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Prominent Nobel Prize Winning Economist Called for Cryptocurrency In 1999

Published: January 5, 2018
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Preface: Cryptocurrencies may be in a speculative bubble. And they may be taken over by people trying to push a corrupt agenda.

But even so, the genesis of the idea for crypto was one of freedom from government oppression.

Milton Friedman, the Nobel Prize winning economist who is often called the most prominent economist of the last 50 years, said in an 1999 interview:

I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed is a reliable e-cash.

Something strange is going on in the financial system. And according to The Wall Street Journal, it’s causing some investors to move massive amounts of money out of the banking system.

The creator of Bitcoin, the original cryptocurrency, also had freedom from government interference in mind.

In 2008 , in response to a poster stating “You will not find a solution to political problems in cryptography”, he wrote :

Yes, but we can win a major battle in the arms race and gain a new territory of  freedom for several years.

Governments are good at cutting off the heads of a centrally controlled  networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.

And in the very first block of Bitcoin (the “Genesis” block) he encloded the following message:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

What does this have to do with freedom?

Government bailout of banks which got in trouble due to their pervasive fraud is the opposite of freedom; it is fascism,  socialism for the rich or cronyism. And see this.

The bailouts have also allowed the big banks to take over our democratic process … at the expense of the majority.

And given that governments and big banks are launching a “war on cash” which would reduce our freedom, it isn’t surprising that people are looking for alternatives.

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