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This is a seminal Bitcoin article by Jeff Booth in my view

If Bitcoin does become the foundation of a new monetary system, I have a question that I don't hear being discussed in Bitcoin circles:

Does the foundation of a new Bitcoin monetary system require the large Bitcoin bag holders to embody conscious leadership for it to fully succeed?

Will those holding large amounts of Bitcoin merely take over from existing wealthy fiat oligarchs, hoarding Bitcoin spoils for their own egoic Bitcoin wealthy pleasures and power trips?

I'm proposing that if the ascension of Bitcoin is not matched by an ascension in consciousness of those holding large amounts of Bitcoin, then we run the risk of moving to a sound money system whilst still having unsound egos in control.

Let me explain further:

Under the present fiat monetary system we have a number of extremely wealthy business moguls, oligarchs with foundations, wealthy family dynasties, etc who wield a tremendous amount of power and influence in society.

If Bitcoin takes over we will see evidence of a massive transfer of wealth, with those invested early with over 1,000 bitcoin, potentially becoming billionaires in old fiat $ terms very quickly.

There will have been a massive wealth transfer, but from a consciousness perspective we run the risk that one bunch of unsound egos has merely replaced another.

If this so? What may I have missed?

And why is no one talking about this Bitcoin wealth elephant sat in the middle of the current bull run room?

Would love to hear the views of anyone who wants to contribute.

https://bitcointimes.io/the-greatest-game/

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Discussion

Chris 1y ago

Without going too far down the rabbit hole, David, my own sense is that the emerging Bitcoin ecosystem represents such a profound shift in the base layer of human interaction and value exchange that trying to overlay the single aspect of “wealth transfer” (on the future) will end up being far too narrow a lens.

By the end of this century we will likely be an entirely new species, if the insights of such luminaries as Richard Rudd and Eckard Tolle are even remotely accurate (which I sense in every cell of my body they are)

More succinctly to your query, I sense that Bitcoin is the PATH to a new society. A new human. Not the destination. If that makes any sense 💓🧬🦋

David Wetton 1y ago

Good point; and I do think there is a practical reality of wealth transfer with any transition to Bitcoin which needs to be spoken about with openness and transparency.

Chris 1y ago

Trust the process 🙏🏻😉

Jeff Booth 1y ago

There is no control of the system by having more wealth AND all prices fall forever relative to bitcoin - for everyone. Ie - they could never spend it all or gain power by holding it. The only way (in time) to accumulate more is to provide value to others and because of that, I suspect as people spend above the rate that they contribute to society it continues to disperse throughout society.

Or through another lens….It is inevitable that an honest ledger creates a higher level of consciousness for all of society since our actions are emergent from that ledger.

Today’s ledger is dishonest so therefore consciousness for most people is a mirror reflection of that system. (that they can see in other people but not in themselves)