When I begin telling somebody I am a bitcoiner, sometimes their eyes glaze over in the same way eyes would glaze over when I began a sales pitch. But they’re mistaken. I am not selling bitcoin, I am promoting an alternative way of living, doing business. At one point I too was in their shoes.
Maybe it is in my blood to yearn for change, maybe the grass is always greener on the other side. If one thing is for sure, I don’t see bitcoin as a viable medium of exchange and beyond simply because I have personally invested time into understanding it. It’s usefulness was made clear to me, by another digital native, and I soon understood that many of the world’s problems could be solved with a technology like bitcoin. It doesn’t matter that bitcoin’s price might go to unexpected heights. That award for those who sought change is merely an afterthought when placed in the perspective that distributed currencies make central banking obsolete.
Upon learning that I am leaving the Federal Reserve System, friends and family immediately inquire if perhaps I am being naive and angsty. They’re worried that I am falling for a financial scam…and that I am trying to get them involved. From my perspective, I lament that the answer for my departure is anything but obvious.
It is no fun watching our loved ones live in ignorance of the new way of doing things. So here are my real, unfiltered, honest reasons for leaving the financial system. You’ll notice many of them are moral.
Discussions revolving around the new technology bitcoin oftentimes focus on the economic and financial technicals. Whether or not the system itself is viable in terms of functionality or not and also whether or not it is just plain useful. Rarely, a fact that highlights our personal pre-disposition away from morals and ethics, does discussion about the “should” of bitcoin pepper the philosophizing about bitcoin. In the following examples I try to promote this line of reasoning.
1. Government held a legal monopoly on money until bitcoin.
- a. Fiat money system was designed by the American power elite.
- b. The same interests who supported Nazi Germany & the Soviet Union.
2. Government controlled fiat money funds an immoral system.
- a. A century of American military interventions.
- b. There are more Americans in jail than there were in Stalin’s gulags.
- c. You’re old enough to go to war before you’re old enough to have a drink…and smoke?
3. The world is built upon the back of the poor, while the rich collect interest.
- a. Americans work 129 days a year to pay taxes.
- b. Twice as many billions fund corporate welfare than social welfare.
- c. Nearly 40% of Americans believe they will work until they die.
5. Stealing is moral…sometimes
- a. The IMF believes a “steady dose of financial repression” is in order to fix the global economic crisis.
- b. The European Union wants a plan “to mobilize more personal pension savings for long-term financing.”
- d. Cypriots fighting for their lost savings to no avail
- e. “All Italians money launderers until proven innocent.”
9. Bitcoin helps the poor.
- a. Especially those without bank accounts
- b. 80% of African adults have no bank account…bitcoin to the rescue.
- c. Bitcoin and modern tech is disrupting the corporate labor market
10. Bitcoin saves individuals on money transfer (MT) fees, helping the poor, while creating competition for big finance
- a. Moneygram MT fees
- b. Western Union MT fees
- c. Wire Transfer fees
- d. PayPal fees
- e. Bitcoin’s non-fees
Justin O’Connell is Chief Executive Officer of GoldSilverBitcoin and the author of bitcoin, Bitcoinomics, and administrator of the Bitcoinomics website. Justin is also a co-host at Our Very Own Special Show, a lifestyle podcast about music, news, life and other topics and an editor at The Dollar Vigilante. He lives in California.