What’s even more intriguing about the picture is the fact that the year on the coin reads 2018. It’s also interesting to note that the article is discussing a completely new type of currency, a global currency, one that emerges from the ashes of cash. How ironic is it that?
Bitcoin and cryptocurrency are now at the forefront of many peoples minds, a response to the current financial “ways” of the world. It promises to solve many of the damning challenges of fiat currency and the public enslavement that comes from the way our money currently works.
Currency has always been, not just in my opinion but based on what we see in society, a means to control the human race. It has also been used as a tool to further widen the wealth gap, putting most of the resources in the hands of the “1 percent.”
Will a new form of currency truly begin to solve those issues? Perhaps. This could be the stepping stone in eventually living in a world without currency at all.
The 1988 Economist article was likely echoing the financial elite’s desire for a one world government, or a new world order. This wouldn’t be beneficial for humanity as a whole. But Bitcoin represents something different it seems.
“This is a fantastic fundamental hedge and store value against autocratic regimes and banking infrastructure that we know is corrosive to how the world needs to work properly. You cannot have Central Banks infinitely printing currency, you cannot have folks with misguided and misdirected monetary and fiscal policy…It’s a con game.” – Chamath Palihapitiya (source)
And another great quote:
“It is well enough that people of the nation do not understand our banking and monetary system, before if they did, I believe there would be a revolution before tomorrow morning. – Henry Ford
Technology Behind Crypto
Blockchain technology is the genius behind Bitcoin, and its very design is what excites many people. It is likely what has skyrocketed Bitcoin’s popularity. With this technology, all records and transactions are stored publicly so there is a public and transparent ledger for every coin and transaction. And it’s not limited to just currency, it also stores data, information and ownership records. There are also blockchains that focus more on privacy as well, for those concerned with that.
Ultimately, the potential for cryptocurrency to disrupt modern day banking is huge. Christine Lagarde, the head of the IMF, has cautioned that cryptocurrencies can displace central banks, and conventional banking in the long term. While this sounds like an issue, its not. This would be the best thing for our economy and humanity as it will stop a private company, central banks, from controlling the entire money supply.
There has also been no shortage of responses from multiple countries and heads of financial institutions like JP Morgan about cryptocurrencies. JP Morgan CEO Jamie Dimon has referred to bitcoin as a “fraud,” even though he believes in the blockchain.
The debates are endless, with, for the most part, the mainstream encouraging the public to stay away from Bitcoin and cryptocurrencies in general. It’s claimed that they are not real, have no implications, and are not backed by anything.
While this is true to some extent, most people don’t realize that fiat currency, all currencies we use today, are in the same position. They are made up, backed by nothing and are controlled by private companies who control it.