Choose Your White Paper Wisely — Bitcoin Versus Credit

This is an opinion editorial by Conor Chepenik, a contributor to Bitcoin Magazine.

Humans are derivatives of other humans. Initially, we learn how to act based on our parents’ behavior and as we get older we develop critical thinking skills and parrot the talking points of others that resonate with us. That is why choosing what you fill your mind with has never been more important. As humanity continues down the information technology revolution we need people focused on building new systems that prioritize love, liberty, freedom and fairness. I worry that our current system is filled with people trying to impose top-down controls or figuring out how to go viral.

The Lex Fridman Podcast is a perfect example of what happens when the entity with the biggest stick starts asking for value without returning the favor:

“I call it the fiat white paper — you know in Bitcoin we have the white paper — the fiat white paper was that the Bank of England announced to all of its banks and post offices: from now on, you should not make payment in gold, and you should take payment in gold, and you should encourage all of your customers to turn in all of their gold and give them paper instead.”

The Fiat Standard,” one of the first bond sales for WWI issued by the Bank of England raised less than one-third of the bonds being subscribed. Rather than stopping the war the Bank of England gave their two top officials a line of credit and had them buy the remaining two-thirds of the bonds. Rather than provide actual value, the Bank used its monopoly on money to fund itself and continue fighting a war that its citizens clearly did not have an appetite for. This type of top-down control has had lasting impacts and has resulted in a lot of parasites gaining wealth without providing value.

declared the United States is at war with Russia. There was no vote of Congress to declare war. It seems that when you have been in the fiat system for so long, you forget that other people expect you to play by the rules. I found this to be a perfect example of what a corrupt system does to those in it.

Rand Paul was ostracized for delaying a $40 billion package, money we don’t currently have without borrowing, to Ukraine. According to NBC News, “Paul, a libertarian who often opposes U.S. intervention abroad, said he wanted language inserted into the bill, without a vote, that would have an inspector general scrutinize the new spending.” The reader can decide why the U.S. government would be so against letting an inspector general monitor where the money goes. My guess is because it is a lot harder to launder money when someone is overseeing how it gets spent. The more our government pushes for war instead of diplomacy, the more it becomes clear the game is rigged. You don’t usually see Republicans and Democrats on the same page, but there was a big bipartisan push to give Ukraine $40 billion, and the bill got pushed through despite Paul’s effort to get some oversight into how the funds will be spent. Imagine playing a football game and right after your team scored the winning touchdown the referee decided to change the rules of the game, which results in your team losing. Now imagine doing the right thing your whole life — saving, paying taxes, helping out the local community — and right before retirement, the government prints trillions of dollars and changes the game. At first, this might seem great as your assets skyrocket. When reality sets in shortly thereafter and inflation decimates people’s purchasing power, things get ugly. I’ve personally witnessed fiat make people bitter, resentful and perilous. I’ve also witnessed myself and others become more patient, loving and happy as a result of bitcoin. Bitcoin is what made me comfortable in becoming a father, effectively saving the life of my unborn child — and I imagine it can save the lives of many others.

Litquidity. “Financing a Pizza over 6 Weeks: Down Bad or Savvy Cash Flow Management???” Twitter, Twitter, 15 Oct. 2021,

“Rand Paul Blocks Quick Passage of $40 Billion Ukraine Aid Package.”, NBCUniversal News Group, 12 May 2022,

“Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics | Lex Fridman Podcast #284.” 12 May 2022,

This is a guest post by Conor Chepenik. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.