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The standard method through which our society constructs possession is inefficient. The Uber-for-X mannequin solves a part of the issue by exploiting the unused worth of some long-tail belongings, however the motive behind the existence of such an enormous quantity of long-tail belongings stays a puzzle. On this essay, I submit that they exist as a result of our conception of possession is outdated; I suggest that people solely have to personal bitcoin. By doing so, we’ll embrace a full-scale sharing financial system backed by Bitcoin, paving the best way for a hyperbitcoinized civilization.
Born and raised in China throughout a decade of a brewing housing bubble, I grew up listening to tales of some property worth rising tenfold, or somebody instantly receiving a big sum of cash from property builders for dismantling their outdated homes to construct new ones. Certainly, getting the one-time Chinese language urbanization dividend on land worth was rewarding to many. But, aside from the inherent systematic dangers of the true property market, homes are actually laborious to cope with: excessive taxes and administration charges, troublesome tenants, numerous malfunctions on the depreciating property.
As I migrated to the U.S. to pursue my increased training, I found that for millennials, fashionable American household values are nonetheless broadly accepted. To lots of them, success means proudly owning a number of automobiles, a most important residence, and a seashore home as their pied-à-terre. Individuals maintain buying and giving their life financial savings to megacorporations within the car, actual property, and vitality industries.
As a minimalist myself, I used to be by no means a fan of the consumerism powered by fashionable capitalism. Thoreau asserted {that a} man’s requirements consisted of meals, shelter, clothes, and gasoline. If Thoreau had been right here right now in our very developed world, I might inform him that one simply wants their personal key.
For years, folks have been attempting to grasp what bitcoin is. Whether or not folks consider that it’s a digital model of “gold”, or a speculative “inventory” on the blockchain, I feel none of those definitions captured the essence of bitcoin. For my part, bitcoin is a forex that isn’t certain by any sovereignty, a perception that may be embraced by your complete humanity, the “fact” that Thoreau alluded to, as nobody, besides your self, can take it away from you.
Bitcoiners have a highway to freedom. Now, one can simply borrow in opposition to their bitcoin to get any form of fiat forex to spend anyplace on this planet. As the worth of bitcoin goes up and fiat forex depreciates over time because of roaring inflation, the curiosity from the bitcoin mortgage isn’t an issue. Many Bitcoiners have already been working towards this way of life by being a digital nomad, touring all over the world, educating extra folks about bitcoin, and dwelling their lives to the fullest.
Ultimately, I foresee a civilization the place we have to personal nothing however bitcoin. One can earn “credit score” from totally different international locations or borrow in opposition to their bitcoin to spend for every day requirements (very similar to the fiat forex we get right now). Nations might be not more than property managers, organizing a sharing financial system the place folks can dwell in a long-term or short-term place. We might be dwelling in a world the place one can simply journey to satisfy folks, study their tradition, and luxuriate in their freedom.
Until then.
This text is featured in Bitcoin Journal’s “The Withdrawal Subject”. Click on right here to subscribe now.
A PDF pamphlet of this text is obtainable for obtain.
This can be a visitor submit by LJ Huang. Opinions expressed are fully their very own and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
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