The COVID-19 pandemic and the global response to it has fundamentally reshaped the global economy. Widespread shutdowns across the world’s major economies have stretched the monetary system like never before, leading to fresh pressures on fiat currency and the money supply.
In “End Game: Restoring Faith, Trust & Function,” Bitstocks CEO and founder Michael Hudson gives his take on the role of Bitcoin in the global rebuilding effort, and how the tectonic shifts in global governance and economics since early 2020 could help usher in the digital currency age.
“End Game” is the last of the Bitstocks Sight Series, and in it, Hudson said it is no use to just shout about problems and inequalities in the system. There’s a need to identify the challenges, but also where the solutions lie, and how they can be delivered by crypto. That is what is required to restore faith, trust and function in humanity.
NEW Bitstocks Sight, the final episode, out now!
— Bitstocks (@Bitstocks_) March 26, 2021
Hudson said that despite the initial idyllic view of the Internet as a forum for free sharing of information, centralization has led to a more limited environment. Twitter is censored, as is YouTube, Facebook and all its owned platforms, and just about everywhere else online. According to Hudson, finding the space to express freedoms and opinions online has become increasingly difficult.
Even alternative sites like Parler, which claim to offer such a safe space for opinions, fall short. Parler was powered by AWS servers, and therefore subject to the censorship of Amazon, who subsequently pulled support.
Hudson describes how the Bitcoin and digital currency space has had the same corruption and manipulation in it as the Internet—it is not immune from the challenges and limitations that are already undermining the ethos of the online environment.
For the last 12 years, the digital currency space has been fixated with profit chasing, and a notion that Hudson says is fundamentally false—that Bitcoin is digital gold.
“We’re about to go through a baptism of fire, but that I believe over the next coming year will put to bed the misunderstanding as to what the true power of blockchain tech is.”
Hudson said the terminology around ‘blockchain’ should be replaced with ‘time chain’ terminology, because time is order in chaos.
Time gives meaning. For any event that took place, bitcoin is a timestamp ledger—it digitizes something fundamentally archaic, like a piece of paper, but makes it public. The whole world can bear witness—but only those who have access to the ink can create new records. That is the limitation of utility Hudson sees in blockchain in its current form.
Rather than a store of value like digital gold, Bitcoin is valuable because it allows an environment that is truly decentralized, where the whole of humanity is fully liberated to write, read and build, without requesting permission from any central authority.
According to Hudson, bitcoin is about democratizing, giving every individual on the planet the same access to the world of information, without any of the ills that have come to pollute the Internet.
Blockchain is a tool that is only bound by the limits of human consciousness, and the change the world needs to move forward in rebuilding a new global economic landscape. Summed up by Hudson as “the rebirth of the Internet,” it is poised to fundamentally change the world we live in, and for the better, as countries rebuild from the damage of the pandemic.
Hudson’s video is the last in the Bitstocks Sight series, which looks at bitcoin and the role of blockchain technology in shaping the information and data systems of tomorrow. Watch it here:
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.