Cypherpunk Money, Not Hard Money

Bitcoin meets the definition of (imperfect) cypherpunk money – the first of its kind. Bitcoin doesn’t meet the definition of hard, soft, or sound money, although one could say it’s metallic peer-to-peer electronic cash.

Replace Bitcoin Maximalism with Freedom Maximalism

Bitcoin is necessary but not sufficient to build a peer-to-peer financial system. Bitcoin is one tool in the financial self-sovereignty toolbox. Bitcoin is a hammer. What is the drill? What is the carpenter’s square? We can’t build a financial freedom house without all the tools. We need other peer-to-peer networks that use proof of work to disintermediate third parties that censor startup fundraising, lending, or publishing.

Bitcoin: Third-Party vs. Peer-to-Peer

By replacing trust with computation, Bitcoin is the separation of money and identity. Know Your Customer (KYC) regulations reattach identity to cash. And by functioning peer-to-peer without needing user identity and being comprised of digital computer bits, Bitcoin is permissionless and pseudonymous. However, Anti Money Laundering (AML) laws insert a third party, severing peers. KYC/AML Bitcoin isn’t Bitcoin.

Money and The Mob

Elites, be they financial, tech, or political, wield tremendous power, except against organized angry mobs. As the economy worsens, censorship increases, and ethnic conflict burns, more mobs will organize financial attacks on institutions to punish them for perceived corruption and malevolence. If you’re going to join one of these swarms protect yourself by practicing good OpSec, such as using a pseudonym, using bitcoin to pay for services, and use encrypted communication channels.