Banks have had our trust and our money for over a hundred years. Along comes Bitcoin and the proposition that trust in a third party can be replaced with trust in math. In other words, the end of money as we know it. The full documentary is educational and eye opening.
However this is not a rehash of the same points made in the documentary, rather questions about what the world will be like if it comes true. What / Who will replace the role filled by banks? What form will banks take in a Bitcoin world?
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” – Thomas Jefferson in the debate over the Re-charter of the Bank Bill (1809) -Thomas Jefferson
“… The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating.” -Thomas Jefferson
“I believe that banking institutions are more dangerous to our liberties than standing armies.” –Thomas Jefferson
So what happens when that power is diminished through the wide spread of a global currency like Bitcoin? Let’s not get carried away, the conversation about Bitcoin’s impact on the global balance of power will be covered in coming articles. Let’s just try to envision how the things we depend on today (saving, borrowing, investing, business agreements or contracts) might look in a Bitcoin world.
Smart Contracts are only one aspect of this new world technology. What role will the legal profession play? How will this new technology be better? Is Code Law? Can it be?
The questions are often more important than the answers. Ask questions let’s discover the answers together.