Podcast Summary: The Peter McCormack Show - "Bitcoin: A View From The Left with Ben Arc" (WBD453)
Release Date: January 21, 2022

Introduction

In this episode of The Peter McCormack Show, host Peter McCormack engages in a deep and nuanced conversation with Ben Arc, a prominent figure in the Bitcoin community known for his progressive and left-leaning perspectives. The discussion delves into the intersection of Bitcoin with political ideologies, decentralization, and societal structures, challenging the predominantly libertarian and capitalist narratives often associated with cryptocurrency.

Bitcoin as a Commons

Ben Arc introduces a foundational concept, defining Bitcoin as a "commons." He elaborates:

Ben Arc [00:04]: "Bitcoin is a commons. It's a monetary commons, a value transfer commons, a shared resource which people can use and then it's within their interest to keep that resource going and then nurture that resource and help it grow."

Arc emphasizes that Bitcoin serves as a communal resource that benefits from collective stewardship, resisting attempts by private interests to co-opt or centralize its control.

Political Ideologies within the Bitcoin Community

Arc addresses the often monolithic perception of Bitcoin's political alignment, advocating for broader ideological representation:

Ben Arc [04:33]: "I worked on a bunch of projects and I've had to kind of like distance my political thoughts away from my projects because I get muted and blocked on Twitter."

He reflects on the early diversity of political thoughts within the Bitcoin community, asserting that Bitcoin's foundational principles appeal to a wide spectrum beyond just libertarian or capitalist ideologies. Arc traces Bitcoin's evolution, noting a shift around 2016-2017 towards more right-leaning perspectives but argues for the inherent compatibility of Bitcoin with leftist and socialist ideas, especially in its opposition to state control and centralized power.

Decentralization vs. Centralization: The Amazon Analogy

A significant portion of the discussion revolves around the potential for decentralizing large corporate structures using Bitcoin and blockchain technology. Arc presents a thought experiment comparing a centralized Amazon with a hypothetical decentralized version:

Ben Arc [42:35]: "You have Amazon and you have decentralized Amazon. [...] Instead of the people working in the regular normal Amazon getting 70% of the value of their labor and 30% going to Jeff Bezos, the people working with the cooperative, decentralized, not Amazon, whatever it is, or maybe it's just like a direct marketplace, kind of like an eBay type thing, but it's really good."

This analogy underscores the potential for equitable value distribution, reduced exploitation, and enhanced worker satisfaction through decentralized marketplaces.

Bitcoin and Democracy

Arc and McCormack explore Bitcoin's role in enhancing democratic systems by reducing state control over money:

Ben Arc [21:07]: "You take the power of money production away from the state and then suddenly you've chopped off their arms. Their power is very limited, what they can actually do."

They discuss how Bitcoin can act as a check on state power, promoting greater financial autonomy and preventing the overreach of government authorities. Arc envisions a future where decentralized financial systems contribute to more balanced and resilient democracies.

Future Technologies and Use Cases

The conversation transitions to innovative applications of Bitcoin and blockchain technology beyond mere transactions:

Nostar Protocol and Decentralized Communication

Arc introduces the Nostar Protocol, a decentralized alternative to platforms like Twitter and Signal:

Ben Arc [73:53]: "It's like a decentralized Twitter and Signal at the same time."

Nostar enables secure, censorship-resistant communication by leveraging public key cryptography and the Lightning Network, allowing users to send encrypted messages and share content without centralized oversight.

Decentralized Marketplaces and Services

Arc envisions decentralized versions of existing services, such as Uber and online marketplaces, facilitated by Bitcoin's infrastructure:

Ben Arc [55:27]: "We can build fairer forms of production like that, for example. It's going to work towards the decentralized Amazon thing."

These applications aim to democratize service provision, ensure fair compensation, and enhance transparency through blockchain-enabled mechanisms like payment splitting.

Climate and Technology

Addressing ecological concerns, Arc advocates for technological advancements to foster sustainable practices:

Ben Arc [39:03]: "We can damage the planet, we are screwing the planet is quite scary and we need to have a better ecological relationship with the planet."

He highlights how robotics and efficient farming techniques, such as permaculture enhanced by automation, can lead to higher yields and reforestation efforts, thereby mitigating environmental degradation.

Censorship and Freedom of Speech

The duo tackles the challenges of content moderation in decentralized platforms:

Ben Arc [75:02]: "You can connect to the relays which you want to be exposed to. So like I said, there'll be some relays which don't censor content. There'll be some relays which do censor content."

Arc argues for a flexible approach where users can choose or create relays that align with their moderation preferences, balancing freedom of expression with community standards.

Conclusion

The episode concludes with reflections on the importance of diverse perspectives within the Bitcoin community. Arc emphasizes the need for open dialogue and the integration of various ideological viewpoints to harness Bitcoin's full potential in reshaping societal structures.

Ben Arc [88:05]: "We've got to find the least buggy, best part of that, whatever we're looking at."

Peter McCormack expresses appreciation for Ben Arc's insights and underscores the value of inclusive conversations in advancing the Bitcoin ecosystem.

Notable Quotes with Timestamps

• Ben Arc [00:04]: "Bitcoin is a commons... a shared resource which people can use and then it's within their interest to keep that resource going."

• Ben Arc [04:33]: "I would say bitcoin pushed me more to the right. And now I'm just kind of like all over the place."

• Ben Arc [42:35]: "Instead of the people working in the regular normal Amazon getting 70% of the value of their labor and 30% going to Jeff Bezos..."

• Ben Arc [21:07]: "You take the power of money production away from the state and then suddenly you've chopped off their arms."

• Ben Arc [73:53]: "It's like a decentralized Twitter and Signal at the same time."

• Ben Arc [55:27]: "We can build fairer forms of production like that, for example."

• Ben Arc [75:02]: "You can connect to the relays which you want to be exposed to."

• Ben Arc [88:05]: "We've got to find the least buggy, best part of that, whatever we're looking at."

Final Thoughts

Ben Arc's participation in this episode offers a refreshing perspective that challenges conventional Bitcoin discourse. By intertwining political theory with technological innovation, the conversation provides listeners with a comprehensive understanding of how Bitcoin can transcend traditional economic frameworks to foster a more equitable and democratic society.