Cryptocurrency Should Be a Bankers’ Worst Nightmare: Cryptocurrency Manifesto

 Cryptocurrency was built to launch humankind into the 21st century. Ever since groups of humans started making contact with each other, trade emerged. In the early stages, different human tribes would travel large distances to meet and exchange women and men for mating purposes. When we progressed into the agricultural age, trade became more flourishing and required more cooperation. Once mankind started trading with ships, the cost of travelling went down drastically. With maritime trade, the possibility to move large quantities at a lower cost emerged under the umbrella of globalization. It brought us fiat money. Although tightening the grip of hierarchical [authority based] powers, fiat money advanced trade. Trade credit was now not merely based on value of commodity, but credit value was being determined by order and law creating value out of thin air. At this point, the accumulated gold reserves by state actors still played a role in the credibility of created value.  

When I bought my first cryptocurrency it created a sense of ‘being free’, it felt like receiving a large amount of respect and value. As I now was not facing a powerful vertical hierarchical chain, which rewards me when being its cuddly pet and punishes me when I don’t follow its rules. But instead, I was now participating in a horizontal hierarchical chain, a network in which everybody has the same amount of authority. A blockchain that is based on the principles of solidarity.    

Unfortunately, this feeling went away once I entered trading platforms and met crypto-millionaires online. It was of sound that we were just replacing one broken system with another broken one. Speculations, pumping, dumping, absurd investments in ICO’s, an unhealthy distribution of wealth and people chasing their greed even more. This feeling became stronger when I talked to a banker friend, who told me everybody who works at the bank is checking their mobile phone constantly. As they all have investments in cryptocurrency now. How could it be, that cryptocurrency, which was supposed to set us free from the traditional financial systems that don’t work, was now replicating it? How could it be, that cryptocurrency, which is supposed to be a bankers and traders worst nightmare, was becoming his dearest volatile friend? How could it be, that value of cryptocurrency is still derived from the broken system it is trying to replace? How could cryptocurrency become one big circus casino? Who allowed this to happen?      

I could not answer all these questions. Nor could I find some kind of manifesto. But I think there should be one, a clear vision of where we as a community want to head. Do we want to create a system that works, and is a true alternative to all world problems? Or are we interested in feeding our greed?        �