- No Glory in the Dollar: The Promise of Bitcoin -

By FINA 22 February 2015

Retrospection is the new orthodoxy; replacing money, God and country which the networked world has altered. Without meaning, retro has become a culture which doesn't draw on the past, it wants to be the past. 

Time for a Break in Tradition

The physics of retro are self-defeating: time is an inexorable progression of build-up and breakthroughs in knowledge and science, the consequence being lifestyle change.

As the creative mind moves with these changes it produces new Art and fashion. Aspiring to yesterday cannot make anything new: retro cannot be original. It cannot create Art. Money looking for Art is going to find it more difficult in the new orthodoxy; real Art looking for money isn't going to find it in the dollar.

No Glory in the Dollar

The world's primary currency is like any other: a promise underpinned by Government and Central Banks. Through history money has been issued by those in power, becoming synonymous with power: witness the rise of the fee hungry financial intermediary who places a premium on trust.

The global financial difficulties of 2008 were a result of a breakdown in this trust, producing subsequent money printing programmes. The result a move toward zero and even sub zero interest rates, less than the cost of living. 

This is a fundamental change to habits of thrift promoted by the old order. The weight of money, the weight of God, the weight of Country have become too heavy to support themselves and make good on their word.

The Bitcoin Culture

Bitcoin can be spoken of as a currency; spoken of as a technology; but to become accepted Bitcoin needs to move beyond a definition of itself.

Bitcoin is a payment protocol underpinned by cryptography of a decentralized payment ledger (called the Blockchain). It does not need financial intermediaries or Government to deliver its promise: it works by computer code authenticating transactions.

This is a move away from the global money flows where the Banks are central. It is also a move away from the fee taking intermediary and also a move away from the homogenizing dollar habit; a move away from reliance on the authority and morality the dollar leverages. This is peer-to-peer. We no longer need to deal with the Bank, deal with God, deal with the Government. Bitcoin does not recognise national boundaries and does not need to know individual identity.

We are not going to reach a revolutionary point with Bitcoin, we are continually in revolutions of realisation: the promise of cryptocurrency is it brings us face to face with our soul. The Art created in this period will be defined by its creativity and originality that is not reproducing the past. It will be defined by its liquidity as the latent heat of transformation begins to glow.

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