The most advanced system developed in our era i.e blockchain is that curse upon us that it is making everyone ride the roller coaster. The space with it the crypto space, in crypto-space: why are people much depressed than in the stock market?
Today we try to explore, the hidden aspiration of the crypto-space.
When we see the world everything here is interlinked with one another. One incident drags the other. In other words, the things that exist in our times are the results of the past. Every inventions, discovery, found out at our tines are the search for with the whole aspirations of the world.
Now in our times, we have seen the emergence of crypto-space, why? Did it emerge in older days? What made it come into existences? Why government are against it, making strict bills in parliaments? China has shut down 90% of miners activities, why it is happening? All answers lie in the history and also in the development of the crypto-space.
Let's us begin our journey:
In what the crypto space is related? Well, crypto space has mainly two aspects one is economic and the other controls, ownership which is a political aspect of it, then only comes the social and cultural aspect of crypto space.
What was the reason that triggered the development of crypto space?
From the hunting era of the stone age where our main motive of life was to get stronger and gather foods by hunting the animals. Later, agriculture was adopted because animals meat was not sufficient with a large number of members. With the development of agriculture, We started to live in the community. And stated to do cultivation of crops. As time went on, we started to choose a leader in the community, this Kabila system started. This Kabila system gave rise to the monarch and at the same time, feudal came into existence.
As time went on, the king needs the administration to look after the kingdom grew. Now, in power, there arises a new class they were nobles. Before nobles king was believed to be God. At that time religious institutions, people were comparable to kings. As we see there were, four class:
Monarch and his family
Clergy (religious institutions and pops, church)
Nobles(knights, ministers, feudal)
This was the structure of that era. With this structure, we saw the Holy Roman Empire, the crudes war, the Fall of the Roman Empire and the Rise of the Ottoman empire. Till this era, there was a power struggle among the nations, attacking them, doing unequal treaties, exploitation. The power was concentrated within the monarch.
Till this era, both politics and economy was seen as the same thing. They were entangled tightly.
With the fall of the Holy Roman Empire and the establishment of the Ottoman Empire, now politics started to dismantle the economy, but How?
Europeans started to explore by sea voyages which lead to the discovery of America (new world). With the new world came wealth to Europe.
This is the time in history that paved a road to a new class of people they were the middle-class people, they were the ones who were active in trading. Now the society was divided into five classes.
With the new class, the monarch thought to suppress the other classes. The middle-class people helped the monarch to fight against other classes (not lower class) because new class people want changes in the system and the power which were against change was the clergy (church's) and those feudal.
This conflict ended feudalism and churches lost their power. Now the power was in the hand of the monarch and middle-class people were the supporters of the monarch. Later monarch tried to rule over all declaring himself as the state, Louis 14th," I am the state and state is I".
As many historians say that when gold and silver were brought to Europe that was the bringing of the ear of capitalism.
The most powerful tool that capitalism hold is adoption according to the environment. Capitalism changed from the commercial phase to the mercantile phase.
As we see, at this point, the middle-class people were organized now, so they started to struggle against the monarch to get some space in national power where monarch again patch with feudal and clergy to oppose it. These revolutions like the French revolution occurred.
After the revolution, middle people started themselves to see in powers of the state, the monarch was made to exist under constitutions, right to private property, separation of powers, state nation concept that was strengthened, Government we're established with strong supportive institutions concept arose and many more changes.
When mercantile capitalism was in power there was no opposing force, it changed its way to industrialisation.
In this whole process, the monarch was in shadow, the money started to concentrate on the middle-class people.
Industrialisation gave a new idea, marxism, marxism believed that capitalism will less us to depression, crisis because there are flaws within capitalism.
Coming to 1900, there was much exploitation on the workers, labours i.e common people due to industrialisation. In 1917 there was the Russian revolution which gave birth to the new system in the world that was communism which was a challenge to the middle-class people, than to capitalist people.
When Germany united in Europe which gave a crisis in the separation of power among countries. This was the first time wold saw flaws in capitalism which led the world to World war. World war resulted in an economic crisis, but in 1917 there was the Russian revolution which made Russian in the communist system which gave an advantage to Russia and it didn't fall into an economic crisis.
With the existence of the Russian communist government-backed by some countries and the capitalist government of western countries, they started to struggle against one other.
When the second war was going on, the capitalist nations gather at Bretton wood and formed a world economic governance which gave birth to the world bank, IMF and GATT, which was to counter the spreading of communism and the USA and USSR went into the cold war.
Now after 1990;
The cold war ended, communist lost the war against the capitalist country. But another nation aroused with a communist system with the people revolution: China.
After 1950, the common concept started to come into existence, the industrial capitalism entered into financial capitalism.
When USSR lost the cold war, now capitalism changed itself and adopted an open economy, globalisation, free trade, free market, the establishment of WTO. Financial capitalism made middle-class people come with a new concept as money attracts money, invest and earn. People interest in traditional trading declined with the development of technology people started to focus on luxurious goods and saw a depression in 2008-2009.
While coming to this point, the national power of the state was concentrated on Government and sovereignty was on the people. Many states became republican.
Governments we're drowning in corruptions, middle-class people started to feels why we need to pay money to those corrupted politicians, we need a monetary system in which there is no in the cement of government. No centralized control, need a decentralized economic system.
Thus, in 2008 there was the introduction of bitcoin. And it was introduced by Satoshi Nakamura, Who is he? No one knows but one thing is sure that he must be one of the tycoons of this capitalist world.
Bitcoin was brought into existence to limit the government. It is introduced by middle-class people so that now in the economic system they want to create a stateless and faceless system.
Bitcoin is nothing in our new earn but middle-class people struggle to ignore the government system, this is why many institutions were attracted towards the crypto space.
The struggle of middle-class people gave many benedictions to our generations where the technology of today's world is the vital one, that doesn't mean the struggle only brought the positive one if we see one another side those problems that we are experiencing now like climate change, refugee, terrorism, covid-19 this is all the negative effect of it.
In 2021, the Government started to see cryptos as a way of omitting the tax system, because if I produce ABC shoes and you pay me through bitcoin, our transaction can't be tracked there will be business but the government will be with bare hands. And money laundering, frauds, insecure wallets, no accountable institutions, high volatility, are the reasons that governments are concern with it. Governments must protect the wealth of their citizens for that it has to monitor the entities there flows into the market but with bitcoin, the flow in entities are not balanced by the flow out entities. This made the market play with conspiracy.
Now the question comes, can government permit, regulate, monitor it?. If governments do it then bitcoin will lose its attributes of being a decentralized chain.
This, in my opinion, until there is a gap in every class of people in our world, the concept of becoming stateless and faceless won't work. Though bitcoin tried to initiate it, it may be successful or not in future but as Marx claimed there is a flaw in capitalism, the flaw lies inside the system, it is hard to predict that the prevailing condition of the world crypto space has many challenges.
In the stock market or crypto space as I have experienced is that only 2-3% gets well profits. They are high amount investors. This means that we are in the system that rich goes on becoming rich and poor goes on becoming poor. At last, we can question ourselves, with the widening of this gap are we entering in the Marxist society?.
For your time...