How the US Gov proves a need for Bitcoin

And what needs to change

Photo by History in HD on Unsplash

“Private companies in USA, with help from the government have privatized their profits and socialized their losses.”

With this model the US slowly moves their economy from capitalist to socialist without all the benefits that come for common lay people like subsidised healthcare and education. Instead of bailing out these huge corporations, why not focus more on the ordinary person? Ex Facebook Executive and currently an ethical entrepreneur Chamath Palihapitiya couldn’t have explained it better here:

What’s the Root Cause?

Capitalism when based on innovation, meritocracy and kept in check by active and aware consumers can be a beautiful thing. It can provide jobs to generations, create new products and even bring our species to new frontiers. Here are some private organizations doing more than their fair share for the world:

  • Beyond Meat; providing plant based meat alternatives to help lead to a more caring world
  • Linux; the god father of open source software
  • Tesla; leader in electric vehicles and clean energy innovation with Solar Roof panels
  • Grail; a company that uses technology to track a staggering number of early stage cancers with just 1 drop of blood
Photo by Deva Darshan on Unsplash

Crony Capitalism is when the government gets into bed with corporations, which causes numerous instances of favouritism, nepotism and biased regulations.

So if you are rich, have a large company like many in the pharmaceutical, energy, or meat industry, you can lobby for the politicians that agree with you. Once they get into office, they have an implicit contract with you to ensure they can implement more regulations that help your business by increasing barriers to entry for new businesses and startups. And if that doesn’t work? They can print money…

How can Bitcoin help?

When USA places sanctions on their rivals, for e.g. Iran, they destroy their currency. The Irani Riyal fell astronomically over the past couple years and destroyed the savings of Iranian people. Here is a statistic from BBC:

“President Rouhani managed to get inflation down to 9% in 2017. But the IMF estimated that it soared to 30.5% in 2018 and projected that it would reach 35.7% in 2019.”

Photo by mostafa meraji on Unsplash

Talking about money, tech and how to make money from tech. Bitclout:

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