• Bitcoin and the Lightning Network are not enough to successfully implement a sound money system in the US.
• New social technologies and new social system designs must be part of the equation in order to facilitate the exchange of value.
• The US has the most to lose if the US dollar is no longer recognized as a reserve currency or becomes worthless.
With the advent of Bitcoin and the Lightning Network, many are wondering if it could provide the answer to the world’s economic woes. Could Bitcoin, and its associated technologies, provide a sound money system for the US? While Bitcoin and the Lightning Network are certainly an important part of the equation, they are not enough to successfully implement an American sound money system.
For starters, money is a critical social system whose primary purpose is to facilitate the exchange of value. While Bitcoin may fulfill one of the three functions of money, it still needs to be integrated with newly-developed social system technologies in order to fulfill its primary purpose. Additionally, new social technologies and new social system designs must be part of the equation in order to make a successful transition to a sound money system.
The reason why the US is so important in this conversation is because of the potential repercussions of the US dollar no longer being recognized as the world’s only reserve currency, or the dollar becoming worthless through exponential printing. The outcome of either of these scenarios could be catastrophic for the US, and the rest of the world. Already, the evidence is everywhere that the American economy is not working for everyone, and disruption and anger are spilling out all over. This is why it is so important for the US to have a sound money system in place.
In order to create such a system, there must be a combination of both technological advances and social system designs. Bitcoin and the Lightning Network are certainly a part of this equation, but they are not enough. New social system designs must be created in order to make the transition successful. This could include new laws, regulations, and social norms that would govern the use of Bitcoin, as well as a new understanding of money and its role in society.
It is clear that Bitcoin and the Lightning Network alone are not enough to successfully implement an American sound money system. In order to make the transition successful, new social technologies and new social system designs must be part of the equation. It is only with this combination of both technological advances and social system designs that the US could make a successful transition to a sound money system, and ultimately, a better economy for all.