Enter Bitcoin

With bitcoin we now have a chance to separate money and state, and introduce an objective truth that cannot be easily corrupted at the very core of society. This will bring consequences to fraud and corruption since fraudsters and illusionists can and will be called out by the people, and be taken down by something as simple as a bank run.

With Bitcoin as the primary collateral of the system, Bitcoin banks and custodians are forced to play it safe if they want to stay in business. There will be no more bailouts of over-leveraged institutions.

Without the power to censor their opponents, bail out their friends and buy support with funny money, politicians, academics, and the corporate elite will have to compete on the merit of their ideas and actions.

The invention of the printing press ushered in a renaissance in political economy and philosophy, and led to the development of the nation state and paper money. Similarly, the invention of the internet and its native protocol of money is ushering in a new renaissance in global governance and political economy.

Bitcoin is the money of the people. With its permissionless, censorship resistant peer-to-peer governance and decentralized distribution of power and control, it will give rise to innovation on the edges. It will support a new breed of globalization and localism, centered around a professional and minimal state and successful entrepreneurs producing real value to society.

People will be forced to take responsibility for themselves and their family.

When people are forced to take responsibility for their own actions, the production of goods and services will have to focus on quality, beauty and durability. People saving in bitcoin will simply refuse to give up their hard earned time savings for junk.