Thursday, February 13, 2014

Bitcoin's fall: we need an alternative, not a substitute for money

Bitcoin's fall / flaws being predicted on Dec 5 2013 :

And it crashes on 10th February 2014 :

These guys know their stuff, they called it, and it happened. So now I
would advise the reader to pay attention to the other things they've
been writing / videoing about:

I think this also brings out a deeper message, and these happenings
are reinforcing it for me.

Bitcoin came about as a result of a hunt for an alternative currency.
But the way of transacting : the buying and selling of materials and
services in an environment of conditionality and selfishness that
we've taken for granted to be the only way things can get done... that
was kept the same. The core was the same, it wasn't rethought.

So Bitcoin was a substitute. Not an alternative.

I don't think that's going to cut it. This is kind of like seeing
there's some problem in education, and substituting the existing
teachers with higher quality replacements, and expecting that that
will solve the problem. That doesn't solve the problem, because we
didn't change the system itself. The education will fail the students
regardless of what substitute teacher we bring in; similary, the
substitute currencies will fail.

The people who went in for Bitcoin, and wanted a decentralized
currency, I don't think they're recognizing that centralizing is an
inevitable consequence and a requirement for the system of
transactions where there's conditionality and selfishness involved.

What we need here is an alternative to that system of transacting. An
alternative that doesn't have conditionality and selfishness inherent
in it. We have to keep in mind that even barter, commonly mistaken to
be the only original mode of transaction, also has conditionality and
selfishness inherent in it. And that's why I hear the cliche, "So
you're saying we should just go back to barter??" The assumption here
is that barter was the origin and we all came from it, hence "go back
to". The brain shuts down there, and no consideration is given to
thinking how families, extended families, indigenous communities, and
even ecosystems and communities in the animal/plant world operate
every day.

I do have a solution in mind and at heart, but I don't think I can do
justice to it in writing it here... I can feel it but would need more
time and space to write it. But there are some wonderful resources I'd
like to point you to. The real alternatives, which do not have
conditionality and selfishness inherent in them, have different names
but common core values. The names go by "Gift Economy", "Giftivism"

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