Peter Thiel – who together with Elon Musk built PayPal – calls Bitcoin critics like Warren Buffet and Jaime Dimon the “gerontocracy.” I’ll be a bit more colorful and call them the senile idiocracy… I wrote the Digital Liberties Amendment because I believe Thiel’s foundational case for crypto is right. But here Thiel is making the same mistake made by the senile idiocracy…
In America there was once a day when “nature provide[d] so well for human industry that there is no class of theoretical speculators.” It was a time when [p]olitics therefore occupie[d] only a small corner of the [social] canvas.” Media was not preoccupied with keeping readers angry and afraid. No one “…devote[d] as much space to matters of general import affecting government as to the price of cotton. What space remains is monopolized by discussions of local interest, which feed public curiosity without in any way causing social turmoil.” These were the observations of Alexis de Tocqueville, writing to his father about America on June 3, 1831.
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