Key facts:
According to Song, outside of bitcoin “there is no other form of currency that allows value protection”.
For him, bitcoin is contributing to making our civilization better and “more moral”.
“If you’re interested in protecting individual rights, then bitcoin is what we have to look for and fiat money has to be destroyed,” said Jimmy Song during his participation in the last day of LaBitConf 2020, on December 11. There , he compared the first cryptocurrency with other financial assets and explained the reasons why he considers it superior.
An animated three-dimensional version of this developer took the virtual stage of the Latin American conference. His presentation was titled “The Moral Argument for Bitcoin.”
“Bitcoin provides us with protection for individual rights, something that most governments are slowly letting go of,” Song said. He added that “the world is becoming more and more powerful” and that “the people in power, both radical and conservative, are serving an elitist view rather than defending individual liberty.”
This famous Korean-American populist devoted much of his exhibition to show the differences between bitcoin and fiat money, that is, the one that is issued by the United States and is legal tender (euro and dollar are examples).
“Fiat money is clearly centralized and controlled by a powerful central entity like the Federal Reserve; on the other hand, bitcoin is devolved and each individual can share power by having their own goal, ”he said.
Song, author of two books on bitcoin, also mentioned that “fiat money can be depreciated at will, which gives governments the money to finance their elite vision.” He added that this kind of money “allows governments to impose taxes without the consent of their people.” In contrast, he noted that “bitcoin returns power to individuals by not allowing hidden taxes and respecting individual liberties.”
On this issue, Song had said in an interview with CriptoNoticias during LaBitConf 2019 that “outside of bitcoin,” there is no other form of currency that allows its users to protect value. ”
“Fiat money is a zero-sum game where the state benefits from the expense of individuals,” the speaker mentioned and distinguished it from bitcoin, which “offers a positive amount” because, as he said, “only people will change it. adds value ».
For all these reasons, this bitcoin maximist thinks that the first cryptocurrency is “a tool to protect individual freedom and, therefore, it is the best option.” Even because he believes it cannot be confiscated , Song says it’s a better store of value than gold.
Bitcoin, a means for a “more moral” civilization
In his presentation, this professor at the University of Texas referred to the four cardinal virtues expressed by Plato: prudence, temperance, justice and courage. For him, bitcoin is a means to fulfill these ideals so “it not only makes our civilization better, but also more moral.”
“Prudence is what we call bitcoin to be low timely options, which would be to plan for the future,” the developer said. In contrast, he said that “fiat money is the opposite and can be seen in the huge debts that everyone has.”
Jimmy Song believes that bitcoin contributes to a better and “more moral” civilization. Source: LaBitConf2020.
By saying “low time options,” he referred to reducing existing expenses to benefit the asset’s future valuation. This is happening with bitcoin, but not with US currency as they are all inflationary.
In terms of temperance, this educator mentioned that “fiat money encourages consumption, so individuals are not encouraged to learn to control themselves.” “This produces many things, from materialism to obesity and addiction,” he added. Instead, he considers that “bitcoin is the opposite and makes people save and be modest in what they eat.”
The developer is convinced that bitcoin is “much fairer” than the currency issued by states, “because it is a free market and a merit.”
Finally, Song noted that strength, which he defines as “being brave or having courage,” is found in bitcoin means to venture, Unlike fiat money, which, he says, “encourages rent seeking.”
All of the above, for Song, suggests that bitcoin is aligned with natural law, that is, “the idea that we have rights and that it is wrong for someone to violate them, even if the government does.” It differs from positivism which he summed up as “the idea that government gives individuals certain rights and that government is the center of what an individual can or cannot do.”