July 6, 2020
During the Roman Empire, Emperors would tinker with the money supply through a process called “coin clipping.” They would collect coins from their people and mint them into newer coins with less gold or silver content, for profit. Eventually, too many coins existed, which devalued their worth and made it difficult for Roman citizens to survive. Thus began the fall of the Roman Empire.
It would be wise to go back in time and learn from the money mistakes made by one the greatest empires of history. Only in this way, will we avoid repeating their same downfall. “Those who cannot remember the past are condemned to repeat it.” Philosopher, George Santayana.
Gold and silver coins during the Roman Republic
Coin clipping during the Roman Empire
“Coin clipping reduced the aureus’s real value, increasing the money supply, allowing the emperor to continue imprudent overspending, but eventually resulting in inflation and economic crises, which the misguided emperors would attempt to ameliorate via further coin clipping.” Saifedean Ammous
The Fall Of The Roman Empire
With currency becoming worthless, increasing inflation and taxation due to the Emperor’s over spendings, it was becoming impossible for people to survive as they were. People began fleeing to empty lands where they could at least have a chance of living in self-sufficiency and where they could be spared from having to pay high taxes on no substantial wages. Citizens of the Empire went from having wealth and being part of history’s greatest empire to now becoming serfs living under their feudal lords (serfs were agricultural labourers working on their lord’s estates). The Empire crumbled under the weight of its own recklessness.
Bitcoin Is The People’s Money
Because our monetary system has been in place for so long, it is almost intrinsically impossible for the majority of people to imagine an alternative system. One where currency is not managed, manipulated, or owned by our governments. Bitcoin offers this possibility because it is digital currency that is not owned by a central power. It is scarce and resistant to hyper inflation. And what this means is that it protects the people’s wealth against losing value. In other words, Bitcoin takes economic power and liberty away from governments and puts it back into the people’s hands, helping to avoid the same fate of the Roman people.
“This is why in a world, in a future, where we will have state money, we will have corporate money, Bitcoin is more like the people’s money. It is a way out. It is an alternative. If Bitcoin thrives, humans will have a money that can’t be censored by authorities, that can’t be devalued by governments, that can’t be monopolized by corporations, that can’t be easily mass surveyed, it can’t be stopped by borders and that can be accessed by anyone. And that’s why Bitcoin matters for human rights.” – Human Rights Foundation
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