Humanity has suffered many economic pitfalls in the last century or so, and the most influential one was the introduction of the Keynesian economic theory in the 1930s by John Maynard Keynes. His concept, which is now nearly defunct in theory but not in practice, is taught in universities and considered by most governments and world’s leaders to be the best economy, or maybe the one that serves their needs best…
To explain Keynesian economics briefly, I am quoting Roger Garrison, adjunct scholar of the Ludwig von Mises institute:
”Keynes’s 1936 book, the general theory of employment, interest, and money portrayed the market as fundamentally unstable and touted government as the stabilizer. The stability that allegedly lay beyond the markets reach was to be supplied by the federal government’s macroeconomic policymakers — the president, the congress, and the federal reserve”
This claim made by Keynesians that markets need a stabilizer to function properly gave governments a great excuse to intervene extensively in the economics, and overtime, enforce their policies over the “immature people” who are the cause of market unstability (as perceived by govs).
It’s natural for governments as 3rd parties that enforce laws, and intervene in economy to serve their interests over the peoples’ in the long run and become a centralized hub of power. Many governments around the world became opressors and enslaved their peoples to infinite cycles of debt and lowered their purchasing power with inflation to create and reinforce the illusion that the state, government, and their institutions are the only providers and stabilizers of money. This has led to many people around the world who have interests not aligned with governmental institutions to suffer artificial poverty and opression over almost a centuy.
In 2008, a short period after the economic crisis affected the world on a large scale, a research paper called:”Bitcoin: A peer-to-peer electronic cash system” has been published online anonymously and presented as the new monetary paradigm that will save the economy and give the power back to people. These claims are by far true if we consider the decentralized nature of Bitcoin against the centralized government’s issued money. Bitcoin’s original architecture and genuine algorithm, make it a neutral, apolitical store of value that doesn’t need any 3rd parties to function properly, unlike the old paper money that are based on trusting 3rd parties to function, which computer scientist, legal scholar and cryptographer Nick Szabo considers to be a security hole in any monetary system:
At Vinko we believe that Bitcoin is a mathematical representation of the most important asset in the universe: energy. Considering its scarcity (21M total supply), and its ability to dramatically improve the current monetary system, we expect Bitcoin to be the standard of money if not the only reliable reserve currency in the next years.
It’s apparent that people started losing faith in issued paper money and understanding the nasty games governments are playing with them, however, few are the people who understood Bitcoin well as a total new replacement to the old economic paradigm, this may be because of the cryptographic and mathematical knowledge needed to fully understand it, or the bad UI/UX in bitcoin apps…
but one thing is for sure: people who are willing to invest time and energy to understand Bitcoin now and commit to it, are going to be immensly rewarded in the future.
It’s clear peoples around the world are uprising against their governments whether they are capitalist, communist or whatever, starting with arab spring in several arabic countries, to Venezuella and France with the yellow vests, one pattern that’s clear in all these events is they’re apolitical and driven by people willing to be free from governments’ oppression. And very soon, a financial revolution will occur as a result, and most people will not choose state issued money as a tool for financial freedom, It’s Bitcoin that will be the financial expression of Human revoluion.