Really enjoyed reading that. Will need to read it again, too. Thanks for posting this. Some pieces that currently stick out:
The irony of course is that fiat currency, i.e. government printed money like the Yen or US dollar, is closer to a pyramid scheme than Bitcoin. Why? Because fiat money is minted at the top of the pyramid by central banks and then “trickled down” to everyone else.
The only problem is, it doesn’t trickle down all that well.
It moves out to a few big banks, who either lend it to people or give it to people for their labor. In fact, having a job or getting a loan are the primary methods that people at the bottom of the pyramid get any of the money. In other words, they trade their current time (with a job) or their future time (with a loan) for that money. It’s just that their time is a limited resource and they can only trade so much of it before it runs out. …
That’s precisely what the kings and queens of the ancient world did, and that’s what nation states do today. As Naval Ravikant said in his epic series of tweets on blockchain, today’s networks are run by “kings, corporations, aristocracies, and mobs.” “And the Rulers of these networks [are] the most powerful people in society.”
They trust their central powers unquestioningly. All you have to do is wrap up your argument in “protecting the children” or “fighting terrorism” and you can generally fool half of the people half of the time about any terrible policy you want.
Yet I’ve found that people who see central systems as the answer to everything have usually lived in a stable central system for their whole lives.
A few days in an unstable system would change their minds very quickly.
Don’t believe me?
Imagine you lived in Syria right now.
Your central infrastructure is destroyed, as is your money. You don’t want the war, but there’s nothing you can do about it. Now your house is gone, your friends and family are dead, your banks are bombed out and you’re cast out, adrift, homeless and penniless. Even worse, nobody wants you. The world has shifted from open borders to building walls everywhere. You’re not welcome anywhere, you can’t stay where you are and you’re broke.
But what if your money was still there, recorded on the blockchain, waiting for you to download and restore a deterministic wallet and give it the right passphrase to restore it?
How much easier would it be to start your life over?