A group of Bitcoin supporters argued at a big conference in Miami on Saturday that Bitcoin’s success is a moral obligation.
They claimed at a panel titled “The Moral Case for Bitcoin” that Bitcoin is far from a get-rich-quick scheme since it protects property rights and overturns state monopoly on violence.
The panel, which included a mix of developers and CEOs, highlighted a branch of libertarian philosophy that emphasizes “self-ownership” as philosophical proof. One participant, Bitcoin engineer Jimmy Song, stated, “The thing that violates property rights is theft, and the current system is a cesspool of theft.”
American money, according to Robert Breedlove, CEO of investing firm Parallax Digital, is unethical. Inflationary fiat currencies, according to Breedlove, deplete the worth of their holders over time, which is a sort of property theft. “Bitcoin is the first property right that exists independently of monopoly on violence,” Breedlove asserted.
Bitcoin mining is bad for the environment and consumes electricity; Bitcoin’s wealth distribution is unequal; Bitcoin enables unlawful marketplaces; and Bitcoin shills lure naive investors into extremely volatile investments, to name a few plausible counterarguments. Many of the same arguments can be used for fiat currencies as well.
In 2018, Tobey Scharding, a professor at Rutgers Business School, used Johann Gottlieb Fichte’s 19th-century account of ethical currencies to construct a moral argument against Bitcoin. In a 2018 interview with Rutgers, Scharding explained ” Bitcoin is a volatile currency, hence it isn’t an ethical currency.
Perhaps there’s a convincing counter-argument to that viewpoint. Bitcoin 2021, on the other hand, is a conference for and about Bitcoiners: the panel was preaching to the choir.