Bitcoins and The Book of Life
Never really understood bitcoins. 2 Years ago they were under $200 each. Now they are worth over $4,000 a digital piece, most of the time. In total, all bitcoins in circulation are somewhat unbelievably valued at over $60 billion. But digital currencies are not regulated by governments. There is no taxation supporting them. No international laws, and tough luck if you own some and lose their details or they are stolen online. Some say they represent the future, a potential blueprint for a global currency. Others believe they are a fraud, open to manipulation and abuse, and will eventually collapse in value. I am sitting on the digital fence.
So I sought guidance. What do the internet Rabbis say about bitcoins? Because there is no government behind bitcoins, there seems to be broad agreement that bitcoins are a commodity (like apples or goji berries) rather than currency. Very briefly (sneaky bit of Talmud), say David lends Jonathan 20 apples worth £10. A few months later, Jonathan is able to pay back the £10 of apples, but may give David less than 20 apples if their price has gone up, or more if it goes down. That way, there is no usury involved. Bitcoins are used in trades very much like those apples. So, makes sense to me they are really a commodity. And, their price has been rising out of a belief that other people also think they are worth something, or will have value in the future.
At this time, between Jewish New Year and Yom Kippur, we have the concept that God opens a ledger for each of us, detailing the good and bad things we have done over the last year. In a nutshell, we aspire to repent and improve ourselves, and be inscribed into the Book of Life for the next year.
Unlike our personal celestial ledgers, all bitcoin transactions are completely transparent, and subject to strict protocols. They are recorded in a public ledger for everyone to see, should they wish. However, no human knows who is carry out those transactions or what their purpose is, as everything is encrypted. Someone could have been using bitcoins to buy drugs on the (now defunct) Silk Road. Or, alternatively, they may have been buying a silk wedding dress. Only the buyer and seller know. And it's users like it that way.
For believers in a deity, there are invisible ethereal books, recording all our actions, acting as an incentive to make us better people.
For believers in bitcoins, there is a visible book in the ether, recording every action, but with no individual names or judgement, and nothing underpinning it other than man's belief - and trust- in his fellow man.
So I sought guidance. What do the internet Rabbis say about bitcoins? Because there is no government behind bitcoins, there seems to be broad agreement that bitcoins are a commodity (like apples or goji berries) rather than currency. Very briefly (sneaky bit of Talmud), say David lends Jonathan 20 apples worth £10. A few months later, Jonathan is able to pay back the £10 of apples, but may give David less than 20 apples if their price has gone up, or more if it goes down. That way, there is no usury involved. Bitcoins are used in trades very much like those apples. So, makes sense to me they are really a commodity. And, their price has been rising out of a belief that other people also think they are worth something, or will have value in the future.
At this time, between Jewish New Year and Yom Kippur, we have the concept that God opens a ledger for each of us, detailing the good and bad things we have done over the last year. In a nutshell, we aspire to repent and improve ourselves, and be inscribed into the Book of Life for the next year.
Unlike our personal celestial ledgers, all bitcoin transactions are completely transparent, and subject to strict protocols. They are recorded in a public ledger for everyone to see, should they wish. However, no human knows who is carry out those transactions or what their purpose is, as everything is encrypted. Someone could have been using bitcoins to buy drugs on the (now defunct) Silk Road. Or, alternatively, they may have been buying a silk wedding dress. Only the buyer and seller know. And it's users like it that way.
For believers in a deity, there are invisible ethereal books, recording all our actions, acting as an incentive to make us better people.
For believers in bitcoins, there is a visible book in the ether, recording every action, but with no individual names or judgement, and nothing underpinning it other than man's belief - and trust- in his fellow man.
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