Ecologists should embrace Bitcoin

Nary a peep from the left has been uttered about Bitcoin amongst all the ink spilled recently covering the emergence of this revolutionary crypto currency. Why?

Sure, there’s been some knee-jerk criticism from the uninformed luvvies that dominant the Guardian and that’s to be expected. Liberals are more interested in scoring marks for snark to brag about at Whole Foods rather than drilling down into hard core data and actual economics. Grants, ‘Genius Grants,’ subsidies and love fests at Ted conferences is what sustains these intellectual heavyweights so don’t expect any actual worthwhile analysis involving hard numbers.

So let me do their work for them, as I have done many times in the past; in explaining why the organic, tree hugging, morally superior ‘Friends of the Earth’ should get past their self actualization for a minute and take a closer look at Bitcoin.

Because it’s outside the banking system, it does not feed the bankers who are draining capital out of society and paying themselves huge bonuses doing it. In the UK for example, for every £1 saved on mortgages and other credit instruments thanks to ‘Quantitative Easing’ and other gifts to bankers, £3 is confiscated from savers in interest bearing instruments, pensions and alike (£210bn in total). With Bitcoin this channeling of wealth from people who work hard and save -  to speculators - who borrow, gamble and lose - and hold the government hostage is not possible.

Another issue luvvies are concerned about, and rightly so is privacy. Governments and corporations have now signed deals, like the one America’s NSA just signed with banking lobbyists to allow snoops to ‘drag net’ all financial data from you they want at any time for any reason. For those whose thoughts turn to Cyprus right now, you’re right in what you’re thinking. The primary reason the NSA wants this is for confiscation: again, to pay predatory bankers’ bonuses. Bitcoin eliminates this risk. It's cryptologic nature protects you.

Finally, Bitcoin’s supply is limited. The last Bitcoin is set to mined in 2140. This is important for ecologists who press for greater efficiencies and less waste in economies. Energy suppliers, for example, would be forced to innovate and come up with better technology to increase profits then to simply lobby the government for handouts or start wars occasionally to create artificial demand for their services.

Bitcoin is the ecologist’s friend when looked at as part of the financial ecology. Unfortunately most ecologists are too busy protecting the Earth and seas to stop for a moment and think about protecting the financial ecology from the ravages of fiat money, fractional reserve banking and rogue central banks.

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT.