by Mark Goodwin, Unlimited Hangout:
A concise post-mortem on The Chain series, a deep dive on the creation of the Bitcoin-Dollar system which names the names and explains the technology upholding the deflationary and highly-surveillable digital financial system fast approaching.
Months of research and 82,000 words later, The Chain series has concluded – at least in its current online form. What began as a simple investigation into the stablecoin issuer Tether quickly unraveled into a decades-long web of figures, companies, investors, and technological mechanisms that conspire to build what is referred to as “The Bitcoin-Dollar” system.
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This financial instrument consists of two main components; the first being Bitcoin itself, a distributed digital asset boasting deflationary monetary policy and trustless settlement on a transparent ledger; while the second is privately-issued tokenized government debt that operates on public blockchains, known as dollar stablecoins.
These two elements could not be further separated in regards to the publicly-stated ethos of their champions. Bitcoin will circumnavigate the government, and separate money from the State, while stablecoins aim to strengthen the dollar as the world’s reserve currency, provide much needed demand for government-issued debt reserves, and further perpetuate the U.S. dollar as the de facto medium of exchange to the unbanked citizens of the globe. At the surface, Bitcoin and the digital dollar appear as if oil and water, unable to co-exist in the same space, and molecularly opposed.
And yet, collectively, the dollar and Bitcoin are to form the backbone for an entirely new financial system, a yin and yang construction that allows an entirely new commodity class to co-exist with a hyper-dollarized world. It was my opinion before embarking on this research vein – see 2021’s The Birth of The Bitcoin-Dollar – that the coincidence of this structure emerging at the onset of the U.S. government’s greatest-yet threat of a debt crisis was likely not an accident. Upon further investigation of the primordial Bitcoin community, and the ensuing class of stablecoin issuers – not to mention the cross-section of these parties – I must unfortunately now conclude that the emergence of this system immediately after the 2008 financial crisis, and the subsequent phase-shifting adoption of Bitcoin by the institutional authors and beneficiaries of the pandemic’s financial stimulus, was the work of a modern intelligence community that has merged with the Silicon Valley technology meridian since at least the 1980s, but unabashedly since the formation of the CIA’s venture firm In-Q-Tel just before the turn of the millennium.
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