{"id":10582,"date":"2022-05-07T04:22:36","date_gmt":"2022-05-07T04:22:36","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoins-velvet-revolution-the-overthrow-of-crony-capitalism\/"},"modified":"2022-05-07T04:22:39","modified_gmt":"2022-05-07T04:22:39","slug":"bitcoins-velvet-revolution-the-overthrow-of-crony-capitalism","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoins-velvet-revolution-the-overthrow-of-crony-capitalism\/","title":{"rendered":"Bitcoin\u2019s Velvet Revolution: The overthrow of crony capitalism"},"content":{"rendered":"
\n

If Karl Marx and Friedrich Engels were somehow transported to the present day and given a newspaper, the apparent lack of class conflict would probably make the revolutionaries think they\u2019d won. They would see a society split on all manner of subjects \u2014 from identity politics to the correct COVID-19 strategy \u2014 but virtually silent on the eternal struggle between labor and capital, the oppressors and the exploited.<\/p>\n

How different it would be if they\u2019d returned just 10 years ago when the Occupy movement was in full swing, with tent cities springing up in protest against crony capitalism, corporate greed and a reckless, out-of-control financial sector. A decade on, the same problems persist, but they\u2019ve become a barely discernible background hum amid the roiling, raging culture wars.<\/p>\n

The 1% may sleep easier these days, but any complacency they feel is profoundly misplaced. The rage never actually went away, and as inequality has grown even more pronounced, capitalism\u2019s discontents are no longer limited to the Left. Crucially, these proto-revolutionaries now have access to the most powerful economic weapon that ordinary citizens have ever had.<\/p>\n

Related: <\/em><\/strong>The world doesn\u2019t need banks, policymakers or NGOs \u2014 It needs DeFi<\/em><\/strong><\/p>\n

Welfare for the rich<\/h2>\n

Why is revolution brewing? Because people aren\u2019t stupid. They see governments spending trillions of dollars on propping up the too-big-to-fail while the poor continue to struggle from paycheck to paycheck. What most don\u2019t realize, however, is that governments know <\/em>that welfare for the rich hits the poor hardest. Indeed, they\u2019ve known it for the better part of 300 years.<\/p>\n

First described in the early 18th century, the Cantillon Effect describes how money-printing makes the rich richer and the poor poorer. When significant amounts of new money are pumped into an economy, the first recipients get to spend the cash before prices have increased. If they\u2019re prudent \u2014 as the rich tend to be \u2014 they\u2019ll invest in assets such as real estate, precious metals, art or fine wine.<\/p>\n

<\/figure>\n

By the time this money \u201ctrickles down\u201d to the poor (if it ever does), it becomes massively devalued by the inflationary effects of printing it in the first place. As prices rise, the rich double their winnings as they see the value of their assets increase, while the poor lose twice as the cost of living soars.<\/p>\n

You don\u2019t have to be a socialist to rage against an economic machine that makes life harder for the poorest in society while rewarding reckless corporate behavior. What\u2019s rarely understood, however, is that this isn\u2019t a bug of our supposedly capitalist economic system \u2014 it\u2019s a feature.<\/p>\n

Related: <\/em><\/strong>How can third-world countries counter inflation using Bitcoin?<\/em><\/strong><\/p>\n

Crony capitalism and \u201csoft socialism\u201d<\/h2>\n

It\u2019s common to blame \u201ccapitalism\u201d for the economic and societal issues the world is facing today. In fact, were Marx alive today, he\u2019d find a lot to love about our financial system \u2014 including concepts that come straight out of The Communist Manifesto<\/em>. For example, Marx\u2019s fifth tenet of communism argues for the \u201ccentralisation of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.\u201d Sound familiar?<\/p>\n

The truth is that we, in many ways, actually live in a \u201csoft socialist\u201d utopia, where regulations, subsidies and other state interventions are geared around protecting corporate behemoths and those whose wealth resides in assets rather than savings accounts. It\u2019s difficult to see how a further lurch to the left will solve the structural failings of an economic system that already sees printing money as the solution to every problem. Then again, short of a proper, blood-and-thunder revolution, it\u2019s difficult to see what we can <\/em>do against such powerful vested interests and their political backers. To borrow a favorite phrase of Vladimir Lenin\u2019s: What is to be done?<\/em><\/p>\n

Related: <\/em><\/strong>How a crypto revolution could have saved the Roman Empire<\/em><\/strong><\/p>\n

Whether you\u2019re on the Left or the Right, the answer is to avoid fighting the rich on their own terms.<\/em> There is only one way for the poorest in society to seize power from the hands of the 1%, and that is by removing their ability to manipulate fiat currency.<\/p>\n

A bloodless revolution<\/h2>\n

Can Bitcoin (BTC) really challenge the millennia-long hegemony of the asset-owning class (and without shedding any blood)? You may say I\u2019m a dreamer, but I\u2019m not the only one. Just ask Salvadorans.<\/p>\n

Before Bitcoin, Salvadorans receiving remittances from abroad had to pay a sizable fee to money transfer businesses like Western Union or MoneyGram \u2014 cash that would be far better spent on food or medicine. With Bitcoin now adopted as legal tender, these businesses are estimated to lose $400 million per year. That\u2019s money going straight back into the pockets of the world\u2019s poorest.<\/p>\n

This is how the revolution will happen \u2014 not via violence but through choice. Show people how the fiat system makes them poorer, give them the ability to grow their wealth in uninflatable Bitcoin, and they\u2019ll vote with their feet. Rather than being overthrown in a lightning coup, fiat money will simply dwindle in importance as more people use Bitcoin to inoculate themselves from inflation. This will gather pace as the \u201csqueezed middle\u201d find themselves harder hit, with history conferring countless proofs that revolutions only happen once the middle classes and political moderates embrace the radical ideas of the revolution.<\/p>\n

Related: <\/em><\/strong>Blockchain is as revolutionary as electricity: Big Ideas with Jason Potts<\/em><\/strong><\/p>\n

That same whiff of rebellion is in the air today. People long ago lost faith in their politicians, but now they\u2019re beginning to question long-established economic and monetary narratives. What\u2019s so compelling about Bitcoin is that it doesn\u2019t have to preach its own gospel or attack the other side: The more people learn about Bitcoin, the more they understand how they\u2019re being cheated under the current system.<\/p>\n

Bitcoin\u2019s critics like to claim that it\u2019s too complex for mass adoption. But which is harder to grasp, a digital currency with a hard cap of 21 million coins or the bewildering sleights of hand employed by central banks and finance ministers to cloak inflationary policies that reward the rich while hurting the poor?<\/p>\n

While revolutionary France had the guillotine and Soviet Russia the gulag, we don\u2019t need to use terror to fight the tyranny of unsound money. Ours is a truly Velvet Revolution: Our sole weapon is an alternative currency that cannot be inflated, censored or otherwise manipulated, and the only \u201cvictims\u201d are those who make a killing from a system that hurts everybody else.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n

The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n

\n

Nik Oraevskiy<\/strong> is a co-founder of Bitcoin Reserve. Nik has been in Bitcoin since 2012 and has worked with wallet and exchange startups in North America, helping to develop and lead their strategic visions. He was also involved with international finance and fund management in Liechtenstein before starting down the brokerage path with Bitcoin Reserve, with the goal of bringing smart Bitcoin-buying to the whole of Europe.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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