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Since its introduction in , Bitcoin has been widely promoted as a digital currency that will revolutionize everything from online commerce to the nation-state. Yet supporters of Bitcoin and its blockchain technology subscribe to a form of cyberlibertarianism that depends to a surprising extent on far-right political thought.

Golumbia, in his small but important way, is helping wake us to the falsity of our perceived neutrality. The Politics of Bitcoin exposes how much of the economic and political thought on which this cryptocurrency is based emerges from ideas that travel the gamut, from Milton Friedman, F.

Hayek, and Ludwig von Mises to Federal Reserve conspiracy theorists. Forerunners: Ideas First is a thought-in-process series of breakthrough digital publications. Written between fresh ideas and finished books, Forerunners draws on scholarly work initiated in notable blogs, social media, conference plenaries, journal articles, and the synergy of academic exchange.

This is gray literature publishing: where intense thinking, change, and speculation take place in scholarship. This book is a very readable and valuable monograph which combines sound historical research with insightful analysis.

All concerned citizens should read this book, which is an essential resource for understanding the true stakes of current technological hyperbole. In the News. De Groene Amsterdammer: Blockchain in the polder. If tech is going to infiltrate, influence, and shape all of society, it is unacceptable for tech and pure market forces to decide the limits of the surveillance state. Society embraces 'blockchain', the disruptive technology behind money alternatives such as bitcoin.

But do we also embrace the radical ideals and assumptions behind them? David Golumbia, in his small but important way, is helping wake us to the falsity of our perceived neutrality. Our impartiality. David Golumbia. Read more Read less.

Customer reviews. How customer reviews and ratings work Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them. Learn more how customers reviews work on Amazon.

Top reviews Most recent Top reviews. Top reviews from the United States. There was a problem filtering reviews right now. Please try again later. Verified Purchase. I came across this book by the recommendation of the author Daniel Pinchbeck. David Golumbia is a professor at the Virginia Commonwealth University, and text comes across as academic in nature, with countless citations. Before diving into the meat of the subject, I offer the caveat that both the book, and this review, focus primarily on the Bitcoin community, and less so on the blockchain space in general.

As the subtitle broadcasts, the thesis of the book is that Bitcoin is an instrument of right-wing extremism. Having been a participant in the blockchain space for the past year-and-a-half, it comes as no surprise to me that academics find the movement generally right-wing. The cypherpunk movement that birthed the blockchain community is firmly libertarian. What is required to combat that power is not more wars between algorithmic platforms and individuals who see themselves as above politics, but a reassertion of the political power that the blockchain is specifically constructed to dismantle.

Does government enhance or curtail freedom? Whereas the left would suggest the former, the right sides with the latter. Yet in most non-rightist political theory, government exists in no small part to promote human freedom. He then moves on to an exploration of inflation and store of value. Bitcoin has gone through regular and periodic cycles of 5x inflation hyperinflation.

Limited supply does not guarantee high prices. On this thread, beyond a few asides about the concentration of Bitcoin holdings, Golumbia fails to explore the effects of constrained-supply on wealth inequality.

When token architectures can only raise funds for their capitalization via regressive and severely limited token supplies that offer the chance of 10x, x, or x returns for initial investors or participants, the demographic results are that Crypto Valley makes Silicon Valley look like an egalitarian utopia. It almost goes without saying that extreme wealth inequality is generally associated with right-wing sympathies.

This brings us to the conspiracy theories surrounding the Federal Reserve, and monetary cosmology. Golumbia is right to assert that the space often conflates the two. One of the recurrent conversations in the space regards the role of the state, not only with regard to cryptocurrency regulation, but more broadly.

But opinions, aside Golumbia raises an important part about the definition of money. Corporate tyranny is already beginning to overpower government tyranny, and, however much we might despise the fact, the state continues to be the best instrument we have to mitigate the abuses of power rife within our current global corporatocracy.

Although Gulmbia has deftly performed the task of convincing us of his assertion that the blockchain space is dominated by right-wing rhetoric, he leaves it up to us to determine the more important question: do we care?

I can attest from personal experience that many members of the blockchain community are deeply disenchanted with the both the content and tone of political discourse on both the right and the left.

These are the questions Golumbia leaves us with, and questions that merit significant cogitation. Bonus points for tackling a difficult subject. I often see well-thought critism of Bitcoin and Crypto currency suppressed. This book helps me understand why. Fair warning: This book is dense from the beginning.

It jumps right into topics cyberlibetarianism that are hard to tie to Bitcoin until about 10 pages in, but it's worth it. The style is such that I'd encourage the author, or anyone else, to write a similar piece in an easier-to-read, more approachable style. A few points: The author critisizes the EFF for supporting cyberlibetarian policies.

The EFF is mostly concerned with fighting censorship and excessive corporate control. I've met EFF leadership and their social circles, and these are people who believe in democracy and free speech. The author also makes a point critisizing Bitcoin's proponents promoting that it's for people who do not have access to good banking, and then concludes that it's intended for illegal activity.

I urge the author to keep thinking critically. I always interpreted such statements to mean 3rd world countries with money worse than Bitcoin. But more importantly, such a use case shows a flaw in modern democracy: I can buy pot legally in my state, but I have to use cash! Cash makes no judgements, but the modern banking system does. Perhaps we need our electronic payment systems to work with "grey" transactions?

Bitcoin was birthed in and is influenced by extremist right-wing libertarian ideology. You are no doubt familiar with their rants. We must protect ourselves from the dammed gummint who wants to take our money and, oh yeah, the Federal Reserve prints money, which causes inflation, and is doing this for nefarious reasons, probably to control us and of course, take our money. No matter that none of this makes actual economic sense, and that such crackpot ideologies are dismissed by actual economists.

Right-wing libertarians appear primarily anguished by the thought that a they have to pay taxes and b that someone else might gain benefit for their tax money. That they themselves are helped by tax money others have paid never occurs to them. So then, their goal is to hide as much money as possible from the government, and even if doing so might constitute tax evasion and money laundering, that would be a-ok because they are doing it for a noble cause and the rules don't apply to them anyway.

Bitcoin is a perfect platform for this. However bitcoin proponents end up being incoherent. They claim paper money printed by governments is unstable and bitcoin and other cryptocurrencies will replace it. Except the price of bitcoin skitters wildly all over the place, so it's not stable at all. Plus, a few can and do manipulate the price. Thefts and ripoffs are common, and it doesn't scale.

There's no way bitcoin - which can do a whopping seven transactions a second now maximum - will ever replace actual currencies. At heart, bitcoin is about eliminating governments and replacing them with a deranged unworkable fantasy of an ungoverned global marketplace with no rules and no regulations, in which everyone is somehow supposed to be free. It's rubbish. A few on the top, the miners, will control it, and it won't be decentralized at all.

David Golumbia parses all of this in great detail in "The Politics of Bitcoin," explaining how and why bitcoin emerged from John Bircher nutcase ideology and still owes much to that, and why this should make the rest of us uneasy.

See all reviews.

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Bitcoin right wing The slow, tedious path toward traditional development of institutions such as rule of law and financial intermediaries can be shortened considerably. Bitcoin right wing Us Help You. Translate review to English. Top reviews from the United States. Next page. Thus, Bitcoin is a kind of Trojan Horse, and cyberlibertarians who would not accept the bltcoin of broader political libertarianism are at best duped to be the agents of read article destruction of society. David Golumbia does not understand bitcoin and it shows clearly within his trashpile of a book.
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Data center crypto mining Blink Smart Security for Every Home. Hayek, and Ludwig von Mises to Federal Reserve conspiracy theorists. All concerned bitcoin right wing should read this book, which is an essential resource for understanding riight true stakes of current technological hyperbole. Ayn Rand and Murray Rothbard here fight; hated each other. We must protect ourselves from the dammed gummint who wants to take our money and, oh yeah, the Federal Reserve prints money, which causes inflation, and is doing this for nefarious reasons, probably to control us and of course, take our money.

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How Bitcoin Was Built On a Far-Right Mentality

WebMay 23, �� If someone says that bitcoin was born from right wing or libertarian conspiracy theories, you know they�ve not done their homework. Bitcoin is cypherpunk . WebJan 24, �� Bitcoin is a 'cryptocurrency' � a decentralised tradeable digital asset. Invented in , you store your bitcoins in a digital wallet, and transactions are stored in . WebNov 10, �� Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance and Web news with analysis, video and live price updates.