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This was supposed to go out to one and all last week, but for some reason it didn’t. So today we try again - and the article can also be the Sunday morning thought piece.

What problem does bitcoin solve? How does it make the world better?

Merryn posted those questions on Twitter yesterday.

It being Twitter, as you might expect, as well some measured, sensible stuff, it met with a barrage of outrage too, with responses ranging in scope from “it’s a Ponzi scheme” to “it’s destroying the planet” to “it’s going to give us world peace”.

I thought I’d answer Merryn’s questions today, sheltered from the mania of Twitter, in the calm surroundings of this blog.

I have been trying, on and off, to orange-pill Merryn since about 2014 and I think it’s fair to say, Merryn gets it. She gets fiat money, inflation, money printing, the harm it does, all that stuff. Not only does she get it, she was several years ahead of most of us on that one. She gets the need for apolitical money, lower taxes, less state, less central banking, fewer capital controls - all that stuff too. Cripes, she’s been writing about it all long enough.

She just isn’t crazy about bitcoin. 

I don’t want to put words in her mouth, but I think her objections come, broadly speaking, under three main headers.

First, she doesn’t like all the Wild West scams, blunders and ensuing losses that have accompanied this new financial technology. The FTXs, the Mt Goxs, the hacking, the extortions - and all the rest of it.

Yes, these are not bitcoin, but bad actors operating in and around bitcoin, but bitcoin has still been the enabler. 

Two, she doesn’t like the volatility. The price needs to be more stable, if it’s to be a legitimate form of currency or cash.

Three, even though bitcoin is, in theory, open to all, in practice it is only open to those technologically savvy or organised enough to be able to store keys, passwords, wallets, seed phrases and so on safely. Those - and there is no shortage of them - who are not comfortable with all of that tend to use third-party providers, which, in the unregulated world of crypto, leaves them vulnerable to those factors listed under “First” - and we are in a loop.

I think/hope I’ve summarised Merryn’s core objections - there’s probably something I’ve missed. They are all though, I think, legitimate.

So … here, in no particular order, are 17 ways bitcoin makes the world better.  

Tell your buddies about this amazing article.

1. It separates money and state.

If one body in a society has the power to create money at no cost to itself, while the rest of us must expend energy to earn it, it is inevitable that body will have disproportionate power and influence within that society. If you want to know why Western states have grown so large, bloated and invasive, look no further than fiat money systems and the power they give to the state. That money goes on welfare, waste, wars, wokery, whatever. You might agree with some ways that money is spent, or you might not; depends on your politics. Doesn’t matter: fiat centralises power in state.

Bitcoin removes the ability of the state, and those who operate in it, to print or debase money for their own political agenda.

Money, therefore, remains money. It cannot be a political tool.

2. It provides a lifeline

You tend to see high bitcoin use under regimes that have seen the greatest destruction to their national currencies - Turkey, Venezuela, Argentina. Bitcoin has provided citizens with an escape. 

3. You can send any amount anywhere

Sending money across borders is hard, even today, whether for large amounts or small. If I want to return the five dollars that somebody in New Orleans gave me last month when I forgot my wallet, or a pound to my friend in India to buy him a cup of coffee, or a thousand pounds to my