Resistance Gold: The philosophical case of bitcoin. 2024. Andrew M. Bailey, Bradley Lettler and Craig Walke. Routledge.
- “Bitcoin is for criminals. It's a tool for terrorists, drug dealers, hackers, and a playground for degenerated speculators.”
- “Compared to physical cash, Bitcoin makes fraud easier over longer distances.”
- “Perhaps in the long run, Bitcoin could destroy international order by reducing the effectiveness of sanctions.”
- “Even if Bitcoin doesn't have any inherently serious problems, it's surrounded by a culture full of fraud.”
- “Bitcoin includes a huge carbon footprint, which is a bad thing.”
- “…Bitcoin benefits North Korea's totalitarian government. This is a bad thing.”
- “…Bitcoin does not automatically provide users with significant financial privacy.”
- “Throughout history, Bitcoin has shown enormous volatility.”
- “It could even go to zero.”
From the previous excerpt Resistance money Readers of this review will play it as inexplicable considering the book's subtitle “philosophical incidents.” for Bitcoin (emphasis added).
In reality, authors Andrew M. Bailey (Professor of Humanities, Yale Nass College, Singapore), Bradley Lettler (Associate Professor of Philosophy at the University of Wyoming), and Craig Wauket (Associate Professor of Philosophy at the University of Northern Illinois) are straightforward. I'm telling you the incident Against Bitcoin claims that you should prefer to balance and live in a world with Bitcoin rather than without it. The book's equal approach is a welcome contrast to the extreme comments we hear regularly from both Bitcoin's enthusiastic supporters and its frequently uninformed adversaries.
The author's view is the ability of users to protect themselves from financial censorship, among the positives of exceeding the negativity of Bitcoin. They point out that people with opposition political views that rely on traditional finances are vulnerable to bank account closures, blocking transactions, and even seizures of funds. Bailey, Lettler, and Walke note that such tactics have not been adopted solely by dictatorial governments.
From 2013 to 2017, the US Department of Justice and the Federal Deposit Insurance Corporation's “Operation Checkpoints” engaged in fully legal businesses including ATM operators, coin dealers, dating services, pawn shops and payday lenders. They put pressure on banks to drain individuals and businesses. In 2022, 22 rights groups, including the American Civil Liberties Union and press freedom, asked PayPal to suspend account closures under new user agreements. Misreport. The author says that while Bitcoin does not stand censorship, it is to withstand censorship.
Resistance money I also plead on behalf of billions of bankless individuals around the world. Bitcoin does not require a minimum balance, does not charge fees to open an account, and does not rule out people with problematic credit history. It is accessible to immigrants who lack documentation to confirm their identity and financial history, and poor immigrants who lack the resources to obtain them. Bitcoin users don't need to worry about being surprised by hidden accusations, being discriminated against based on ethnicity, or being too far from the branch bank to gain access to banking services. All you need to do is a mobile phone or laptop to enter the Bitcoin network. Today, 85% of Americans own smartphones since 39% of them 10 years ago.
Through training as a philosopher, the author tackles standard objections to Bitcoin in a reasonable way as the substantial amount of energy consumed in Bitcoin mining. Fortunately, the scenario presented by 2017 Newsweek Headline: “Bitcoin mining, which is on track to consume all the energy in the world by 2020,” did not pass.
Bailey, Letterer, and Walke are even tackling some criticisms of Bitcoin that many well-informed financial practitioners probably haven't heard of before. These include complaints that Bitcoin could be divisible into an overly small subunit (one Bitcoin equals 100 million Satsch, each worth about $0.00025 when the book was written ), objection that Bitcoin is very unevenly distributed (not owned by around 7.9 billion people on the planet), and that Bitcoin operates without a manufacturer, mediator or manager. Although intentionally designed, allegations (disputed by the author) that Bitcoin Miners are in fact mediators.
The final point touches on issues that many readers are likely to encounter with reading Resistance money: Following that discussion requires deep immersion in the technical details of Bitcoin design and operation. For example, non-experts may find the lengthy explanation of Bitcoin's failed predecessor next to the slow and slightly point.
With most other books Entertainment investor review, Resistance money It's not completely error-free. The text at some point refers to the “Great Recession from 2007 to 2009.” In reality, the National Bureau of Economic Research dates the beginning of the economic contraction in January 2008.
None of these difficulties or imperfections can prevent us from reading this authoritative investigation of the controversial assets, which currently totals $1.3 trillion. The book is much closer to the CFA Institute-style ideals of rational, evidence-based analytics than most comments on the merits and lack of Bitcoin. As clients ask their advisors to add Bitcoin to their portfolio or provide a valid reason not to do so. Resistance money It will greatly help your advisors to arrive at solidly based decisions in what ways.
