Cryptocurrency and the Freedom it Doesn’t Solve

Cryptocurrency – it’s been a hot topic as the valuations of these digital assets have significantly grown (and fallen) since the course of the Bitcoin inception. Even after significant price decreases, something like Bitcoin has still given individuals out there substantially high returns. There have been bubbles that have burst and perhaps left many average investors in these assts skeptical of their significance. The supposed pyramid schemes within the industry that have unfolded recently are a further cause for concern, as business owners sought to make a quick buck smelted through significant marketing efforts and the idea of a Web3 future. 

Historically loyal cryptocurrency advocates built their belief systems from likely different angles. One of these angles is the skepticism of the general financial system built through central banking, financial institutions, and controlling governments over currencies and money in general. We exist in a system built on continued inflation to spur economic growth, controlled by central entities. Who exactly the ultimately beneficiary of the creation and flow of monetary units is a topic of discussion that could dwell into criticism, conspiracy, and controvert the general idea of freedom. 

But many cryptocurrency enthusiasts act on that exact idea – freedom. Something like Bitcoin is meant to be free from the control of a central entity. It is beyond political division and outside the realm of a central controlling entity. 

However, if society were to flip a switch one day, and we transitioned to using Bitcoin as a form of currency over existing units of monetary exchange, there likely would be massive problems. Hyperinflation in dollar form may ensue, retirement accounts would fall, savings would become obsolete and chaos over the accumulation of bitcoin would sprout into the mass public. Influence could shift from one group to another. 

Existing entities or individuals have already managed to accumulate mass amounts of Bitcoin. Some refer to these entities as “whales.” It is risk management to the idea that the preexisting financial system fails at some point in time, and an era of digital currency falls into the mainstream. The mass accumulation of Bitcoin will give new entities the ability of control and power in that new hypothetical “age.” The problem of a wealth gap would not have been fixed – if you consider that a problem at all. The problem of monetary control would not have been fixed – if you look through a lens of fluctuating power. Some may see through the eye that their idea of equality and liberty would be limited by these exact continuations of problems. 

Today, financial institutions are incentivized to accumulate monetary units of exchange. These assets give them the ability to create loans, make controlling investments in businesses, and build their own influence over the business and personal finance world. A bitcoin advocate may stretch themselves out to see the world in a controlling factor through these types of institutions and build belief that an asset like Bitcoin will create true change to what one may ultimately see is the ultimate power schema – money. 

It is truly difficult to nearly impossible to escape the need for money. Money drives careers, which drive a chasing of passions and problems, and drives growth and change in the world. Money is not all negative, as earlier direction of this writing might seem to assist. It is the influence crafted from money that is the problem being looked at through these lenses of crypto advocates today. 

In an attempt at an implementation of an economic transition, we have seen schemas play out in the form of essentially gambling machines bring quick fortunes to others. While these problems have perhaps veered a perspective away from the true nature of Bitcoin itself, Bitcoin may still not be the final solution. 

Ideas that stem from the argument that money is control drive influence over the belief that cryptocurrency should come into an average economic exchange. Technology is changing the way people, businesses, and society function. Technology can change the natural flow of economics. We just need to kick in a little imagination and let it grow.       

To derive a philosophical implementation and tie to economics, perhaps we should ask ourselves questions. What is going to structure our world so build the free souls of individuals they each seek to experience, but perhaps, still long to achieve and have but forgotten? A philosophical vision can drive and economic theory, and an economic theory can drive directional change. Importantly, creating a society for man, woman, and child to flourish into their greatest nature should be the most important economic goal of all. 

Cryptocurrency breaks free from institutional control over the valuation of our time, but then again, does cryptocurrency reinvent the nature of currency on a fundamental level itself? If you want true equality in this world, money in both its newest and common form are a factor, and are a factor incentivized to be accumulated to eliminate the exact opposite idea – the depletion of money within itself. Within itself, perhaps the truest nature of us can be found.  


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