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The standard means through which our society constructs possession is inefficient. The Uber-for-X mannequin solves a part of the issue by exploiting the unused worth of some long-tail belongings, however the purpose behind the existence of such an enormous quantity of long-tail belongings stays a puzzle. On this essay, I submit that they exist as a result of our conception of possession is outdated; I suggest that people solely have to personal bitcoin. By doing so, we’ll embrace a full-scale sharing economic system backed by Bitcoin, paving the way in which for a hyperbitcoinized civilization.
Born and raised in China throughout a decade of a brewing housing bubble, I grew up listening to tales of some property worth rising tenfold, or somebody all of a sudden receiving a big sum of cash from property builders for dismantling their previous homes to construct new ones. Certainly, getting the one-time Chinese language urbanization dividend on land worth was rewarding to many. But, other than the inherent systematic dangers of the true property market, homes are actually laborious to cope with: excessive taxes and administration charges, troublesome tenants, numerous malfunctions on the depreciating property.
As I migrated to the U.S. to pursue my increased training, I found that for millennials, trendy American household values are nonetheless broadly accepted. To a lot of them, success means proudly owning a number of automobiles, a principal residence, and a seaside home as their pied-à-terre. Folks maintain buying and giving their life financial savings to megacorporations within the vehicle, actual property, and power industries.
As a minimalist myself, I used to be by no means a fan of the consumerism powered by trendy capitalism. Thoreau asserted {that a} man’s requirements consisted of meals, shelter, clothes, and gas. If Thoreau had been right here right now in our very developed world, I might inform him that one simply wants their non-public key.
For years, individuals have been making an attempt to grasp what bitcoin is. Whether or not individuals imagine that it’s a digital model of “gold”, or a speculative “inventory” on the blockchain, I feel none of those definitions captured the essence of bitcoin. In my opinion, bitcoin is a forex that isn’t sure by any sovereignty, a perception that may be embraced by the whole humanity, the “reality” that Thoreau alluded to, as nobody, besides your self, can take it away from you.
Bitcoiners have a highway to freedom. Now, one can simply borrow towards their bitcoin to get any type of fiat forex to spend anyplace on the planet. As the worth of bitcoin goes up and fiat forex depreciates over time resulting from roaring inflation, the curiosity from the bitcoin mortgage shouldn’t be an issue. Many Bitcoiners have already been training this life-style by being a digital nomad, touring all over the world, educating extra individuals about bitcoin, and residing their lives to the fullest.
Ultimately, I foresee a civilization the place we have to personal nothing however bitcoin. One can earn “credit score” from totally different international locations or borrow towards their bitcoin to spend for each day requirements (very similar to the fiat forex we get right now). Nations might be not more than property managers, organizing a sharing economic system the place individuals can dwell in a long-term or short-term place. We might be residing in a world the place one can simply journey to fulfill individuals, be taught their tradition, and revel in their freedom.
Until then.
This text is featured in Bitcoin Journal’s “The Withdrawal Problem”. Click on right here to subscribe now.
A PDF pamphlet of this text is out there for obtain.
This can be a visitor submit by LJ Huang. Opinions expressed are fully their very own and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
