Democracy requires a great deal more than “leveling.” It requires political institutions that enable the economically weak to have a decisive say on policy against the interests of the rich and powerful.
The crash of 2008 infused our societies with enormous skepticism of government and central bank authority. Naturally, many dream of a currency that politicians and bankers cannot manipulate. Bitcoin has emerged as the great white hope of something of the sort. Alas, that hope is false.
The presently unregulated digital currency has libertarians and currency speculators in a tizzy over the possibility of making a lot of money in a short time. Greek political economist Yanis Varoufakis tells RT whether there is any reason to believe Bitcoin, currently valued at $900, is practical for use by ordinary people and sustainable as a means of exchange overall.