Bitcoin is Hope (Part 6)
Why saving in honest money is the only way to restore hope for a fallen world.
A New Hope
Stripped of the sound money necessary for forward economic progress, and its associated positive emotions, citizens holding their savings in fiat currency are plagued by hopelessness. In this sense, and in many ways, Bitcoin is a new hope for the world. First, Bitcoin restores economic independence to entrepreneurs by giving them a way to store wealth that cannot be plundered. Working-class people now have a savings medium that does not force them to take unnecessary risks or extend their working lives in a race to outpace inflation. Second, each incremental unit of reservation demand for Bitcoin is decremental to fiat currency, since to save Bitcoin you must divest your fiat. A shrinking market value for dishonest money can only benefit humanity, since fiat currency is the stealth funding source for every dictator, world war, and internment camp in human history. By nullifying the inflation-financing of government militarization, Bitcoin represents a restoration of hope for the retreat of global warfare and (re)advancement of civilization. Finally, by disrupting the institution through which politicians enrich themselves and externalize costs — the central bank — Bitcoin forces governments to be more accountable to the preferences of their citizens. In a Bitcoin denominated world, citizens would be treated more like government customers than slaves. Honest money empowers the realization of all our high hopes for civilization.
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Such dramatic change can seem scary to people who are generally conservative. Those comfortable in the relative stasis of their socioeconomic surroundings are often reluctant to “rock the boat” even when inflation ensures it is (gradually then suddenly) sinking. Central banking is critically dependent on an ignorant and passive citizenry to perpetually perpetrate its scheme of plundering our private property rights to the benefit of their shareholders. This parasitic institution preys on the capital entrepreneurs accumulate as a buffer against uncertainty in the aim of maximizing its own shareholder value. Our complacency gives the entropy externalized by fiat currency inflation an incubation period to infect our socioeconomic fabric, thus causing the future of civilization to become less certain with each new dollar produced. Inflation is a legally justified policy of plunder injecting disharmony into the natural human capacity for collaboration. Unfortunately, such a policy is orthodox, as Mises writes:
“Economic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics… economics as such is a challenge to the conceit of those in power.”
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Uncertainty is entropy, and money is an insurance policy on the uncertainty of the future. Since money can be used to buy anything in the marketplace, it is an instrument of pure optionality and the most effective tool for dealing with uncertainty. By confiscating money through inflation, central banks maximize certainty (negentropy) for their shareholders in the form of profits, growth, and dividends, all while externalizing uncertainty (entropy) onto society in the form of price distortions, capital misallocations, and warfare.
Entropy is an ineradicable property of thermodynamic reality; when its imbalances grow too great through forced redistributions, our socioeconomic institutions can rupture. Razing our intersubjective structures is this way is the essence of social revolution: a dissolution of social conventions, an upending of our venerated institutions, and a defiance of the values which previously provided our bearings. All sinister yet unintended consequences arising from misguided attempts by central banks to suppress the entropy of prices and employment. Fortunately, Bitcoin can help us eliminate the enforced socioeconomic entropy imbalances caused by central banking.
To most effectively contend with uncertainty at scale, entrepreneurs — our economic heroes — need untrammeled liberty and a sound frame of reference for values. “Measure twice, cut once” is the most important mantra of every effective entrepreneur. With Bitcoin, we move away from an economic system premised on “stable prices” and toward one based on stable measurements of value. Imposing price and employment stability, the (ostensible) purpose of central banking, is ignorant of entropy, and an exacerbation of long-run volatility. Bitcoin is engineered in accordance with the unavoidable entropic realities of price discovery, unemployment, and growth instability. Bitcoin is money rooted in thermodynamics, optimized for measurement stability:
If we hope to thrive in this universe, we cannot centrally barricade unstoppable flows of entropy, and must instead learn to harness this innate cosmological force in a decentralized way.
In Part 7, we will take a look at how Bitcoin and decentralization are our only hope for “righting the ship”…
Thank you for reading Bitcoin is Hope (Part 6).
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