Please read... The Case for Crypto
An annotated review of my Case for Crypto
When I started my series on the Case for Crypto my main goal was to present crypto to both the general public and finance professionals. For the latter my hope was to introduce them to the self-awareness that moral common sense used to help us nurture. I’ll call them once again to consider Adam Smith’s Theory of Moral Sentiments as the backbone of capitalism; without it free markets cannot stand.
I want to encourage the reader to take the time to patiently read the five part series. It is even more important now with developments like sanctions against ordinary people for supporting protests in Canada to an American foreign policy which can only be pursued when the U.S. Dollar serves as a tool of economic domination.
No, this is not a pro-Putin argument. I believe he is a madman. I also believe we have robbed the elite surrounding him of any incentive to moderate his impulses. That would not have been possible without this domination of the U.S. Dollar. When you hear the term “Dollar hegemony” this is what they are talking about.
So please, read this five-part series
In Part I I focus on the foundational case for crypto-currency as money. The cases arises from how the Blockchain secures ownership of things from theft.
In Part II I discuss an aspect to money you will not hear from the Ph.D. set or the finance pros who have been taught how to think by the Ph.D. set. They will say money is a unit of measure/account, a “store of value”, and a medium of exchange. It is all of this - after it is an incentive to work. We exchange our labor for money. Here you will see what happens when money is devalued. I’ll show this by devaluing a different measure - the foot - and show what happens to your rent as a result.
In Part III I reach back in history to show the relationship between a Ruler (or Ruling Class), the social order, and the money supply. The principle is simple: If you want to control the social order, you must control the money supply. I’ll show how what originated as a protest against a warring ruler ended up with the protestors becoming the rulers. Here I will explain how Ethereum 2.0 - a Blockchain - and its crypto-currency Ether solves for this problem.
In Part IV - titled provocatively as Why Bitcoin is Doomed - I explain the concept of “yield” and why it is so important to understanding the concept of an “asset”. I’ll be pilloried by the accounting pro for saying this, but that is quite OK. I am rather tired of the Ph.D. set/faculty lounge telling the rest of us what words mean. If an “asset” does not earn a “yield” that can, at least, partially substitute for your labor - well - that thing is not an asset. I'll explain why Bitcoin cannot be an asset - and why Ether on the Ethereum 2.0 Blockchain can. I’ll also explain why the 21 million hard ceiling on Bitcoin is a bug, not a feature.
In Part V I respond to current events to show how the tragic war in Ukraine is a fight between the monetary-policy empowered greed-driven expansion of NATO to the Russian border and ancient ethnic rivalries we in America barely — if at all — understand. This is not about Vladimir Putin. It is about the pragmatic circle of “liberal” Russian elites surrounding him. It is about how a large, capable military alliance at Russia’s borders sows to a suspicion which crosses all classes of Russian society. This suspicion arises from the memories of 25 million Russians killed in World War II. The idea that Ukraine can choose to be part of NATO is a nice sentiment. Unfortunately it runs up against a combination of the ancient things that have always been (the bitter ethnic rivalries of the region) and the old things of family memories (the “Immortal Regiment” celebrated in Russia every May 9th).
From my “Open Letter” to Putin:
“There will be a day in the unfortunately not-too-distant future when all of us will only be remembered in photos. When our children gather around them, I pray their tears will be from their laughter - not from a renewed sorrow we were too ignorant of each other to avoid.”
Please. Read this series. And share it with friends.
I will shortly release another post... this time I’ll host the call in its own domain. I’ll call for the “Digital Liberties Amendment” to the United States Constitution. And I’ll ask you to join the fight in your state to advocate for it.