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Bitcoin is the new money

Bitcoin is new money while the dollar is old money. New money has a specific connotation among certain circles as being new rich or nouveau riche. The new rich is not necessarily accepted into the old order or old rich. The old rich are rich because of inheritance, and are multi-generational rich. Lineal wealth is more like nobility and it's vastly different from the wealth people earn on their own and thus it encompasses a different attitude.

The old money are typically associated with the associated with the old systems of wealth generation and often take on more conservative views. The old money crowd in many cases are fiscally conservative and this is to protect their multi-generational wealth structure. At the same time this family generated inheritance based structure can produce family oriented political structures as well, along with nepotism as the dark side of the old money lifestyle. There is no single political point of view that all of old money follow.

Why Bitcoin early adopters will become the Nouveau riche

The Nouveua rich or new rich are the new generations of rich who will rise up in the next 10 years. Every 10 years or so a new generation of millionaires and billionaires are generated. Bitcoin is going to generate many new millionaires and billionaires who will come to represent the new rich and newest part of the economic 1%. The attitudes of Bitcoiners and new rich are going to be very different from the attitudes of old money inheritance rich. New rich will not necessarily have the family structure built in. Many of the new rich will not have any idea what to do with the money either, because they've never been exposed to such money before. The new rich tend to spend a lot more on luxury and flaunt their wealth and this is something the old money crowd does not do. The old money crowd knows how to live rich and stay rich and one of the ways to stay rich is by hiding the fact that you're rich and not showing off. The other way to stay rich is through marriage, the old money typically marry people in the same station which means equally rich or at least in the same range. People who inherited millions tend to marry other millionaires for instance.

The main difference between the old money and the Nouveau rich are political and social connections

The old money rich are far more politically connected because they have been rich for generations. The political system can work in the advantage, traditional banking systems can favor the old money because the old money has the social connections to get first in line on the latest IPO's. The old money can exploit social connections so that their companies can have laws written to protect them or even to receive state contracts. Bitcoin favors the Nouveau rich rather than the old money traditional institutions and typically when people think of the 1% they are thinking of old money which somethings gets confused with the Nouveau rich.

Jay-Z and Beyonce are Nouveau rich for instance and are not a part of the 1%. Neither of them were born into wealth, and neither inherited millions of dollars. Bitcoin early adopters will become Nouveau rich, and will not have political protections, social connections, or traditional institutions to minimize the risks for them in the market. The Nouveau rich will have to face the risks due to the fact that for cryptocurrencies the market is more free and the higher the degree of freedom the greater the correlation is to risk.

High risk also provides the opportunities where just by being an early adopter some people will have the chance to become millionaires, just by hard work some early adopters may become billionaires, and these opportunities will never exist for these individuals in the traditional markets which are greatly under the influence of old money. The era of cryptofinance will change the economy as we know it and upset the political foundations

Cryptofinance offers opportunity and is a disruptive technology which could birth an entirely new industry. The cryptofinance industry could change the nature of finance forever. Cryptofinance is the ultimate end result of cryptocurrency. At some point sometime in the future there will be a changing of the guard and the new money or Nouveau rich will be making the rules of society. If they happen to be libertarian whether the left-libertarian variety or the right-libertarian variety it could change the power dynamic in a particular way. Society could become more socially liberal and less socially religious as the one thing in common between left-libertarian and right-libertarian is that on both sides of the libertarian coin there is a respect for civil liberties and the idea that government should not interfere with peoples personal lives. This could mean a push for a less intrusive more socially liberal government and it could mean a push for newer and better forms of government. Perhaps with the new guard we can consider more high tech solutions and fixes which move beyond cryptofinance.

The justice and political systems must evolve or we will build a giant prison for all instead of liberty and justice

The justice system and politics need evolving as well and could also benefit from advanced technology. Today we have a deeper understanding of crime, and are developing technologies which can literally read the brains of criminals to determine if they are lying (FMRI). We know now the the brain of a sociopath or psychopath is fundamentally different, and that punishment for crime does not work to prevent crime. Greater advances in neuroscience will change how we view criminals, crime, and persons. These changes at some point will have to be reflected within a new legal framework and a new theory of justice will have to be born which is based on neuroscience.

The prison system as we know it should be abolished. The prison industry should not exist and there should be no prison industrial complex. The reason there is a prison industrial complex is because society has it's priorities upside down. The social evolution of society is taking place much slower than the rate of technological progression. This is not going to get better as the rate of technological progression will continue to speed up and gain steam at an exponential rate which will so out pace the social rate of change that there will remain an anachronistic set of institutions which damage society.

Bitcoin | Politics


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