Is Bitcoin Racist?

The crypto-currencies that successfully create a governance structure around their ecosystems will succeed, those that don’t won’t. There is a very specific Achilles Heel to the current crypto space and I’ll be writing about it next time in my final Bitcoin piece before I return to the core mission of Guerrilla Capitalism (which is how the small to medium sized business can successfully compete with 800lb gorillas within a wave of centralization and consolidation).

Golumbia however, seems to be playing his role within this debate along well known and easily anticipated lines. A self-described “nocoiner” and “Lawful Good Elitist Priest class” brings the obvious historical parallels to mind:


“Vested Interests

One vivid historical account of the tensions over innovation is illustrated by the case of the Luddites in England. In fact, concerns about mechanization predates the Luddites. The popular narrative portrays Luddites as machine breakers who were simply opposed to change. But the situation was more complex than just opposition to new technology –it represented a clash of competing worldviews and moral values. In many cases responses to new technologies depend on the extent to to which they transform or reinforce established wordviews, values or doctrines.”

(Juma)


Speaking of legitimate criticisms of the crypto space,  there are far more credible critics than Golumbia. Jim Rickards comes to mind – a trained economist who actually understands finance and history, Rickards hasn’t been shy about his misgivings around Bitcoin. But he keeps those criticisms on point and has the background, knowledge and experience to do so without the need to put on that broken record of the social justice repertoire: “extremism” and “racism”.

In closing, to those who would be dedicated to delegitimizing crypto-currency, Golumbia’s book follows the progressive playbook:


  • demonize the phenomenon through spurious linkages

  • arbitrarily define all dissenting opinion as right-wing extremism

  • fallaciously link in racism

  • build the narrative on a foundation of factual errors

  • avoid specific refutation or examination of target material


Bitcoin Magazine’s Giulio Prisco called this book “A masterpiece of sophistry” but I think he’s being charitable. It’s not even very good sophistry. I think Saul Alinsky would have graded it a C minus.

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