Bitcoin Is Venice (2021)
The article draws a metaphorical comparison between Bitcoin and the historical Republic of Venice, emphasizing their shared characteristics as resilient, trade-oriented systems that thrived independently of traditional power structures. Both are portrayed as synthesizing existing ideas into innovative financial frameworks, with Venice combining foreign commercial practices and Bitcoin integrating decentralized technology. The analogy highlights apolitical governance, resistance to external control, and the role of commerce in fostering inclusive, rule-based societies.
- ▪Venice maintained its independence and republican values while much of Italy fell under autocratic rule.
- ▪The Venetian economic system combined foreign innovations like double-entry bookkeeping, Arabic numerals, and Eastern financial practices into a cohesive commercial framework.
- ▪Bitcoin, like Venice, is described as a system that operates independently of centralized authority and serves as 'money for enemies' due to its apolitical nature.
- ▪Venice enforced a relatively egalitarian legal system that protected both citizens and foreigners, driven by the necessities of trade.
- ▪The article suggests that most modern financial systems have built upon foundations already present in Venice by the 15th century, much as Bitcoin builds on prior cryptographic and economic ideas.
Opening excerpt (first ~120 words) tap to expand
Bitcoin Is Venice, Bitcoin Isallen farrington7 min read·Feb 20, 2021--2ListenSharePart XIV and Finale of the Bitgenstein SerializationPress enter or click to view image in full size“Of the various centres in which republican ideas continued to be discussed and celebrated throughout the later Renaissance, the one with the most enduring commitment to the traditional values of independence and self-government was Venice. While the rest of Italy succumbed to the rule of the signori, the Venetians never relinquished their traditional liberties.”- Quentin SkinnerI tend to find Bitcoin analogies that aren’t transparently rhetorical to inevitably have some fatal flaw that ultimately makes them more confusing than they are helpful.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Medium.
Discussion
0 commentsMore from Medium
