Whether it's how people live, their ability to travel to different places or how assets are all completely digitized, the world is swiftly changing. In the cryptocurrency industry, we operate in an entirely digital format while many of us strive to maintain privacy and preserve the sovereignty of the individual. This means not only the sovereignty of one’s assets, but also the sovereignty of how you work, where you work, where you live and what you live for.
My favorite book is “The Sovereign Individual” by James Dale Davidson and William Rees-Mogg. I see it as a roadmap for the blockchain ecosystem. Bitcoin is an aperture for what the book describes and where the future is going. The authors state that the cybereconomy, not China’s legacy one, could become the greatest economic phenomenon of our age.
It all comes down to first principles. What does it mean to be free? What does it mean to be a sovereign individual? The idea is simple: we are each our own individual with our own identity. We can own assets, as well as opt into and out of systems as we see fit.
Whether that be opting into a country, a network, a communication system, a financial service or a lending or loan system, it's all about the individual. To be sovereign is to be able to control that, and to find that freedom and have choice. The book argues for decentralization: “Other things being equal, the more widely dispersed key technologies are, the more widely dispersed power will be, and the smaller the optimum scale of government,” the authors wrote.
When I speak with regulators, and they ask about decentralization, I tell them that the real measure of decentralization is censorship resistance, not distribution. Everyone is learning here, and they definitely are still a ways off from truly understanding.
In the world today, we’ve lost the ability to choose. We're instead forced into systems. But Bitcoin unshackles the individual from forced opt-ins. It create...