Bitcoin: attractions and pitfalls of anarchist cyber money

Bitcoin is a new world wide system of electronic payments using its own cyber currency independent from banks, central banks and governments.

Any scheme offering ordinary citizens a promise of freedom from the grip of these corrupt institutions obviously has considerable appeal.

Like physical cash, “bitcoins” can be exchanged irreversibly without official intermediaries, and furthermore, according to the promoters of the scheme, without having to trust anyone.

Whereas trust in the person you are dealing with is required when you accept a cheque or a note or a gold coin (any of them could be fake), the maths and software behind Bitcoin are supposed to ensure its absolute integrity.

As one convinced that the financial system is on its last leg and doomed to collapse in the not very distant future, I was very interested to hear about Bitcoin for the first time.

But my Invisible Partner soon pointed out (to my little ego popping its head in the hope of some miraculous technical fix) that any scheme such as Bitcoin, while not formally part of the financial system, is part and parcel of the materialist way of organising life.

It may not imply trust in a counterparty or intermediary, but it does imply trust in a system operated by people with the usual materialist motivations of profit, self importance…etc.

Like many other stories in a wide variety of fields, Bitcoin just illustrates that official institutions have lost all credibility among thinking citizens. Somehow, most people sense that the establishment has become entirely predatory, dishonest and perverse.

It is certainly essential to recognise evil, to see that evil has taken hold of the “elite” of human society, and to face evil, i.e. keep one’s own integrity and total trust in universal consciousness.

We are reaching a time of accelerating transition, but the changes involved are at a much higher level of reality than any new invention, be it in the so-called “virtual domain” where the likes of  Bitcoin are supposed to be.

For a (non spiritual) reflexion on Bitcoin listen to a recent short BBC radio4 programme in the series “A point of view”: http://www.bbc.co.uk/programmes/b01s0ssj.

And for fun a dash of Pink Floyd:

Fear not, remember money is just a myth.

Love,

Leo

Copyright © Leo Foresta 2013

1 Comment (+add yours?)

  1. Amzi
    Apr 30, 2013 @ 12:09:36

    You are right Leo! Money as dollars, euros or bitcoins are all expressions of a separatist material world viewpoint!

    Reply

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