Pink Floyd’s Money from the epic experimental 1973 album The Dark Side of the Moon features memorable X-rated lyrics:
Money / it’s a hit /
Don’t give me that good crap.
But it is exactly “do goody-good bullshit” that the public is now being fed when it comes to the alternative to money, which is Bitcoin.
In case you didn’t know, Bitcoin is a mathematically based, decentralized, trustworthy, fungible, deflationary virtual currency that is backed by state-of-the-art cryptography. Now you still don’t know. Let’s just say it’s internet money. There are many types of internet money collectively known as cryptocurrencies, or crypto for short. Bitcoin is kind of the gold standard for crypto.
People are pretty polarized about Bitcoin and, in particular, about the draft law banning cryptocurrency that is currently being debated. Poorva
Since Paksha is a column on polarization, the art of compassionate debate in a polarized world, I felt it appropriate to write an article on the current cryptocurrency debate. That I was jamming with Pink Floyd was just a happy coincidence.
The fascinating thing about this debate is that the two opposing camps for and against do not overlap at all with the usual polarities of right versus left. You can imagine my own surprise when I nearly broke my neck when I nodded in enthusiastic agreement with a libertarian author of an article in right-wing Swarajya magazine. Me, a flaming anarcho-communist of the radical left!
The article, Why India Should Buy Bitcoin, opposed the proposal to ban it and suggested that India “should advocate for decentralized cryptocurrencies like Bitcoin to ensure national security … and India’s rise as a world power.” to accelerate”. In other words, it used classic right-wing trope to come up with an argument for accepting rather than criminalizing crypto.
My rationale is very different, but my conclusions are the same. In fact, I would go further: India shouldn’t just buy bitcoin; India should build some serious oil rigs and start mining.
Money / it’s a gas /
Take the money with both hands and make a supply.
Well, whether you agree with me, Pink Floyd, and my new right-wing friends that India must or not have to accept Bitcoin, you at least have to admit that for a government that has demonized Indian currency overnight, it’s a bit rich, this is to claim that if it is not supported by a sovereign government, it must completely ban this new technology because of the risk it poses to citizens. Precisely because governments cannot manipulate, demonize, arbitrarily print and devalue crypto, it is so secure that it represents the protection of every citizen against the risks inherent in sovereign authority and its reckless monetary policy or ill-considered financial policy.
However, the anti-crypto coalition is busier than ever before spreading FUD. In case you didn’t know, FUD is the term crypto nerds use to refer to the “fear, uncertainty and doubt” that champions of the status quo like big banks are promoting about cryptocurrencies. For example, the government would make people believe that “cryptocurrencies are more susceptible to criminal activity and money laundering,” to quote from the draft law banning cryptocurrencies. Hmm, I wonder what was always being used for criminal activity and money laundering until the time Bitcoin came along. Oh yes rupees!
If we cut through the bullshit, we can see fairly easily that the impetus from the state to ban Bitcoin is not to contain the crime, but rather to exercise total control. That’s why they slander crypto as fleeting and threatening.
Money / so they say /
Is the root of all evil today
But when you ask for a raise, it’s no surprise they don’t give away any.
Those interested in the status quo are trying to ban cryptocurrencies because their more rational operations and superior technologies expose the inefficiencies, flaws and injustices of the current system, both tax and monetary. Such a technology of revelation is exactly what those who come even from the more distant poles left and right can get together behind them. The question is, can the center?