What Does Bitcoin Actually Fix with George Kaloudis - WBD628

George Kaloudis is a senior research analyst and columnist for
CoinDesk. In this interview, we discuss the validity of Bitcoin
ideology. Can it replace governments? Does it promote
individualism? Is Bitcoin’s distribution fair? Can Bitcoin fix
the world? We unpick popular Bitcoin maxims to sift genuine
slogans of change from the hyperbolic froth.


- - - -


Bitcoin maxims are powerful, persuasive and effective: “vires in
numeris”, “don’t trust, verify”, “not your keys, not your coins”.
These slogans have been the maximalist rallying cries used to
champion and defend sound investment principles through many
cycles. They have been, are, and will continue to be the bedrock
supporting Bitcoin’s ongoing resilience. Meme theory works.


However, there are some maximalist mantras that are
counterproductive. The “Bitcoin fixes this” slogan is perhaps the
one that is more lazily applied than any other. Bitcoiners know
that the genius of its design is that it can rectify
long-standing weaknesses within the current fiat system. It can
make banking fairer for all. Bitcoin, therefore, has the power to
fix a lot within our society. But, it does not fix everything.
Far from it.


The problem is that “Bitcoin fixes this” has been applied to all
manner of issues, which are manifestly not fixed by the presence
of Bitcoin. This causes the power of the original slogan to wane,
and, calls people to question the validity of other maximalist
propositions. Rather than act as an effective rallying cry, this
slogan has become a signpost of hyperbolic froth.


It is therefore productive to go back to first principles and
query what it is that Bitcoin actually fixes, or, helps to fix.
And then, question the other assumptions that people make about
Bitcoin. Whilst Bitcoin has tremendous potential to help create a
new and fairer system, real change still requires human agency.
Bitcoin will fix very little unless we all learn to work,
interact and collaborate in new and sustainable ways. Bitcoin
helps us fix this.