Just a few…but try not to take this too seriously
…an amusing read, much of which I have to view with my usual liberal dash of healthy cynicism. The terminology equates to a political manifesto in so many ways while contradictorily alleging to undermine the rule of governments.
The new crypto aristocracy? Really? What is an aristocracy if not a ruling of, or by, the (in most instances, self-proclaimed) best; typically those of noble birth. An intriguing, and perhaps enlightening, nom de guerre for these ‘activists’ of peace. I seem to recall reading somewhere something similar from a blogger, going by the name of ‘Sterlin’, back in January of this year.
In the past we’ve had oligarchies, primarily rule through religion or ethnicity; autocracies with rule by either totalitarianism or dictatorship; monarchies primarily by hereditary rule; and theocracies applying the rule of god. All have been tolerated to a certain degree, but most have failed in the long run or been supplanted by parallel ruling systems.
I see no reason to believe that this anarchic-capitalism will succeed in the long run either. Study of the source and rise of bitcoin reveals much. Who created it and why? Many believe that there is an individual, with the pseudonym of Satoshi Nakamoto, behind its creation with the sole aim of undermining and destabilizing governments. The reality is that we have no clue as to the true creator – it could just as easily be a government power.
The trouble with anarchy is that, due to human nature and all its foibles and failings, you have to replace the overthrown with another form of governance, whatever you care to call it. These self-styled aristocrats seem to think they might be next in line for the throne – I seriously doubt it.
Have we digressed from matters financial and delved into the murky world of politics here – god forbid
Meanwhile in the real world, the bitcoin price has struggled to turn around the one-month descending trend since the start of May. If the upward movement of bitcoin fades, experts predict there could be a decline in the currency to the $6,000 region.
Despite the negative price trend of BTC, most multi-billion dollar hedge funds are still extremely optimistic in BTC and the entire cryptocurrency market.
China’s president Xi Jinping this week discussed the potential of blockchain technology saying he will open national laboratories in order to develop and research blockchain infrastructure, so as to prepare his China for the future.
So watch this space or run for the hills, depending on your paranoia levels.