Before I discuss about Crypto Sovereignty - It is important for me to tell my readers about my brief story of why, how, and when I was exposed to this beautiful world of Crypto/Blockchain.
I have been following Stock Market since 1992. So watching business channels each day is one of my main activity. Back in 2007-8, when I was in Cairo with Schlumberger - the leading oilfield service provider of world, Cathleen Hays of Bloomberg used to discuss about how subprime crisis are building up in USA and will cause great distress to global financial system.
And then on Sep 15, 2008 Lehman Brothers filed for bankruptcy -leading to actual financial crises all around the world. There is no point discussing all those details here as there are movies, books, videos, blogs on the event and what happened afterwards.
However, it is almost then that a section of online media had started criticising -how John Maynard Keynes model of fractional banking has led the world here and it is impossible to come out of it by keep printing more money after the bad money.
His main idea was "governments should spend money they don't have". And the result of that is debt bomb. Below chart shows how the size of this bomb is growing :
The current size of global debt is 240tn$. And the result of that is governments are not able to serve these debts and that they are either declaring bankruptcy or providing negative interest rates or facing huge inflation. This has just started and predicted to be much worse as time goes by. Will it happen. My gut feeling is yes as I had back in 2007-8. When exactly. Nobody knows +/- 2/3 yrs is easily possible. For more details and possible alerts one can follow Ron Paul Institute.
So going back to 2007-9 experience - I was convinced that Keynes Model is flawed. And through random internet searches around alternate models to Keynes Model - I knew back then about Bitcoin when it was launched on January 3, 2009. I knew about why it is being launched. And I had faith that something like that is needed. But I was not sure whether bitcoin is that thing which will free the world from Keynes Model.
After that I just forgot about bitcoin as stock market had recovered and things became smooth. In 2015 again I came across bitcoin but since there was so much negative coverage around bitcoin in main media that I also considered it as scam and a ponzi scheme.
But in 2017 - I again happen to came across bitcoin then I decided to study it in detail. Fortunately, by that time there was lot of data to do data analytics using AI. I have done many type of analysis using bitcoin data and other crypto assets data with AI and same are published here on my blog.
That is the background I wanted to cover before making my comments on Crypto Sovereignty.
So what defines Sovereignty of a country - is it:
- Its language
- Its culture
- Its people
- Its government
- Its political system
- Its religion
- Physical borders
- Its people
Actually none of that defines the Sovereignty of a country. It is the "CURRENCY" of any country that defines its Sovereignty. It is the "Currency" that unites the country. Unfortunately, throughout the history the kings/governments of the day with time diluted their currency systems for immediate needs and consequently lost the sovereignty in due course of time. Pls watch Hidden Secrets of Money for details.
So if "Currency" defines the sovereignty then anybody holding a crypto today is also a citizen of a virtual country in addition for being the citizen of their country. The entire population of the world that holds crypto currency defines a borderless "crypto Country" and sovereignty of that population is called crypto sovereignty.
Countries always want to expand the influence of their country by arm twisting diplomacy by use of their economic and defence systems. And within country political parties or groups always work hard to expand their influence by attracting more and more citizens in their fold.
It is but natural that followers of different crypto projects want to have more and more users of their protocol but as a whole they are helping build a borderless virtual crypto country.
How I see it evolving is - all citizens will have dual citizenship. One of their country and another for a virtual crypto country from their affiliation with a crypto project. One can already witness fierce wars being fought within crypto community on social media as well as between crypto community and conventional community. Battle lines are already drawn and battles are being fought, lost, and won on daily basis.
Some of these concepts are explained in Crypto Sovereignty. I strongly recommend that you check that out.