Back in 1997, two authors, an American and an Englishman, published a book called «Sovereign personality: mastering the transition to the information era» (The Sovereign Individual: Mastering the Transition to the Information Age).
Most likely, then James Davidson (James Dale Davidson) and Lord William Rees-Mogg (Lord William Rees-Mogg) could hardly have suspected that he wrote a historical book that describes the near future. The authors convince readers that mankind expect big changes. In a bold and bizarre descriptions of them, in fact, failed to predict the idea of cryptocurrency, with frightening precision embodied in today’s bitcoin.
Predictors of bitcoin
«The advent of the Information age entails a revolution of money» — so begins Chapter published in 90-ies of the book «the Sovereign individual».
«The beginning of cybertroll will inevitably lead to cyberdesign. A new kind of money will change the priorities, reducing the possibility of a world of States to determine who is a sovereign person. An important part of change will be the release of rich people from expropriation of property under the influence of information technologies,» says the book.
Lord William Rees-Mogg was a famous writer and master of his craft. Even with the advent of computers Mogg continued to write his books by hand and refused to drive a car. He wrote a lot about Economics and was a supporter of the gold standard.
At the time of Mogg and his co-author Davidson wrote «Sovereign personality», he was 67 years old.
«Soon you will pay for virtually all transactions in the network or the world wide web with the help of cyberdine. This new digital form of money will play a key role in cybercoral. The money will consist of encoded sequences of primes in the discharge of many hundreds. Unique, anonymous and secure – they will ensure the implementation of larger transactions. In addition, they can be divided into the smallest shares. The money will operate … multitrillion the market knows no borders,» said the authors.
The accuracy in the details
American James Davidson was much younger, Mogga, and became famous for his economic predictions, which were, however, not always true. He predicted the economic crisis of 2008 in the United States.
Davidson and Lord Rees-Mogg met in Oxford nearly forty years ago, and their collaboration lasted for decades.
«The new cyber money will denationalizaton. When a Sovereign individual is able to operate between the boundaries, in space, having no material reality, they don’t have to tolerate the popular practice of governments to reduce the value of money through inflation. Why? Control over money will be transferred from the ruling elite to the global market», — said the authors of the book about twenty years ago.
Free money — free people
Otherwise, Davidson and Lord Rees-Mogg believed that in the XXI century will be a clash of interests in Western civilization. Government is a parasitical way of life, taking money from producers and distributing them among selected groups. The government was able to occupy the niche of a mediator that selects winners and losers at the «right purse». If there will be a universal adoption of the digital currency, it will lead to their imminent death.
People’s lives will change dramatically. Freed from the power of the government, producers will be able to organize the supply of goods and services in very different ways. As a result, the main reason for the existence of the institution of government monopoly on violence — virtually disappear.
The liberation of money involves the liberation of the people. The writers explain:
«Each transaction would involve the transfer of encoded sequences of primes in the discharge of many hundreds. Unlike paper receipts, bound to a government issued physical money, (…), a new digital gold standard (…) will be almost impossible to fake (…) – hardly anyone will be able to unravel the sequence of Prime numbers discharge many hundreds» — so described by the authors of the book modern cryptocurrency two decades ago.
«New digital money of the information age will return control of the medium of exchange in the hands of their owners (…) to pick them up from national governments.»
«The use of new cyberdine will free citizens from state power» — this phrase has become almost anarchistic thesis of the authors, which, however, still give the governments a role in the economy.
It should be noted that for the functioning of bitcoin is not required to fulfil all the above conditions. It works on several levels, while governments may accept the one version and limit the propagation paths and physical transmission through certain procedures.
Bitcoin could in fact serve as a way of avoiding some of the machinations of the government. However, the government is still strong.
Whatever it was, «Sovereign personality» can be called a work of genius, which is undoubtedly worth a read.