than in its ‘fake media’ sense is a very tempting proposition, much like most creeds, but the benefits of it break down like most, because of the actions of the criminal element. This tiny 1%-2% of a population. Read more from forbes.com…
thumbnail courtesy of forbes.com