This text is featured in Bitcoin Journal’s “The Withdrawal Problem”. Click on right here to subscribe now.
A PDF pamphlet of this text is offered for obtain.
The standard approach by which our society constructs possession is inefficient. The Uber-for-X mannequin solves a part of the issue by exploiting the unused worth of some long-tail property, however the purpose behind the existence of such an enormous quantity of long-tail property stays a puzzle. On this essay, I submit that they exist as a result of our conception of possession is outdated; I suggest that people solely have to personal bitcoin. By doing so, we are going to embrace a full-scale sharing economic system backed by Bitcoin, paving the best way for a hyperbitcoinized civilization.
Born and raised in China throughout a decade of a brewing housing bubble, I grew up listening to tales of some property worth rising tenfold, or somebody all of the sudden receiving a big sum of cash from property builders for dismantling their outdated homes to construct new ones. Certainly, getting the one-time Chinese language urbanization dividend on land worth was rewarding to many. But, other than the inherent systematic dangers of the actual property market, homes are actually onerous to cope with: excessive taxes and administration charges, troublesome tenants, numerous malfunctions on the depreciating property.
As I migrated to the U.S. to pursue my greater schooling, I found that for millennials, trendy American household values are nonetheless broadly accepted. To lots of them, success means proudly owning a number of autos, a principal residence, and a seashore home as their pied-à-terre. Folks preserve buying and giving their life financial savings to megacorporations within the vehicle, actual property, and vitality industries.
As a minimalist myself, I used to be by no means a fan of the consumerism powered by trendy capitalism. Thoreau asserted {that a} man’s requirements consisted of meals, shelter, clothes, and gasoline. If Thoreau had been right here right now in our very developed world, I’d inform him that one simply wants their non-public key.
For years, folks have been attempting to grasp what bitcoin is. Whether or not folks consider that it’s a digital model of “gold”, or a speculative “inventory” on the blockchain, I believe none of those definitions captured the essence of bitcoin. In my opinion, bitcoin is a foreign money that’s not certain by any sovereignty, a perception that may be embraced by your complete humanity, the “fact” that Thoreau alluded to, as nobody, besides your self, can take it away from you.
Bitcoiners have a street to freedom. Now, one can simply borrow in opposition to their bitcoin to get any sort of fiat foreign money to spend anyplace on the planet. As the worth of bitcoin goes up and fiat foreign money depreciates over time on account of roaring inflation, the curiosity from the bitcoin mortgage shouldn’t be an issue. Many Bitcoiners have already been working towards this life-style by being a digital nomad, touring around the globe, educating extra folks about bitcoin, and dwelling their lives to the fullest.
Ultimately, I foresee a civilization the place we have to personal nothing however bitcoin. One can earn “credit score” from totally different international locations or borrow in opposition to their bitcoin to spend for each day requirements (very like the fiat foreign money we get right now). Nations might be not more than property managers, organizing a sharing economic system the place folks can dwell in a long-term or short-term place. We might be dwelling in a world the place one can simply journey to fulfill folks, be taught their tradition, and revel in their freedom.
Until then.
This text is featured in Bitcoin Journal’s “The Withdrawal Problem”. Click on right here to subscribe now.
A PDF pamphlet of this text is offered for obtain.
It is a visitor submit by LJ Huang. Opinions expressed are totally their very own and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
