The Argument for 1 Percent
Bitcoin is a great many things, bet let’s be honest..at the current moment, bitcoin is a bet. Bitcoin has the kind of risk associated with it that makes history when it pans out. I think that is why I enjoy being a part of it. I feel like I am going to be a little part of history. Like the guy who was hanging out with the Wright Brothers and rooting for them when everyone else thought that they were crazy. When a person makes a bet this monumental there is reasoning behind it. Even the best gamblers have a system before they place their bets. For Bitcoin, the weeks have barreled forward, clogged with good nes and increasing signs of maturity. Everyday Bitcoin is looking more and more like a winning horse. I would like to pose the argument for the dreaded 1%. Yes, I know, 1% is a folly and a pipe dream. I am going to embrace foolishness and defend my folly, stand up for my pipe dream. The 1% that I am speaking of is 1% of the world’s wealth. I am venturing to argue that needs this wealth. Moving 1% of the world’s wealth into bitcoin is a necessary hedge against one’s government, a savvy bet for the world economy, and allows the possibility for a stable parallel economy owned by the people, not a nation.
Governments, can’t live with them, can’t live without them. People live, they die, and they also pay taxes…the three undeniable truths. Governing a body has to be an enriching balance and choreographed dance between anarchy and order. A government with too much powerful is as dangerous as a lawless land where every day and night is like The Purge. People love to throw around words like orwellian; however, this isn’t a blind toss. Modern day governments in technologically driven societies are overstepping their bounds in ways that need to be hedged against and given new systems of accountability. For instance, in my country, the US, it is more obvious than Pinocchio’s nose when he tells a lie that our politicians are being purchased. They are being purchased like a make a deli meat selection at my local market. And, in other countries it is no better. Governments are over-spending, over-borrowing, and worstly, over-inflating currency to handcuff their citizens. The lender is the master, the debtor is the slave…and governments are globally touting their ability to manage debt, gleefully touting their ability to manage slaves. We as citizens deserve a way to hold our governments accountable, and now we have it. Bitcoin. Bitcoin deserves 1% of everyone’s wealth, to pull back the brake stick on a reckless locomotive.
The second reason deserving of the 1% influx of capital is strictly from an investing point of view. I have been an investor for around 5-6 years now. I’ve augmented my 401k at different companies to maximize my yearly return. Performed quarterly assessments of my Roth IRA to make sure that I can keep a stable ROI. And, three years ago I became comfortable with taking bets. The relationship between risk and reward is direct. In the case of bitcoin, the risk is phenomenal. Time could judge my investment and rule that my consistent bit of bit buying could be all for not. Thousands…down the drain. Am I willing to lose it, of course. Will it hurt me, no. However, let’s peer into the astronomically asymmetrical upside. Those same thousands could become orders of magnitude more. And, ideally, reach a point-of-no-return where USD is not even a way in which I think any longer. I could now think in the terms of purchasing power (PP). Although every currency has PP, the only currency that deserves the most PP is bitcoin. Now if you can, just imagine if the world made this same “savvy” bet. 1% of the world’s wealth flows to bitcoin creating a new parallel economy. An economy that is decentralized, governed by mathematics and applied game theory, and as convergent toward a “perfect-and-good money” that the world has never before seen. Bitcoin deserves that 1% simply because the world deserves an attempt at a perfect-and-good monetary system.
Now, to swing back to governments. I mentioned before that they are not bad, nor are they evil. Governments were/are a beautiful evolution of societal practices. However, anything that proceeds without competition is doomed to extinction by stagnation. Governments are no exception. What the people need is an economy that can challenge the business models of their governments. The people need a system that can compete with the money influx of their governments and force politicians, regulators, and bureaucracies to work hard for the money that we give them. Bitcoin allows for that non-violent exit from the current system. A non-violent way to say, “I have had it with your bullshit Uncle Sam, or Uncle [nationality sensitive name]!” 1% of the world’s wealth needs to flow to bitcoin to allow the citizens of the world to own a competitive system with which they can hold their governments accountable.
My argument for 1% may by a fool’s folly, or a visionary’s victorious vice. Time will tell.