Is Bitcoin Racist?
I am belabouring this point ad nauseum because Golumbia doubles down on his premise later in the book when he states that:
“Nakamoto seems not to have realized that his belief that Bitcoin would be immune to “debasement” was based on a flawed monetarist definition of inflation”
But as we’ve seen, it is not the definition of inflation that is flawed, it is Golumbia’s attempt to rationalize it. Profoundly so.
Wikileaks is illegal
Golumbia then tries to build a case depicting how Bitcoin is used to undermine the legitimate authority of the government by recounting it’s role in helping Wikileaks circumvent a blockade against its payment processors in 2010 (my company, easyDNS, was tangentially pulled into the blockade when Wikileaks’ DNS provider, Dynect, succumbed to pressure to yank the Wikileaks website offline and we ended up helping Wikileaks get a few of their sites back up.)
Widespread interest in Bitcoin first emerged from its utility as a means to bypass the “WikiLeaks blockade.” Bitcoin made it possible for individuals to donate to WikiLeaks despite it being a violation of U.S. law to do so.
The accusation here is that Bitcoin helped subvert the law. The only problem here is that it isn’t a violation of U.S law to donate to Wikileaks and it never has been.
When U.S politicians and institutions pressured private companies to sever relationships with their customers and then commended them for “breaking their contract” with Wikileaks (exact words of Senator Lieberman) , they were applauding behaviour which should normally get you sued in a court of law.
The fact is, there has never been a single legal finding or decision against Wikileaks in any jurisdiction. The closest thing one can find to one is when the Icelandic Supreme Court ruled in favour of Wikileaks and against Mastercard subsidiary Valitor. Finding that Valitor had illegally terminated their contract with Wikileaks when they blockaded their donations, the court fined them $6,000USD per day of the blockade.
In light of the actual facts, who acted illegitimately? The members and institutions of the US Government? Or those using Bitcoin to circumvent a extrajudicial financial blockade to make perfectly legal donations using their own money?