Peer-To-Peer Is Patriotic – Bitcoin Magazine: Bitcoin News, Articles, Charts,
In the spring of 1774, the British Parliament passed the Coercive Acts, dubbed the Intolerable Acts by the soon-to-be-free Americans. Months later, in the spring of 1775, Paul Revere would ride at midnight carrying word that the “British are coming” for Concord and Lexington. These actions and countless other critical events of the American Revolution would eventually lead to the Constitutional Convention in the summer of 1787.
Then, 222 years after the United States Constitution was drafted, on January 3, 2009, the genesis block of bitcoin was minted. Buried deep in its depths was a headline from that day’s Times article claiming: British Chancellor “on brink of second bailout for banks.” Only months earlier, in November 2008, a pseudonym of unknown nationality sent an email carrying word of a peer-to-peer electronic cash system with no trusted intermediary. Despite Satoshi Nakamoto’s speculated national origin, interestingly, the Bitcoin network is forged with parallel principles that are patriotic and American. A group of peers freely electing to interact with each other could be used to describe citizens constituting a constitutional republic such as the United States of America or nodes in the nebulous network of Bitcoin.
The founding fathers avidly objected to the oppressive rule of royalty and oligarchs. With striking similar sentiment, many also had strong opinions on the ills of paper currency controlled and coerced by banksters and bureaucrats.
Decentralization Is An American Ideal
America has always embraced the decentralization of power and authority. The balance and separation of powers is critical in the reasoning behind the complexities of three branches of government in the United States: with liberty and justice for all. Similarly, the balance and separation of authority is critical in the complexities of the Bitcoin network of nodes: with immutability and verifiability for all.
1776: NO TAXATION WITHOUT REPRESENTATION
In 1776, sovereigns from 13 English colonies banded together to declare independence, eventually successfully pushing back against tyrannical foreign authority—forming a burgeoning United States of America in the name of more localized and decentral rule.
2009: NO INFLATION WITHOUT REPRESENTATION
In 2021, sovereigns from nearly every nation on the planet are banding together to declare independence against a tyrannical (in many cases foreign) monetary authority—forming the burgeoning network of Bitcoin in the name of a more localized and decentralized rule.
Founding Fathers Fought Paper Money
“Paper money has had the effect in your State that it will ever have, to ruin commerce—oppress the honest, and open the door to every species of fraud and injustice.”
— George Washington, January 9, 1787
“[I]t [paper money] is liable to be abused, has been, is, and forever will be abused in every country in…