As it is an engineering blog it is only appropriate to also include in it newest so-call financial engineering products and services especially when they are being peddled to broader audience and not just to specific IT/Fintech Astroturf.
One such product or rather concept is a concept of Bitcoin (moniker: BTC) that is being pushed as a form of digital crypto-money (cryptocurrency) supposedly with a novel/innovative 21st century characteristic namely: no bank or any concentrated dedicated intermediary needed.
Although you can read about Bitcoin in Wikipedia and still I encourage you to do so, you will find there a bunch of obfuscations, simplifications and lots of tautologies, Astroturf hype and particular interests, peddled there and elsewhere like on a the Bitcoin Foundation website [I will include some links later in the post] it is of utmost importance to cut through most of this promotional bullshit only misleading newcomers to the subject as to what primarily Bitcoin is all about and what and whose interest it really serves.
When in the early fifties during one of the UNESCO sponsored conferences some voices from Europe and Asia began to raise previously unidentified issue, a threat of so-called demographic bomb with destructive potential exceeding that of thousands of nuclear weapons. A call for action was largely ignored by the world ruling elites basking in its economic success on the ruins of WWII and happily choking on smoke of their greatness. Proponents of urgent action argued that within several decades, the trajectory of exponential growth of the world population would have been unsupportable even by the entire world’s natural resources.
In old good days when American working people were not allowed to be unhappy American government with tacit approval from power elites made sure that all were busy doing something that would make them unlikely to contemplate what was actually going on in their country, namely fusion of state with capital in unprecedented scale, effects we are experiencing now.
When 1789 thousands of poor and angry Parisians stormed abhorrent prison of Bastille, symbol of totalitarian regime of King Louis XVI, they were not only demanding liberty, fraternity or death but also slew of reforms which would bring up-to-date archaic legal system into contemporary political and economic reality. One of those demands was to abolish trade, legal, medical and artisan guilds. But why French revolutionaries, would have supported such a move. Surprisingly, their argumentation and motivation seems to bear eerie similarity to today’s harsh critics of guilds and their role in modern society. So let’s examine what guilds are guilty of?