Bitcoin & Socialism
The other day I was sitting with family members for lunch discussing various topics including Bitcoin. Obviously, I had a lot to say but Im always conscious to practice some sort of restraint on the topic. Im very passionate about Bitcoin and its potential implications as a money technology so I tend to mouth off a bit. Anyway, someone compared Bitcoin to a socialist system. A technology by the people for the people. I was taken back a bit and wondered how one would compare one of the most open voluntary networks to a system of coercion. Maybe, my understanding of what a socialist system entails is different. Im going to attempt to compare bitcoin and socialism.
On one side, we have a powerful idea like bitcoin, a completely open source permission-less voluntary network. It is governed by system of rules that nobody can change or manipulate. It is incorruptible. It takes sovereignty and personal responsibility to the next level. With its unconfiscatable properties, you are in control of your wealth. It is neutral and does not care about its participants. From my perspective, it is a liberating system.
On the other side, a socialist system. A system that is fundamentally unethical or immoral. Its premise is founded on coercion or confiscating wealth or time from productive individuals…for the “greater good”. There is no opt out mechanism. There is little to no transparency in how confiscated wealth is allocated by corruptible governing bodies as opposed to the open source nature of the bitcoin protocol. Socialism does not recognize individual property rights. Bitcoin maximizes individual sovereignty and personal property. Socialism uses a top down approach on its constituents. Bitcoin with its incentives is an idea adopted freely by individuals in pursuit of their own personal interests. It is now a growing network with an exponential rate of adoption. A network of cyber hornets keen on preserving wealth, financial independence and economic empowerment. It emerges from the individual and spreads to the larger community. A bottom up movement.
As an idea, Bitcoin is the best tool we have for increasing our freedoms. In contrast, socialism is a social construct that serves to perpetuate the exact opposite.