There’s one incredible feature of cryptocurrencies that almost everyone seems to have missed, including Satoshi Nakamoto himself.

Money is power.

The kings of the Middle Ages knew about it. That’s why they gave themselves an absolute monopoly on minting moolah. 

That’s almost the entire history of money in one paragraph. With time passed from monarchs to nation-states, distributing power from one strongman to a  group of strongmen, the power to print money passed to the state. Anyone who tried to create their  money got crushed.

The  main reason is simple: Kings and nation states know the real golden rule: Control the money an d you control the world.

A recent example  E-GOLD in 2008, one of the first attempts to create an alternative currency. Launched in 1996, by 2004 it had over a million accounts and at its peak in 2008 it was processing over US$2 billion dollars worth of transactions.

The US government attacked the started a business four leaders of the system, bringing charges against them for money laundering and running an “unlicensed money transmitting” business in the case “UNITED STATES of America v. E-GOLD, LTD, et al.” US government destroyed the company by bankrupting the founders.  Although the government didn’t technically shut down e-gold, practically it was finished. “Unlicensed” is the key word in their attack. The power to grant a license is monopoly power.

The main objective: get rid of alternative coins, create one coin to rule them all and use brutality and blood to keep that power at all costs.

Decentralized systems slightly different. Decentralized systems recalls a hydra. Cut off one head and  in its place will appear two more pop-in So that to take its place. 

Bitcoin it was explicitly designed to resist coercion and control by centralized powers. Satoshi wisely remained anonymous for that very reason. He knew they would come after him because he was the symbolic head of Bitcoin.

That’s what’s happened every time someone has come forward claiming to be Satoshi or when someone has been “outed” by the news media as Bitcoin’s mysterious creator. When fake Satoshi Craig Wright came out, Australian authorities immediately raided his house. The official reason is always spurious. As Bitcoin rises in value, the hunt for Satoshi will only intensify. The  feature is one that Bitcoin and current cryptocurrencies have only hinted at so far, a latent feature. The true power of cryptocurrencies is the power to print and distribute money without a central power.

Today, money starts at the top and flows down to everyone else. Reminds the is pyramid.

Government printed money like the Yuan or US dollar, is closer to a pyramid scheme than Bitcoin. Why? Because fiat money is minted at the top of the pyramid by central banks and then “trickled down” to everyone else. Unfortunately, that means most of the money never really leaves the top. It stays right there, as wasted and frozen potential that’s never realized. There is little to no incentive for the money to move. Since money is power, hoarding it is literally hoarding more power and nobody would willingly give up that power. 

Blockchain are a new invention that allows meritorious participants in an open network to govern without a ruler and without money. They are merit-based, tamper-proof, open, voting systems. The meritorious are those who work to advance the network. Blockchain open and merit based markets can replace networks previously run by kings, corporations and aristocracies.

First time in the history of the world, we have a way to generate and distribute money without a central power. People will have control over the money they rightfully earned.

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