Blockchain Programmer Jimmy Song Says Bitcoin Will Improve Society More Than Government
Jimmy Song, a well-known Bitcoin Core developer, discussed with Chedder why Bitcoin would improve civilization more than compared to governments, NGOs, and charity.
Song first introduced the fiat system and claimed that a great deal of money goes to large government and businesses. According to him, such practices occur because bigwigs have early access to inflated funds. Further, bitcoin gives people a sense of ownership over “their own stuff” because they can self-govern their money. Additionally, bitcoin cannot be confiscated by anyone, including the government.
He mentioned people,
“start planning on a long term level. And the playing field is much more level than the system we have today, which is made mostly to benefit large institutions, banks, governments, large companies that can get really low interest rates and so on.”
However, when it comes to bitcoin, there are a lot of people who have access to long-term wealth and such is not feasible because it is inflated. Song continued that this leads to entrepreneurship production, which then builds civilization and why he thinks bitcoin would do more good for development than government programs.
A Twitter user, Czmon Baranwoski stated:
“He is right. We see first signs of another stock market bubble crash and monetarists, bankers are already attacking BTC like it would be a dangerous for them alternative for people now.”
Song also discussed bitcoin’s proof-of-work and its importance, stating,
“[I]n order to have real scarcity, real money transaction that is very difficult to roll back and screw people over on, to not double spend, you need something that is very difficult to reverse. Now, the difficulty of that reversal is directly proportional to how much proof-of-work went into it or how much energy was extended to create it.”
He also continued that the idea of proof-of-work is securing the entire ledger and all transactions that have happened on bitcoin. Reducing proof of work may reduce the security of the ledger.