the political ideas behind bitcoin

The Philosophical and Po-litical Ideas behind the

Creation of BitcoinOr

Bitcoin: Towards a Peace-ful Economic Revolution

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

The Genesis Block

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. -Satoshi Nakamoto, 2009

The Rothschild Banking Dynasty

  "Give me control of a nation's money and I care not who

makes it's laws" — Mayer Amschel Bauer Roth-

schild

The inability of colonists to get power to issue their own money permanently out of the hands of George the III and the interna-tional bankers was the PRIME reason for the Revolutionary

War. -Benjamin Franklin

What is the Federal Reserve System - Really?• It’s America’s fourth Central Bank•It is a private corporation with its own privately held stock• It is by far the most profitable corporation in America. • It creates money out of nothing and loans it to government• It charges perpetual interest on these “loans” , the “National Debt”• National Debt is paid by citizens through income tax.• Its profits are tax exempt.

"[Every circulating FRN] represents a one dollar debt to the Federal Reserve system." -Money Facts, House Banking and Currency Committee

All fiat currencies eventually return to their intrinsic value—zero.

-Voltaire

The issuing power [of currency creation] should be taken from the banks

and restored to the people, to whom it properly belongs.--Thomas Jefferson

• Deflationary (price of everyday goods drops)

• Decentralized (not controlled by corpora-tion or government)

• Limited supply (rare)• Has intrinsic value (backed by the network

computing power, p2p technology)• Cannot be counterfeited (or overprinted)• Democratic (for the people, by the people)• Optional (no legal tender laws involved)• Digital Asset

Characteristics of Bitcoin