Working on the human propensity towards having more and more, the bitcoin, a form of cryptocurrency, was born. Invented by a man who carries a pseudonym, crypto is not beholden to or guaranteed by any central banking authority, so fraud can be a real problem, as we have seen in the arrest and trial of Sam Bankman-Fried.
The other major problem is that the manufacture of this pseudo-currency is very energy intensive, polluting areas due to mining, emissions, and electronic waste. We produce one-third of the crypto assets, causing major damage to the surrounding environment.
The Office of Science and Technology Policy issued a report recommending certain policies regarding the crypto industry, but it does not really take on the producers, only using words like “encouraging” transparency, “examining” the cost to local communities and the like. When will we really take on money interests and protect people? When?
Prayer for the Day
“When wilt thou save the people, O God of mercy, when?
Words which speak to us today as in other times;
We cry to you, O God, as the interests of money and wealth rule,
Grinding down the people who often suffer in silence.
Awaken us, Holy One, so we take on the greedy with their power,
Transforming our world into one where all can live.
In the name of the One who took on the powers of his day,
Even Christ Jesus our Lord, Amen.
Thoughts for the Day
Bitcoin is only successful because of its potential for circumvention, lack of oversight.
- Joseph Stiglitz, Nobel Prize Laureate in Economics, professor
Enforcement isn’t about big government or small government. It’s about whether government works and who it works for.
- Elizabeth Warren, U.S. Senator Massachusetts, law and economics professor
My soul magnifies the Lord, and my spirit rejoices in God my Savior;
For God has looked with favor on the lowliness of God’s servant.
Surely all generations from now on will call me blessed;
For the Mighty One has done great things for me, an holy is God’s name.
God’s mercy is for those who fear the Lord, from generation to generation.
God has shown strength, and has scattered the proud in the thoughts of their hearts.
God has brought down the powerful from their thrones, and lifted up the lowly;
God has filled the hungry with good things, and sent the rich away empty.
Luke 1:46-53