Can Bitcoin overcome social gravity?
Voltaire, the 17th century French philosopher, said “Si Dieu n’existait pas, il faudrait l’inventer” (“If God did not exist, it would be necessary to invent him”). I do not believe this was intended as a slight on religion but more a reaffirmation of the beneficial and necessary role religion has in human society. It was Voltaire who also said “When it is a question of money, everybody is of the same religion.”.
I wonder about this when I hear debated the future (or predicted lack thereof) of banks in the face of cryptocurrencies like Bitcoin. It is a popular opinion in FinTech disruptor circles that the days of banks are numbered, that with bitcoin et al you can be your own bank or that we should digitally bow down to the altar of decentralisation. Either way the downfall of banks is a foregone conclusion apparently. Is that really going to be the case though or is banking another one of those things that, if it did not exist it would be necessary to invent?
“Humans have a tendency to gravitate towards centralisation.”
Humans have a tendency to gravitate towards centralisation. It is because some seek power and control while others are happy with deferring that power and control in exchange for simplicity and convenience. With all the tech advances and complex societal constructs…
