A bit of historical research was making the rounds on social media recently, a monograph that compares the 21st century emergence of Bitcoin, encryption, the internet and millennials with the Protestant Reformation that shook Europe in the 16th and 17th centuries.
The two events have similar dynamics, argues Tuur Demeester, whose white paper, "The Bitcoin Reformation," is packed with bold predictions about the crypto and blockchain future, such as, "Bitcoin savers could accelerate a revolution in the history of thought."
"The main thesis of 'The Bitcoin Reformation' is that there are four fundamental parallels between the Protestant Reformation and the present day, which could signal profound societal and economic changes ahead.".
Still, Demeester's 23-part Twitter summary of The Bitcoin Reformation prompted 435 retweets and over 1000 likes.
"I'm struggling to see how you put millennials and Bitcoin into the same basket. Millennials tend to care the most of any generation about the environment. Bitcoin doesn't align with this."
The comparison with the Protestant revolution was useful in raising the Bitcoin conversation to its proper level, according to him.
There are no shortage of provocative comparisons of past and present in "The Bitcoin Reformation." Demeester describes how the Dutch Republic accessed capital through proto-annuities, and compares with today's initial exchange offering tokens, which also tap the market for liquidity.
The Reformation's "Sola Fide" is paralleled by the Bitcoin era's "Vires in Numeris" and Tyler Winklevoss' quote, "We have elected to put our money and faith in a mathematical framework that is free of politics and human error."
By comparison, Bitcoin won't stop the Federal Reserve from printing more U.S. dollars - not anytime soon, anyway.
Overall as much as one might delight in historical analogies, the real problem, as the author of The Bitcoin Reformation himself acknowledges, is that secular trends are often only visible in hindsight.
Bitcoin Revolution Meets Protestant Reformation, Crypto Drives Change?
Published on Nov 17, 2019
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.