Bitcoin gives people back their social influence

"Those who were seen dancing were considered mad by those who did not hear the music." - Friedrich Nietzsche.

Bitcoin enables fully independent and transparent elections

The Bitcoin ledger is immune to private and public attempts to alter its contents, making it possible for the first time in history to experience fully decentralized (verifiable by everyone) democratic elections, supervised from start to finish directly by the public, not as it is now in voting point by the public, and in combining the results of each electoral voting point only by the state.

It would be sufficient to count the paper ballots at each voting point, but instead of trusting the state to correctly count the results from each voting point, electronic signatures should be generated for each of the aggregated ballots (indicating the results of the vote at a particular voting point). These signatures should then be recorded in a Bitcoin registry, which guarantees two things: first, that the content has been signed by a particular committee, and second, that the totalized ballot has a particular content (in addition to being timestamped).

Once the public keys of each voting point are published online, anyone can verify that the hash of the aggregated ballot recorded in the Bitcoin ledger was generated with the correct private key (in other words, that it was the voting point that generated a particular aggregated ballot at a particular time). The contents of the aggregated ballots themselves can then be published, and anyone can see that the contents are correct (since they generate the same hash). This allows anyone to compare the results using computer scripts, while the data sources are verified by machine. Thanks to Bitcoin, there is no need for special "secure" channels for transmitting information and "trusted" counting institutions; everything can be made public and completely secure at the same time.

Bitcoin is hope

Bitcoin restores people's hope by clearly demonstrating that their lives can have social impact again. Of course, every human life has some influence, but the life of a person who has money has additional social influence. Bitcoin directly restores social influence to individuals by preventing the theft or confiscation of their social status, also known as their wealth. A person's name and associated information cannot be taken away if it is stored in an immutable and censorship-proof ledger.

If we can't give someone what they need (i.e. money) to do something. If we don't have the money to make someone want to do something for us in return - our social position is negligible. Of course, we can sometimes influence the lives of others very indirectly with our work and effort, but we won't be able to allocate someone's time in a repeatable and reliable way to get them to do what is important to us, not to them. If we can't pay someone for something, we can't make decisions in our lives that directly affect other people's lives (only our own). This is why money is so socially important in life. Without it, we control our own time, and with it, we control our own time and the time of others.

Bitcoin technology restores social relevance to the poorest. The plebs can once again win the competition with the non-meritocratic elites, the people in power, most of whom simply do not deserve their universal respect and social position.

For the first time in more than a century, the lives of the little ones have social relevance. In the last century (since the beginning of the First World War) humanity has been limited in a very perverse way.

Since the establishment of the central bank, the vast majority of humanity has become slaves to the central printer. What is the point of working harder than our current needs if the fruits of our labor cannot be saved for later without the risk of theft? The 20th century proved that theft is not only a risk, but a certainty. Theft is legal and public, and the amount of theft is publicly announced as a target - an inflation target.

All central banks have secretly determined for themselves (without any overt substantive justification, as anyone studying economics can see) that the inflation target should be around 2%. This means that the half-life of our savings is 35 years. As a result, after 35 years, we have only half the savings. At 3%, the half-life is 23 years. At 5%, 14 years. At the rate of 15%, which excludes most important products from the inflation basket, it's only 5 years.

This is the reality for the little people. A small group of people set the inflation target, i.e. how much money will be printed, and everyone else works for that printed money. In other words, all the toil and drudgery of labor, instead of bringing due profits to those who produce the goods and services needed for the economy, is diluted by the banks with the complicity of the state.

If we take the growth of the gross domestic product as a prudent indicator of real progress in the economy, and it is, for example, 3% in a given year, this means that an inflation target of 2% will steal all the additional value earned in a given year (that 3%) and further impoverish the population by 2% of the nation's savings. This hidden tax then funds the state apparatus, and in recent years inflation has been much higher than the stated target.

The target would probably be higher if it were not for the gold inflation benchmark, which is almost exactly 2%. That's because the central banks of all countries have recognized that they are competing with gold, the level of theft should ideally not be higher, because some people will start to hold money only in gold, and the thieves will lose some of their base for sucking up value. Until Bitcoin, there was nothing better than gold with 2% inflation, so central banks used that as a benchmark.

Bitcoin's current inflation rate is about 1.7%, so it's already better than gold's, and from next April 2024, Bitcoin's inflation rate will drop by half. What's more, in terms of Bitcoin investment, poor people who have been holding Bitcoin for a long time (more than 5 years) have been able to outperform rich people who have not invested in Bitcoin.

While the future price of Bitcoin is questionable, the future value of the dollar is certain - it will be lower, much lower. Every modern central bank misses its inflation target, and even if an economic miracle were to occur, so much money will be printed specifically to keep it from falling below this mythical 2% inflation target. The future price of any mandated currency will certainly be lower in the future, we just don't know how much lower. The future price of Bitcoin is unknown.

The basic proposition of Bitcoin is that it will not be diluted like central banks do with fiat currencies. If people don't turn away from it, Bitcoin will hold its value, and much better than gold, because a much smaller proportional amount of Bitcoin can be mined in the coming future.

Therefore, for the first time in more than a century, since the establishment of the Federal Reserve Bank, the global financial system is no longer at the mercy of those who control the money supply. People have an alternative that cannot be influenced by governments. This alternative has allowed the underdogs to make money. In the first two years it was up to 584 times the money invested, in the next three years 92 times, in the next three 30 times, and in the last four almost 12 times.

The social importance of the individual can no longer be diminished, as it has been for the last 150 years, by taking away the fruits of labor in the form of savings. There is a way to do this in the form of putting one's money in Bitcoin, beyond the reach of government monetary policy. Any of us could have done this since the beginning of the Bitcoin network. At first it was very difficult, then it was complicated and novel, but now it is becoming easier and sometimes even easier than using the modern banking system (through ETFs).

The ability to store wealth in the form of pure information makes confiscation and theft much more difficult. Bitcoin is something that not only makes life easier, but sometimes saves lives because it allows you to earn and keep money safe. It allows you to store any value and make a secure transaction without the risk of robbery.

Bitcoin matters because money matters. The sneering question of the last century: "If you're so smart, why are you so poor?" will finally cease to haunt us. In a system where everyone can have the value of their work taken away at the touch of a button, power counts, not wisdom, social connections count, not the real achievements of a smart life. In the Bitcoin standard system, every opportunity, even the smallest opportunity of a poor person, can be used wisely, and no one will be able to dilute or take away that success.

Only good money enables true meritocracy (where everyone gets what they deserve and in the long run only smart people are rich), without this foundation all utopias about justice for people are a pipe dream. Money is so critical to the success of societies that some believe that good money creates half of all solutions to social problems. Which automatically means that we still have to work on solving the other half.

Zbigniew Galar, PhD

Post Scriptum

This is not investment advice. The author does not encourage the purchase of Bitcoin, nor does he discourage the purchase of Bitcoin; instead, he encourages education about Bitcoin and strongly discourages the purchase of any other non-decentralized cryptocurrency.