pahueg on Nostr: For our upcoming book, we’ve been exploring the history surrounding the founding of ...
For our upcoming book, we’ve been exploring the history surrounding the founding of the Bank of England, often referred to as a "revolution bank" by contemporary commentators.
What stands out to me are the striking parallels between this monumental project and the development of Ethereum. Both embody a blend of meticulous planning and inherent hubris. Despite the founders' well-meaning intentions, the reality often strays far from their original vision—true for both the BoE and Ethereum.
Just as the BoE became the blueprint for central banks across the globe, Ethereum has inspired a vast ecosystem of crypto networks.
One might argue that Ethereum is the modern-day equivalent of the BoE—a project aimed at creating and steering “optimal” monetary systems, yet accompanied by unintended consequences and interventions.
From a high-level perspective, I would categorize the systems as follows:
Central banking, as seen with institutions like the BoE, revolves around creating money, controlled by a select few—the "high priests" of fiat currency.
Platforms like Ethereum democratize money creation, making it accessible to a wider group (though it still concentrates power in certain hands, it’s arguably more open than the traditional central bank model).
Bitcoin represents the attempt to remove human control over money altogether—designed to prevent anyone from arbitrarily creating currency.
There will be a more detailed post on how Ethereum resembles the BoE.
Also, thanks to preston (npub1s5y…6q7z) for agreeing to take a look at our book and support us with his knowledge on the various Bitcoin topics🙏
What stands out to me are the striking parallels between this monumental project and the development of Ethereum. Both embody a blend of meticulous planning and inherent hubris. Despite the founders' well-meaning intentions, the reality often strays far from their original vision—true for both the BoE and Ethereum.
Just as the BoE became the blueprint for central banks across the globe, Ethereum has inspired a vast ecosystem of crypto networks.
One might argue that Ethereum is the modern-day equivalent of the BoE—a project aimed at creating and steering “optimal” monetary systems, yet accompanied by unintended consequences and interventions.
From a high-level perspective, I would categorize the systems as follows:
Central banking, as seen with institutions like the BoE, revolves around creating money, controlled by a select few—the "high priests" of fiat currency.
Platforms like Ethereum democratize money creation, making it accessible to a wider group (though it still concentrates power in certain hands, it’s arguably more open than the traditional central bank model).
Bitcoin represents the attempt to remove human control over money altogether—designed to prevent anyone from arbitrarily creating currency.
There will be a more detailed post on how Ethereum resembles the BoE.
Also, thanks to preston (npub1s5y…6q7z) for agreeing to take a look at our book and support us with his knowledge on the various Bitcoin topics🙏