Why I think of Bitcoin and Cryptocurrencies as “Social Security Insurance”

Do you remember the 2000 presidential election? There was a debate between Al Gore and G.W. Bush on the subject of Social Security. Al Gore made the statement that he was going to put social security in a “locked box” and that “government was not to touch it”. Funny how politicians use these emotional statements to describe what should be a mathematical formula.

While it may be sad to some that Gore lost, the reality is that human nature already predicated the result far in advance (that the money would not stay where politicians say it should stay). Satoshi Nakamoto understood this which is why he took on the serious issue of solving the Byzantine generals problem. Throughout history, if you let a third party have access as an intermediary authority, inevitably that authority runs away with the money. They may not do it today or tomorrow, but wait long enough and it inevitably happens.

(Google Images - Wikimedia Commons)

The fundamental problem here is it was never really your money. Most of you who work for an employer surrendered any position or say in this and while you are not called a slave, you essentially are. You aren’t consented about whether there’s a deduction on your paycheck or not. That’s decided by your masters.

If you think otherwise, go into your bosses office and say that you would rather pay the IRS directly rather than have them do it. You aren’t considered to be a sovereign entity capable of making your own decisions and that is the modern definition of a slave. Do not be confused by the fact that there’s no physical chains on your ankles. That’s been replaced by digital surveillance.

(Google Images - Wikimedia Commons)

Those of us in business for ourselves aren’t trusted either. As a business owner, I have to pay estimated taxes every quarter. Some businesses as an S-Corp will do it bi-weekly or monthly. Those processing my e-commerce payments are required by law to create a 1099K which is a list of charges processed by my company and submitted to the IRS.

This is done to insure stability and accountability and to keep those who are one step above slavery from cheating on their taxes. The reality is that those at the top of this pyramid are far above the law. They can never be touched. If they want to create $100 bills out of thin air, it will be called “quantitative easing” and “sound fiscal policy”, but never what it really is which is “counterfeiting” which any one of us doing would be sent to jail for.

(Google Images - Wikimedia Commons)

But karma has a funny way of eventually evening out the spiritual ledger of righteousness. As Andreas Antonopoulos has said, the regulatory system that once protected the banks from competition and gave them an unfair advantage has become their “gilded cage”. The banks cannot break out of that regulatory structure to compete with bitcoin. Those regulations are binding them to the past and will turn their business models into dinosaurs.

Meanwhile, bitcoin which was born in the international jurisdiction of the internet, forgot to ask permission. This is because it operates where no central authority has complete control. We should be glad that we don’t have a one world government yet for this very reason. Nation states and sovereign status are functioning to create the decentralization on the social level until technology can catch up.

(Google Images - Wikimedia Commons)

The idea of “globalization” is essentially code for “centralization” which is just another word for “crony capitalism”. As Stefan Molyneux has said, “these people want to “capitalize” their profits but “socialize” their losses”.

I hate to break it to you, but if you don’t reach retirement sometime within the next five years in the USA (and perhaps several western nations), you will probably never see any significant amount of that money. That money is already gone. Bush 43 used it for the Iraq war and then stuck a big IOU in the social security trust fund. What that means is that as long as the government can collect taxes, the social security checks will keep coming. Politicians say that they are still “solvent” but that’s only if nothing dire happens. They’ve used up their last ace.

(Google Images - Wikimedia Commons)

The next financial crisis will be much worse than the one in 2008 and when that hits, there will be a giant equity leak into other assets. One of those assets will be bitcoin and other cryptocurrencies. But what you will not want to do is hold USD. So if social security goes under, it’s likely that the equity will go into alternatives like bitcoin. This is why I consider cryptocurrencies to be my “social security insurance”.

Cryptocurrencies (when held correctly) also provide protection from civil asset forfeiture which is a euphemism for government “theft”. We are currently living under kleptocrats who have no regard for the welfare of humanity.

Some say that a crash is being planned as an excuse to get us away from using cash and/or the petrodollar and that waiting in the wings is “FedCoin” which will be a centralized digital currency that tracks everything. If the public doesn’t wise up about the corrupt nature of authority, then we could end up with panopticon for a time.

Fortunately the panopticon period is not likely to last forever, only until the majority of us realizes that it’s impossible to secure centralized systems. This video by Andreas Antonopoulos makes it extremely clear why central authority will never be able to secure data systems:

(Andreas Antonopoulos - Bubble Boy vs Sewer Rat)

The Equifax data breach proves that. Until then, authority will make excuses to go to 2FA, 3FA, etc which is an endless loop of data breaches that will continue to create a steady stream of ID theft victims. That is the future, until decentralization is achieved technologically and people have learned that the most important question one should be asking is whether or not there is anyone in control.

And hopefully by now you know that if the answer is “yes”, that’s a bad thing.

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Donations (public bitcoin address):

3FwxQsa7gmQ7c1GXJyvDTqmT6CM3mMEgcv

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