Tweets from Yago
1/ Why do people treat #Bitcoin with such awe. Magic internet money is revolutionary, foundational tech? Really?!? Absolutely!
2/ The last few hundred years have seen unprecedented human progress: innovation, prosperity, poverty reduction. Progress wasn’t a thing until very recently. Why?
3/ It’s strange that such an important question is rarely asked and even more rarely answered.
4/ The answer is that a concept we take for granted was invented in the 17th century.
5/ In England “property” came to have a legal definition in the 17th century. Private property defined as property owned by commercial entities was invented.
6/ The invention of private property meant that people could, for the first time, invest in the future and know that they would benefit from their effort.
7/ Suddenly the incentives for effort and creativity were unlocked. Progress was gamified.
8/ The US became the most prosperous place in history because it married a new frontier with property rights for the first time.
9/ A few decades ago we discovered the first new frontier since the Americas: Cyberspace.
10/ However, in cyberspace there was no concept of property rights. “Information wants to be free”. And so everything was free and nothing had value.
11/ Inevitability the internet degraded into feudal fiefdoms, as has always happened before in history – in the absence of property rights.
12/ Then along came #Bitcoin and showed how the concept of property rights could be applied to the digital realm.
13/ #Bitcoin showed how to create property rights without borders and without the threat of violence- since neither exist in cyberspace.
14/ For only the second time in Human history, we have a new frontier married with the technology of property rights. Only this time, the frontier is infinite.
15/ For humanity it’s a massive Achievement Unlocked moment. The opportunity to connect all of humanity, even those in backwards regimes, with access to both property rights and an infinite frontier.
16/ This is a foundational tech and social revolution- because, like the 17’th Century, it will enable and incentivise all the other inventive prosperity we are about to create together.
17/ People like to say “blockchain is where the internet was in 1996”, or whatever. I say humanity is where we were in 1700.
End/ #Bitcoin will enable the greatest creation of wealth in human history. Simply because it gives ever human being the ability to own the consequences of their efforts. Simple. Fundamental. #StaySovryn