Esperanto is an international language, but do we need an international currency? At every congress, people come from many different countries to use a common language, but could they also use a common currency? Nowadays there is a massive growth in crypto-currencies like Bitcoin and that has me thinking. What if the Esperanto community had a currency? Continue reading “Imagine if Esperantists had our own currency”
I’ve noticed that some of my old articles about Bitcoin have been getting a lot of attention lately. I first started writing about Bitcoin back in 2013, when I considered it to be a bubble that would soon burst. When it did burst, I wrote about its flaws and figured that would be the end of the story. I mean after seeing people dramatically lose a lot of money extremely quickly, who else would want to jump in? After seeing a bubble collapse why would anyone want to repeat the process?
Yet as the price of Bitcoin soared to almost $20,000, I got an increasing number of “I told you so” and “Look who’s laughing now” comments. I was just a dumb statist shill who failed to recognise the glory of Bitcoin and missed my chance to get rich as a result of it. In fairness, I was wrong to predict that Bitcoin would fade away, I made the mistake of presuming people would learn from their mistakes and not be swindled by another bubble. As you can imagine, these comments quickly disappeared after the price crashed by three-quarters to $6,000. Funnily enough, my blog still gets shared on Bitcoin forums, however this time it is used to show that dramatic crashes are normal events, if Bitcoin can survive 2013 & 2014, it can survive 2018. There seems to be little consideration of the idea that massive price crashes shouldn’t be a normal feature of a currency or asset and wild volatility should be treated as a bug not a feature.
Since the collapse, the price has risen considerably and currently sits at around $10,000. Most of the discussion now focuses on which direction the price will go, will it rise again or face another crash? Did we just experience a market correction or the beginning of the end? Continue reading “Regardless Of Its Price, Bitcoin Is A Flawed Currency”
You don’t see many libertarian Esperantists. Well, you don’t see many political Esperantists, the language is strictly political neutral and aims to appeal to everyone regardless of political opinion. Even still, Esperantists are more likely to be left rather than right wing. It’s understandable why nationalists don’t like Esperanto, it’s a very un-nationalistic if not anti-nationalistic idea. Tearing down barriers between nationalities does not appeal to them and nationalists fear that Esperanto could undermine the national language and culture. However, I think there are several good reasons why Libertarians should like Esperanto.
The only times I’ve seen Libertarians mention Esperanto it’s been to dismiss it. They viewed it as artificial, as a top down attempt to force social change instead of a natural bottom up approach. I want to argue that this misperception of Esperanto is actually the reverse of reality. Esperanto is really the perfect example of natural bottom-up growth, whereas natural languages are top-down enforcement by the state. I’m not the only one, just last week I read an article (in Esperanto) arguing for Anarcho-Capitalism for Esperantists. Continue reading “Why Libertarians Should Like Esperanto”
For the last two years, I have been following the rocky road of Bitcoin, as it soared on the promise of revolutionary change and collapsed in a fog of fraud and bad economics. After losing almost 85% of its value in the last twelve months, plunging from $1,200 to $200, has bitcoin finally reached the end of the road? Does it have any chance of recovering or is it destined to simply fade away? Continue reading “The End Of Bitcoin”
Like a movie sequel bitcoin has blasted its way back into the news after being presumed finished after its dramatic crash last April. Like the Death Star it has returned in the exact same way as before and has re-ignited the debate over the value of an uncontrolled currency. As I write this bitcoin is hovering around the price of $450 and it will probably reach $500 soon enough. Its return has surprised commentators (such as myself) who had presumed the currency was done for. Unfortunately, like the Death Star, it has the exact same flaw that will undo it as before. Bitcoin is soaring high at the moment, but it is only a matter of time before it crashes. Continue reading “The Return Of Bitcoin”
Well it has finally happened. We looked at those charts of ever rising price of bitcoin and said this cannot last, and it hasn’t. The bitcoin bubble has finally peaked and now all that is left is to watch its steady and inexorable decline. But this post will not simply be full of smug gloating (though I see no reason why there shouldn’t be at least a little bit of smugness). You see, the crash of bitcoin mirrors other financial crashes and gives us an opportunity to draw some conclusions. It is best to view bitcoin as a giant experiment of how an economy would operate without a central bank. Continue reading “The Bitcoin Bubble Has Burst”
There’s this new idea that plans to revolutionise money. It’s called bitcoin and aims to be an online currency to replace the real thing. Unlike printed money, it is not controlled by any central bank or government and prides itself on its lack of rules and regulations. Its proponents see it as a 21st century version of the gold standard and it has been enthusiastically endorsed by libertarians and anarchists around the globe as its price sky rockets. However, it is in reality a giant internet bubble based primarily on speculation that will inevitably crash. It is open to abuse, hacking and is no more trust worthy than the government. It is an economic calamity and trapped in hyper deflation death spiral. It can teach us a lot about how currencies work, and just as importantly, why some don’t. Continue reading “The Great Bitcoin Bubble”