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Homepage > News > Editorial > Thanksgiving: Economics and the survival of Bitcoin As we approach Thanksgiving in the United States, it’s worth revisiting the true history behind the holiday—not just the sanitized version of Pilgrims and Wampanoag people sharing a feast, but the deeper story of survival, failure, and eventual prosperity. The lessons from that first Thanksgiving aren’t just about gratitude; they’re about the consequences of economic systems, the necessity of free markets, and how ideologies can lead to ruin if they aren’t rooted in reality. These lessons have striking parallels to the current state of Bitcoin, particularly the challenges facing BTC and its unsustainable economic model despite the ever-increasing enthusiasm for the price of the asset. The first Thanksgiving: A lesson in economic realism In 1620, the Pilgrims arrived at Plymouth Rock, seeking religious freedom amid a schism in the Church of England, and they wanted to establish a new life in the New World. Many people forget that their initial governance system was a sort of corporatist communism—two concepts that seem at odds, but require a bit of context. The Pilgrims had made a deal with English investors to fund the establishment of a base of operations in the New World, so in practice, the Pilgrim’s lives were collectivist, but it was because they arrived as contractors with a specific purpose in mind. There are parallels to the citizens of the Soviet Union being communist in their own lives while the party members of the USSR were selling the resources and labor of those people directly to companies like Standard Oil. Woof… In Plymouth, land, crops, and labor were held in common, and the colony distributed resources equally among its members. To the Puritans, this began as a noble, even virtuous, venture, but the reality was devastating.…

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Filed under: News - @ November 26, 2024 2:26 pm