God said “Fiat Lux” after creating the heavens and the earth full of darkness. Then came the light. At least that’s what the Bible tells us. Translated from Latin into English, this phrase means “let the light be.”
For Christians, who are the majority of the world’s population, these words mean the beginning of time and everything else. Finally, there came a time when bold, power-hungry and brutal governments took the word “order” (literally meaning “must be” or “so be”) and used it to hide one of the biggest hoaxes – coin orders.
Hundreds of years later, in 2009, Bitcoin became the Genesis Block – the first chapter in a new bible under preparation: Bitcoin White Paper. It was the beginning of a new era of monetary independence and the gradual elimination of economic fraud by the government against its citizens.
Now, almost 11 years later, we are safely on our way to doomsday: the day when we will earn money. We want to control our money, not the relationship between the central bank and the government.
What is paper currency?
Imagine a rock I traveled while walking along the coast of Miami. This is an ordinary stone that has no real value (except, of course, sentimental). Now imagine yourself as someone who trusts me or, even better, believes in my words and actions. I give you this stone to say that it has a value that you can exchange for goods – believe me. Excited, I go back to where I was on the beach and find an endless supply of these rocks. Then take your own kind, make a credible story based on gullibility, and make a new coin.
This is figurative paper money – a scam, a farce. So much so that Richard Russell paper coins like:
“The biggest scam in the history of American society.”
The scammers here are, of course, governments and central banks.
By definition, paper currencies are money sanctioned by the government, and their value is simply a contract of trust between the issuing government and its citizens: they are not supported by any commodity with tangible value such as gold. It’s like saying that paper money gets the value out of it.
Big lies of paper money
In any definition of paper money, you will encounter the repeated phrase: “It has no intrinsic value.” This is a lie that governments tell us, or a bad joke. So if you are someone with a loyal and loyal mind – I would say dope – all this may sound like ironic propaganda to you. But as you step out of the fog and take a closer look at the depressions from around the world, you need to understand what I mean.
This is especially the “darkness” that Bitcoin’s block of origin has highlighted as lightning, which emerged from the global financial crisis in 2008 – or, better yet, fraud. In fact, if Bitcoin could talk, or if Satoshi Nakamoto was not anonymous, they would shout “Fiat lux”. However, this did not happen, and before we discuss the Genesis block and its significance, let’s discuss another important aspect.
Trust and control in fiat currency: who has the reins?
First of all, let’s go back. There was a time when the US dollar was not, as the famous author Robert Kiyosaki once described it, “counterfeit money”. Until 1971, the value was based on a US dollar equivalent to 24.75 gold grains. However, the United States adopted the Fiat system the same year. Then the US dollar began to derive its value from the “complete faith and honor” of the US government. Then the devil appeared in our land, and every day he became stronger and more cruel.
In the monetary system, “reliable intermediaries” such as banks, governments and other financial institutions act as pillars that support the global infrastructure. They also control the country’s money – our money. Although paper money is only valuable as long as people trust these intermediaries, the authorities can print as much paper money as possible.
In an effort to combat economic crises, governments often squeeze more money, leading to inflation and a devaluation of the currency. This in turn also means that our savings (held in fiat currency) lose value. Believe it or not – this is a game.
In 2000, for example, the Zimbabwean government issued an unnatural amount of banknotes in response to the ongoing crisis. As a result, the country experienced hyperinflation from 230 billion to 500 billion percent. Not joking. At the height of inflation in the country Zimbabwe 100 trillion dollars 40 US cents. However, this is not just happening in underdeveloped African countries. To some extent, it is the same everywhere.