Preamble
What follows is a document co-authored by several contributors to Bitcoin Magazine and proud members of the Bitcoin community.
While many people believe that money has always exclusively been a creation of government, this is untrue. There have been many periods throughout history where governments were not the custodians of the money supply. Unfortunately, today almost every nation employs a central bank that has a monopoly on what currency is allowed to be used within their domain.
The original signatories to this document believe that central banks and governments throughout the world have abused their exorbitant privilege of printing money. This document proposes a new way of doing things.
We are not calling for an end to the U.S. dollar or any other fiat currency — we are asking to bring an end to monopoly money in every country. Give citizens a choice.
Let market forces and participants decide if they want this new form of “magic internet money” that is based on rules, not rulers. Bitcoin benefits the entire planet. Those who sign believe bitcoin is a peaceful revolution that favors the billions, not billionaires. We urge you to read it and sign it if you are so inspired.
When in the course of human events, it becomes necessary for one people to dissolve the monetary bonds which have enslaved them to a fiat system of government decree and to assume complete sovereignty over their own monetary freedom, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to this dissolution.
- Central Banks have abused their privilege of printing money.
- Each monetary unit printed debases the existing monetary supply.
- The printing of these units is a form of theft or hidden tax.
- The printing of these units are exclusionary and confer privilege on those closest to the central bank — Cantillon effect.
- Many American Founding Fathers were staunchly opposed to central banks and the type of power governments have today.
- The internet has made it easy for governments to control and surveil its citizens for minimal cost and without our knowledge.
- Allowing the few to distort price signals utilized by the many is more akin to communism than capitalism.
- These units make price discovery and free markets impossible, thus disrupting the ability of consumers to make relevant economic decisions.
- These units are a poor medium for storing our value, life force and essence of our labor over time.
- These units enable the financing of endless wars and conflict without representative public support.
- These units are created from debt and have led to unsustainable levels of government, corporate and individual debt.
- These units are poor mediums for conservation of energy and negatively impact the environment.
- These units disincentivize the use of inexpensive, abundant and renewable energy.
- These units induce inequality, poverty and wealth disparity.
- These units move value too slowly across international borders in a globalized, digital age.
- These units were once backed by hard assets like gold and silver but are now backed only by empty promises.
- These units are forced upon citizens without any alternative constituting a monopoly on the medium of exchange.
- These units have been weaponized to sow the seeds of hatred and division around the world.
- These units are manipulated by a ruling class whose incentives are not aligned with the best interests of the governed.
- The current monetary policy encourages infinite consumption and growth on a finite planet.
- The current monetary policy leads to bailouts, bail-ins and socialized losses.
- The current monetary policy fosters a misallocation of capital.
- The current monetary policy leads to financial repression and excessive government.
- The current monetary policy leads to authoritarian rule and crony capitalism.
- The current monetary policy enslaves the human spirit and stifles technological innovation.
- The current monetary policy encourages and incentivizes short-term thinking (a high time preference) over long-term thinking (a low time preference).
- The U.S. dollar ($USD), held as world reserve currency, has been used to destabilize other national currencies.
And so, as of January 3, 2009, there came into existence a monetary asset and monetary protocol that separated money from state and it holds these properties:
- This monetary network, known as Bitcoin, is capped at 21,000,000 units.
- This monetary network is decentralized and allows anyone to verify the integrity of the unit ownership and transfer.
- Each unit is divisible into 100,000,000 pieces called satoshis.
- That anyone, without permission, can own a subunit as small as one satoshi.
- The Bitcoin Protocol / Lightning Network Protocol (LNP/BP) is the first native monetary layer of the internet.
- This monetary network is not controlled by and does not favor any government.
- This monetary network is a provably and verifiably scarce digital asset.
- Each security node (miner) in the network is incentivized to find the cheapest, most abundant energy sources on the planet.
- This monetary network uses a timechain mechanism and proof of work to verify transactions and create new units.
- This monetary network reaches ownership consensus approximately every 10 minutes and validates every transaction dating back to the Genesis Block on January 3, 2009.
- This monetary network is backed by the largest, most secure single-use computer network in history.
- This monetary network has had a historic 99.98% uptime and is the only monetary network of its size that has never been hacked or compromised.
- This monetary network is an embodiment of American founding principles with regard to individual freedoms, private property and human rights.
- This monetary network treats all participants the same.
- This monetary network is in a constant state of price discovery.
- This monetary network is based on consensus rules, math and cryptography; not by the subjectivity of rulers, power and preference.
- This monetary network is based on software that is free and open source.
- This monetary network is able to move value across space and time with minimal loss of energy and at low cost.
- This monetary network is accessible to anyone with an internet connection.
- This monetary network contains no barriers to entry for the masses — permissionless.
- This monetary network revived the time-honored freedom of saving as a wealth accumulation strategy, regardless of race, creed or nationality.
- This monetary network prioritizes safety and security.
- This monetary network rewards those actors who secure the network and incurs significant costliness to would-be bad actors.
- This monetary network is able to efficiently store value created from your labor and life force.
- This monetary network enables a new store of value vehicle and settlement technology for billions of unbanked and persecuted people worldwide.
- This monetary network disincentivizes financially oppressive state policies.
- This monetary network utilizes unforgeable costliness to reach global consensus without relying on a central authority.
- This monetary network disincentivizes the barbaric use of physical, political and economic coercion as a means of conflict resolution.
- This monetary network promotes freedom, cooperation and working toward mutual benefit, providing a path for Peace.
Therefore, in full consideration of the above, we urge all citizens of Earth who value freedom and property rights to adopt Bitcoin as an insurance policy against central bank and government overreach.
Signed this 31st day of October, in the year 2021 [Block height 707575].
Whether buying a few satoshis, starting a business or running a node, the Bitcoin Network is directly impacted by your decisions.
We call upon all participants of the Bitcoin community, if it is safe for you to do so, to sign your name in support of this document. The beauty of this decentralized network is that it operates on willful cooperation. In the same manner as this document, it is not a contractual memorandum of understanding or agreement. You may contest or disagree with some elements and that is expected.
Our goal is for outreach and empowerment through time, space and perspective. If there is even one thing agreeable to you in this document, for the sake of a show of strength and solidarity, provide your written support.
Let the world know that we are here, we are many and we are united!