“A political machine of the greatest importance to the state,” said Alexander Hamilton.
Ten Million Dollars
Ten million dollars is a huge amount of money. Ten millions dollars in capital is an exorbitant amount of money; and in December 12, 1791 the first bank opened in the seat of the Federal Government at Carpenters’ Hall in Philadelphia. Primary investors were businessmen and lawyers extrinsically motivated by profit with the purpose to establish a flow of money and credit as well as strengthen the economic stability of the newly established country The United States of America. But, it started out as an experiment.
Known as the melting pot, The United States of America had immigrants from all over the world coming for a new beginning, a better life, and the chance of changing their social status with hard work, pursuit of liberty, and enjoyment of life. Alexander Hamilton was one of many who came to the United States of America and he was no stranger to struggle. The illegitimate son of a Scottish trader and a West Indies mother married to another man, Hamilton grew up as an orphan and worked as a trading clerk while writing articles ofra local newspaper until funds were raised for him to go to America to study.
A Strong Proponent
He studied at Kings College now Columbia University and wrote informational pamphlets. His writing mastery and military planning knowledge helped him to earn an influential position within the budding government structure. He rose to the status and title of Secretary of Treasury, Founding Father, and wrote at least 51 Federalist Papers defending the newly signed constitution.
Hamilton was a strong proponent in creating a financial system to provide lasting stability to the new nation, financial freedoms and success to empower the people, and create a system available to all. It was important to Hamilton, as it is to all bitcoiners, that the financial system provides lasting stability. Hamilton wanted to absolve the federal debt by retiring the old depreciated debts by borrowing new money at lower interest rates. His plan was a success with Americans repaying their debts and this in turn enthralled European investors to our shores. His experiment in creating a national bank drew international attention that created a widespread banking system across the new nation; invited shareholders to our shores; and instilled unity within the ranks of government and public alike.
Unity Among Followers
Bitcoin has instilled unity among its followers, often called bitcoin maximalists, bitcoins shareholders are those that stack continually and hodl; and has become widespread globally. The plebs though, we are the standing force of bitcoin maxis. We are united in strength and numbers; connected in our thoughts and by our nodes.
Bitcoin is the greatest experiment ever. Our grand experimenter, Satoshi Nakamoto, and his orchestration of mailing out the whitepaper to a group of contacts within his immediate virtual circle had far reaching effects on a global scale. There was no intitial investment like Hamilton’s but a cap was set at 21 million. The impace of Bitcoin has slowly begun to change economies all over the world. And, new uses for the network are enabled like the original ability to send peer-to-peer transactions; and now value4value. Both can be sent across the virtual world with low transaction fees and be received within minutes. This peer-to-peer network has propelled the digital banking, digital monetary growth, and economics in a different way than our founding fathers could have possibly imagined. The groundwork has been laid-out and plebs are building upon it; slowly but surely.
Bitcoin is the Innovation
Although Satoshi Nakamoto had no desire, that we know of, to eradicate debt or spur a revolution, Satoshi Nakamoto created an amazing piece of code and worked backwards to complete the whitepaper. Backwards was key for him just as it was Hamilton, they could both see the end result and work toward the origination of the solution, to step one. It all started as an experiment, with credit to Hashcash and b-money; Satoshi Nakamoto says in his email from October 2008:
“As computers get faster and the total computing power applied to creating bitcoins increases, the difficulty increases proportionally to keep the total new production constant. Thus, it is known in advance how many new bitcoins will be created every year in the future.”
And, they have gotten faster and more powerful thereby enabling the peer- to-peer concept that Bitcoin ingrained within the world that has been unyielding and unrelenting to those that have not been able to afford the costs of saving their money with a bank- think high overdraft fees, sending money fees (western union), minimum account balances, bounced checks, and stop payment fees on stop payment checks. The ability to transmit payments to people thousands of miles away and in different time zones Bitcoin has reached people in the most remote locations of Africa, become a legal currency in El Salvador, and authors have written books on its effects. The work Satoshi Nakamoto experimented with and ultimately unleashed into the world has broken the ground for a new experiment: Central Digital Bank Currencies.
According to the Bank for International Settlements, “central bank digital currencies (CBDCs) offered in digital form the unique advantages of central bank money: settlement finality, liquidity and integrity. They are an advanced representation of money for the digital economy.” However, what about the implications of CBDC’s in the financial sector and the ramifications for this old sector coupled with the fast paced changes happening in the digital space that bitcoin paved the way for. The biggest implication that will impede brick and mortar banks in making money as mentioned previously. Either way, we can all credit Satoshi Nakamoto for the creation of bitcoin and inspiring an onslaught of work within the virtual world, podcasting, financial sector, and affecting peoples thoughts, philosophies, and banding together to create sovereign individuals across the globe. An experiment that has played out perfectly; and as a maxi, a pleb, a bitcoiner, a true believer I hope it never stops. Bitcoin is the innovation that can change the world.