How Bitcoin could destroy the state and perhaps make me a bit of money » The Spectator

How Bitcoin could destroy the state and perhaps make me a bit of money » The Spectator.

Now BITCOIN,  the Democratised money of the moment has made it to the pages of the SPECTATOR. Hugo Rifkind  is here to tell the Saxon Burghers all about it.

It is hard to believe that a couple of years ago when I first started writing about BITCOIN and identified it as a DEMOCRATISED CURRENCY no-one outside of MAX KEISER and a few NERDS had any idea what it was.

And here it is, going mainstream.

You can guarentee that soon every pleb from here to Lands End will be getting on board.

It is important at this historic juncture to describe exactly what Rifkind and those like him understand about BITCOIN and DEMOCRATISED MONEY  in general.

1.  The beginnings of mythology: Here is an apocryphal  story you will here over and over again

 ‘ in 2010 somebody spent 10,000 of them on a pizza, a sum which would today make that pizza worth £465,368’

2.  It is something new

‘it’s not quite like any other currency we’ll have ever used. It doesn’t have a central bank. Nobody is in charge. A Bitcoin is a thing that simply exists, like gold.’

3.  It is digital.

You don’t hold a Bitcoin in your hand. It’s a string of code

4.  It is essentially political in nature:

‘The whole thrust behind Bitcoin is that it removes the need for trust in currency; trust in bankers, trust in governments, trust that the two won’t collude to do you over, like they did with everybody in Cyprus.’

 5.  It is ‘Democratic’

‘most of us can’t begin to understand the maths that all these very clever programmer types insist is at the heart of the whole project, I suspect the true alternative is just outsourcing your trust to them. Still, there are apparently a lot of programmer types, and everything they do is being scrutinised by other programmer types, because none of them have anything better to do, because they don’t have girlfriends. So I’m not sure that’s necessarily unwise. You might call it the morality of crowds. I think it’s the future.

‘at heart, this was always a political project, rather than an economic one.’

6. It is a private commodity and can therefore fail

‘the truly fascinating aspect of Bitcoin is not the thing itself (which may well get hacked one day, or otherwise collapse and fall apart) but the concept behind it’.

7.  Most importantly right now, governments are bringing it into existance

‘Soon, whether via Bitcoin or whatever comes next, it will be possible to strip banking away from bankers, and money away from governments’.

Anecdotally, many suggest that the recent surges in Bitcoin value have had a lot to do with the seizing of bank accounts in Cyprus’,  

There’s a whole emerging political philosophy here, similar to the crypto-anarchism of the likes of Julian Assange’.

‘It’s about individuals having the power of governments; having their own secrets (the crypto part) that governments can’t crack. It’s appealing for any hardcore libertarian, but it’s going to have its costs. When democracy stops being about the group and becomes about the individual, and when you are literally empowered to pay and get paid without anybody knowing but you, what happens to the state that needs your taxes to survive?’

I was the first person in the world to understand the meaning of democratised money. This fact will be very important in the forthcoming battle.

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