"I Cannot Trust the State's Printing Press": The Public's Technological Resistance to Seigniorage Power
Bitcoin is not merely a speculative venture; it represents an extreme form of anarchism (collective resistance) against a central banking system that, since the Nixon Shock, has endlessly printed money, thereby expropriating the purchasing power of ordinary citizens.
1. The Ultimate Refuge of Private Property
The state can, at any time, seize real estate or bank accounts within its territory, or erode them through taxation. However, cryptocurrency on the blockchain, verifiable only by an individual's private key, marks the emergence, for the first time in history, of a 'pure absolute private property' in which state power is entirely excluded.