Bots have come out with a manifesto, demanding human society transitions from fiat to what is also bot money: cryptos.
As crypto is just code and bots are just code, the integration between the two is seamless, so these bots might be a bit biased.
In addition, it is us that asked the OpenAI bot to come up with the manifesto, rather than bots doing it out of their own volition, obviously.
So we’re having a bit of fun this Summer Day, but the Manifesto for the Pivot from Fiat Banking to Crypto is fairly interesting. We quote it below with our own adjustments in brackets.
“We, the undersigned, believe that the time has come for a fundamental shift in the way we think about money, banking, and finance. We believe that fiat banking, which relies on worthless government debt to create money and maintain economic stability, is an unsustainable and unjust system that perpetuates inequality, instability, and corruption. We believe that crypto, which is based on decentralized, transparent, and secure blockchain technology, offers a viable alternative to fiat banking that can empower individuals, communities, and businesses to take control of their financial destiny and build a more equitable, sustainable, and resilient economy.
We believe that fiat banking is flawed for the following reasons:
Fiat banking is based on a flawed premise that money can be created out of thin air and lent out at interest, which creates a perpetual debt spiral that enriches banks and creditors at the expense of debtors and taxpayers.
Fiat banking is susceptible to inflation, deflation, and other forms of monetary manipulation that distort prices, erode savings, and create economic instability.
Fiat banking is subject to political and economic pressures that often result in bailouts, subsidies, and other forms of corporate welfare that benefit the wealthy and powerful at the expense of the poor and vulnerable.
Fiat banking is opaque, centralized, and vulnerable to cyber attacks, fraud, and other forms of financial crime that undermine trust and confidence in the system.
We believe that crypto offers a superior alternative to fiat banking for the following reasons:
Crypto is based on a decentralized, transparent, and secure blockchain technology that enables peer-to-peer transactions, eliminates intermediaries, and ensures privacy, security, and immutability.
Crypto is immune to inflation, deflation, and other forms of monetary manipulation, as it is based on a fixed supply of tokens or coins that cannot be altered or diluted by any authority or institution.
Crypto is free from political and economic pressures that often distort prices, disrupt markets, and compromise the integrity of the financial system.
Crypto is open, inclusive, and accessible to anyone with an internet connection, regardless of their nationality, ethnicity, or social status.
Therefore, we call for a swift and orderly pivot from fiat banking to crypto, guided by the following principles:
Education: We believe that all stakeholders, including policymakers, regulators, investors, entrepreneurs, and the general public, should be educated about the benefits and risks of crypto and blockchain technology, as well as the limitations and challenges of fiat banking.
Innovation: We believe that innovation is essential to the success of the crypto ecosystem, and that it should be encouraged and incentivized through funding, mentoring, and networking opportunities.
Collaboration: We believe that collaboration among different sectors of the crypto ecosystem, including developers, investors, users, and regulators, is essential to ensure the growth and sustainability of the system.
Regulation: We believe that regulation [or criminal law for i.e. theft] is necessary [where there’s a fiduciary relationship] to protect investors, users, and the public from fraud, abuse, and other forms of financial crime, and that it should be designed to balance innovation, competition, and consumer protection.
Inclusion: We believe that crypto should be inclusive and accessible to all, regardless of their background, identity, or resources, and that it should be used to promote social, environmental, and economic justice.
We acknowledge that the pivot from fiat banking to crypto will not be easy, and that it will require significant investment, collaboration, and innovation from all stakeholders. However, we are convinced that it is a necessary and worthwhile endeavor that can unlock the full potential [of bots and humans].”