Emergent Culture

The Democratization of Money: Is Bitcoin the Currency of Liberation?

Democratization is the transfer of any kind of power
from the few to the many and it begins with knowledge and information.

Nothing is causing more of a stir in the alternative currency community than a new form of money known as Bitcoin. Some are calling it the most dangerous innovation since the internet.

Dangerous for the establishment that is.  Sound too good to be true? In theory the hype is accurate. We are talking about a currency that is allowing people to bypass govcorp’s thoroughly controlled and corrupt monetary-financial system.

The internet democratized information by offering a decentralized communications medium for everybody. Bitcoin promises to do for money what the Internet has done for information.  There is no logical, practical, or moral reason to prevent money from flowing just as freely as information does now. Bitcoin is enabling people to circumvent our current coercive and hyper-regulated financial-monetary system.

The creation and management of currency is a universal right that has been monopolized by the banksters. It is no less invasive than being charged for the air you breath. Currency is congealed energy. We take in light energy from the sun in the form of food and convert it into work.

The raw energy we expend in the form of work is transformed into whatever we produce. Nowadays we exchange our effort for gelled units of energy called money. Prior to the invention of money we traded what we hunted, farmed, found or made for other items generated in a similar fashion. The use of money, a medium of exchange, facilitated the exchange process as societies grew more complex.

As you can see currency in its most fundamental form is anything we can use for trade. Why should money or currency be the monopoly of one particular entity—the central banking system?

In a fair and open society, money would be created in proportion to what is produced. Today money is produced by merely making an entry into a ledger and on the avaricious whim of central bankers and their partners in crime. They own the printing presses and they have the backing of arbitrary and self serving law making/enforcement agencies whose “legitimacy” is backed by nothing more than the sheer force of ruthless alpha males.

“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.” —   Money: Whence it came, where it went  – 1975, p15 –John Kenneth Galbraith, Economist, Former US Economic adviser, once President of the American Economic Association, Harvard and Princeton Professor, Author and former US Ambassador to India

There is no valid reason as to why governments cannot print or mint their own interest free money. In fact the constitution grants our government that right. But today we have a wholly superfluous parasitic private agency that is authorized to print the money it then lends to the government at interest! Interest you and I pay in the form of needless taxes!

This is an utterly unnecessary situation! It is a situation that several early US Presidents risked their lives in order to avoid.  Alas, the banksters won when the Federal Reserve was created in 1913. The current financial-monetary system is nothing less than the biggest and most sophisticated scam in the history of humankind!

When asked what his greatest accomplishment had been during his two terms
as President, Andrew Jackson replied “I killed the Bank.”
He was talking about our country’s second central bank. It would later reincarnate as the Federal Reserve

For more in depth information on our monetary system please see Understanding the Banking-Monetary System And Why We Must Reform Them.

 

ENTER BITCOIN
Bitcoin or something like it promises to restore the creation of currency to the commons. Nobody should be able to track our expenditures or have a say as to how we should manage and use our money—our life force. The creation of currency is rightfully a service provided for and by the commons.

Bitcoin promises to deliver on all of the above.  Bitcoin is a new venture that is still  rough around the edges, but it should be investigated and watched closely by all who care to usher in a more fair and balanced world. The commons is bound to debt slavery until we regain our rights around currency production-management and self determination.

 

WHAT IS BITCOIN BY OTHERS?

 

Bitcoin P2P Currency: The Most Dangerous Project We’ve Ever Seen
by Jason Calacanis and the LAUNCH team

A month ago I heard folks talking online about a virtual currency called bitcoin that is untraceable and un-hackable. Folks were using it to buy and sell drugs online, support content they liked and worst of all — gasp! — play poker.

Bitcoin is a P2P currency that could topple governments, destabilize economies and create uncontrollable global bazaars for contraband.

After month of research and discovery, we’ve learned the following:

  • 1. Bitcoin is a technologically sound project.
  • 2. Bitcoin is unstoppable without end-user prosecution.
  • 3. Bitcoin is the most dangerous open-source project ever created.
  • 4. Bitcoin may be the most dangerous technological project since the internet itself.
  • 5. Bitcoin is a political statement by technotarians (technological libertarians).*
  • 6. Bitcoins will change the world unless governments ban them with harsh penalties.

What Are Bitcoins?
Bitcoins are virtual coins in the form of a file that is stored on your device. These coins can be sent to and from users three ways:

  • Direct with peer-to-peer software downloaded at bitcoin.org
  • Via an escrow service like ClearCoin
  • Via a bitcoin currency exchange

Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.

The benefits of a currency like this:

  • Your coins can’t be frozen
  • Your coins can’t be tracked
  • Your coins can’t be taxed
  • Transaction costs are extremely low (sorry credit card companies)

Who Invented Bitcoins?
An individual with the name — or perhaps handle — of Satoshi Nakamoto first wrote about bitcoins in a paper called Bitcoin: A Peer-to-Peer Electronic Cash System. This person has stepped back from the project and trusted Gavin Andresen to take charge as the project’s technical lead.

 

Electronic Frontier Foundation calls Bitcoin “a censorship-resistant digital currency.”
“Bitcoin is an intriguing project and worth watching to see how it develops in the coming years”~ EFF

 

Rick Falkvinge-why I’m putting all my savings into bitcoin.
Rick Falkvinge is the founder of the original swedish pirate party  and writes an informative article describing why he spent all of his life savings buying bitcoin.

 

BITCOIN RESOURCES

 

PLACES ACCEPTING BITCOIN
The Bitcoin ecosystem is mushrooming as you read this.  Coinmap.org alone lists over 3000 places that accept Bitcoin worldwide.  At present anything you can buy with traditional currencies you can buy with Bitcoin.  You can even buy a trip into orbit around the Earth via Virgin Galactic.

To stay atop all the latest Bitcoin news peruse my Twitter timeline @Bit__Money and consider subscribing to my E-Paper The In Crypto We Trust Daily.


 

 

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16 Comments

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nodedog
Jun 24, 2011 17:38

I have been interested in p2p things for a few years now. This one came to prominence partly because it is the currency used by an online illegal drug website because of the anonymity it provides. Underneath bitcoin has an agenda which is to promote free market economics. If you agree with their go als, etc then bitcoin may be for you. I personally see the free market economy as destructive. It was the motivating force behind the take over of Chile by Pinocet. It has caused allot of hardship worldwide for poor people. iOne of the latest examples is the mess that Greece is in. The EU won’t lend money to Greece unless privatizes its assets. Which means that Greek resources will be turned over to corporate interests
Bitcoin really is no different than going to a gambling casino, and works on the same principle, where chips become legal tender. The money itself is based on nothing but a computer algorithm. I would prefer a connection with something in the real world.
Bitcoin is not the first application of virtual money, or methods to go around the banking system. Google the p2p foundation and you will find quite a bit of money on this topic.

Amin
Jun 25, 2011 22:21

—I personally see the free market economy as destructive. It was the motivating force behind the take over of Chile by Pinocet. It has caused allot of hardship worldwide for poor people. iOne of the latest examples is the mess that Greece is in. The EU won’t lend money to Greece unless privatizes its assets. Which means that Greek resources will be turned over to corporate interests–

Greece’s problems come from its people believing the government can give them every thing.

People can only rely on themselves, and socialism lies to people and tells them otherwise, leading to national bankruptcy, like what Greece is facing.

Rohaan Solare
Jun 26, 2011 14:37

@Nodedog I’m not sure how you define “Free Markets”. In essence free markets means markets free of government regulation but that’s not what we have. Would you please share with us what your take is on free markets and how Bitcoin promotes free markets so we may better understand your comment?

Kane
Jun 28, 2011 14:12

Tools so quickly become weapons,
Bitcion may go some way in transferring power creating a new monster to replace the old monster.
History repeating over and over again.
Taking away the power not taking the power is the answer.

Rohaan Solare
Jun 28, 2011 14:20

@kane Are you saying that the concept of money is inherently flawed?

Kane
Jun 28, 2011 18:53

@Rohaan I sure am.
Not just money but anything that enables power over another leads to tyranny at every level from the home to the whole world.
It’s a shame that so many good ideas are coming out to restrict power that could have been useful as a stepping stone a few years ago, but it looks to be a bit late for that now. 2012, New World Order, WW3, 666 and all that.
But they still expose the folly of the system we’ve got, so all good.
The use of technology as a weapon of control is the real threat we face.
Algorithms that plan out your every move.

Rohaan Solare
Jun 29, 2011 9:54

@Kane Did you happen to read my piece on Mike Adam’s take on the nature of science? Essentially he conflates a neutral entity with a corruptible human nature. You are doing the same thing by equating technology or anything that “enables power over” as being an essentially detrimental entity. I argued that it is not what humans create that is necessarily “bad”(except some things like weapons, pollution etc) but in the manner that our tools are employed.

What enables “power over” more than anything else is a leadership agency that writes laws to favor the law makers(the Kings of Exploitation). Our goal is to reclaim our part in the law making process. Please look into direct democracy. Direct democracy is the single most important concept regarding the evolution of society and its leadership agencies.

Many people decry television as evil or bad, but TV is a neutral communications medium. People mistakenly conflate the content of television with the medium itself. One can communicate life affirming content just as well as life damaging content via TV. Money is no different. Money is a tool.

We are dealing with a highly regulated and glamorized monetary-financial system. The regulations around money are harmful to the majority because monetary-financial laws are designed to favor the economically and politically empowered.

The Internet cuts both ways. It enables govcorp to watch us more effectively, but the subject class is now empowered as never before. And that is a major game changer. We vastly outnumber them and genie is out of the bottle. In same way that one cannot put the toothpaste back in the tube they cannot put the genie back in the bottle. Eventually we will overrun the current world system…it’s only a matter of time. It will happen sooner than you think.

Kane
Jun 29, 2011 14:41

@Rohaan I’m on the same page with technology.
I’m not anti technology at all, just the way it’s been planed to be used.
I am anti currency because of it’s accumulative quality.
I lived in Switzerland where there is small scale direct democracy and it’s a joke where the marketing machine or backlash mentality rules.
No, the only way to freedom is to have no one in positions of power at all.
The only way to freedom is anarchy with faith in each other, knowledge and connectivity ( now with the internet ) tomorrow who knows, telepathy.
One thing we agree on is that it’s all coming to a head soon.
Peace brother.
They are fighting for control. We are fighting for our lives.
We Will Win.

Kane
Jun 29, 2011 14:45

@Rohaan In case your unaware we follow each other on twitter. I’m @Super_Sane.
Take care.

Rohaan Solare
Jun 29, 2011 17:30

@Kane Yes I know you are the super-kane on Twitter and I do appreciate what you have to say. There is much to learn about the world of alternative forms being and doing. I too believe that that the future belongs to the egalitarians.

asdf
Oct 4, 2011 0:22

@nodedog

The free market is not destructive. It is the very essence of capitalism. The notion of private property and the mechanism of voluntary trade is what produced the fantastic civilization we now live in. The market, to the extent that is was free, produced the industrial revolution.

People often mistakenly blame the free market/capitalism for problems caused by interventionist governments. This is the case with the situation in the USA and Greece today:The housing bubble caused by artificially low interest rates and government mandated sub-prime loans. Greece with it’s debt caused by government spending on counter productive entitlement programs, etc. This is NOT a free market!

Government programs designed to help the poor/sick/exploited etc. always backfire and create the very problems they espouse to solve. Show me an economic/social disaster and I’ll show you a misguided government policy.

It’s not freedom that’s to blame. It’s not greed. It’s government disruption of voluntary trade with it’s ill-conceived regulations; destroying the very mechanism by which wealth is created. The road to ruin is paved with good intentions.

Rohaan Solare
Oct 4, 2011 8:07

@asdf I agree. Free markets are a misnomer. We have a hyper-regulated (engineered) economic-financial-monetary system. Financial and tax laws channel the flow of money according to the desires of the designers (lawmakers) and their sponsors (corporate interests). The paper money system (central banking system fiat currency) allows them to control the economy at will. They can print money out of thin air at the push of a button.

They demonetize real money because they can’t print gold or silver into existence, but they can print all the paper and generate all electronic numbers they want. Economic crashes don’t happen accidentally, they re engineered. The small fish in the markets always lose the most, those who know and control the system profit from the bubbles and the crashes. We need regulation to prevent abuses, but we have the very opposite.
The laws and regulations that are in place allow abuses.

The stock market is merely a super sophisticated ponzi scheme. We have to remember the scheming 1% have been in complete control of all vital information for thousands of years. Information about the actual state of affairs just started to leak out in significant amounts only 20 years ago. We are witness to the most dramatic shift in power in the history of humankind. Democratization is the transfer of any kind of power from the few to the many and it begins with knowledge and information.

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