A post originally on Alberto Sanchez-Allred’s blog Present Cynosure was republished on OWNI. Some excerpts:
“The ethic of Bitcoin: 1) is universalist (potentially everyone with an Internet-enabled computer or handheld digital device could use Bitcoins); 2) diminishes the need for mediation (one individual can send another person on the other side of the globe Bitcoins without the mediation of a bank, a middle-person, or institution); 3) privileges transparency (the code is open-source and the process and rate of minting coins is known in advance); and 4) is immanent (the value of Bitcoin is restricted to the actions of those who participate directly in the market and does not depend on a central bank, government, or other external institution)”
“If you pay attention instead to what people are actually doing with Bitcoins, whether mining, exchanging, making payments, or speculating with them, they are engaged in a distributed (relatively non-hierarchical) network of individuals unlike any that we have seen before. They are participating in a new mode of transacting. I call this new mode of transacting an ethic”.
“The ethic is something that we should understand as being common to all Bitcoin users no matter how they choose to frame their actions”.