The Bushido of Bitcoin with Aleks Svetski - WBD639

Aleks Svetski is an entrepreneur, author and Bitcoin advocate. In
this interview, we discuss his upcoming book “The Bushido of
Bitcoin”. We cover the negative impacts of wealth, how Bitcoiners
can mitigate such negative influences by becoming virtuous and
disciplined, and why famous warrior classes are examples to
follow.


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It seems like we’re entering another bull run. If it is sustained
and we enter another cycle, Bitcoin’s price appreciation will be
matched by reappraisals of the hyperbitcoinisation thesis. Can it
replace the role of stores of value? Can it become a new global
monetary reserve? Will it become a prevalent medium of exchange?


Whilst all these questions are important, there one area of
discussion doesn’t get adequately debated: what do Bitcoiners do
if and when their place within society becomes elevated? Material
personal benefits will be offset by newfound responsibilities. If
they are to be the flag bearers of the change Bitcoin promises,
how should Bitcoiners behave?


Aleks Svetski tackles this issue in his soon-to-be-released book
‘The Bushido of Bitcoin”. Bushido is the samurai moral code. The
word literally means “warrior way”. The samurai were Japanese
nobility, and Bushido adhered them to follow various virtues
(honour, honesty, self-control, loyalty, compassion, respect,
righteousness and courage). It has had a lasting impact on
Japanese culture.


The importance of Bushido in the modern context is that elites
now operate outside of any moral code. Post war liberal society
has developed a system of norms, where expected behaviours have
not been codified into law. Increasingly, elites have exploited
these norms: if it isn’t illegal, then it’s okay. The roots of
societal decay can be extrapolated from this situation.


What is needed is a new moral code. It could be argued that
Bitcoin maximalists have been developing such a moral framework
for Bitcoiners. But, it is important to take a step back and
understand the tenets of a moral code first before defining which
actions should be encouraged or discouraged. In essence, what
should the Bushido of Bitcoin be?