Bitcoin is a way to correct economic injustice: By Isaiah Jackson
Last week, Minneapolis police officers killed a 46-year-old black man charged with buying cigarettes on a fake $ 20 bill. Ongoing protests have erupted across the country, condemning police brutality and racism.
Part of this conversation - on the streets, on the waves and in people's homes - is the economic inequality that separates black Americans from the rest of the nation. In Minneapolis, for example, the average income of black households is $ 38,200, less than half that of their white counterparts.
Like everywhere else, protests are also a divisive issue in the cryptocurrency ecosystem. However, there is a general agreement that there is no easy technological solution to the bigger problems that are plaguing the nation.
While the naïve people claim that these Bitcoin Bitcoin fixes are mocked outside, Isaiah Jackson's book, their Bitcoin Bitcoin and Black America titles is gaining traction. The mantra, painted on signs seen in Raleigh, N.C. and on Twitter feeds, there's nothing more than a lucid kernel.
Jackson, the founder of KRBE Digital Asset Group and author of Bitcoin & Black America, thinks that bitcoin can play an important role in addressing economic disparities in the black community.
CoinDesk sat down with Jackson to participate in protests this week and what role does Bitcoin play in improving the lives of blacks.
What do you think sparked massive protests across the country?
The protests we are seeing now have been sparked by police violence, but the policy - a lot of the anger that people are showing - is of an economic nature.
There are 40 million unemployed people, you have people sitting at home angry because the economy they helped build can no longer support them. Some of them have received this $ 1,200 bullshit check, but most of the stimulus was immediately given to millionaires.
The economic injustice we have today is a result of history. Taking the example of a rework, most people don't understand that generation wealth is accumulated through home ownership. Being able to buy a home in a community increases the value of assets over time, giving other communities the ability to achieve that value without doing much.
The ability to buy a home, pay off your mortgage and enrich future generations is available to the black community [because of the rearrangement]. Blacks were excluded from taking home loans, and when they were offered extortion and relegation rates in areas that never actually achieved property value - by design.
If you look at where the main highways are built and where the emergency ramps are located, you will notice it is mainly in the black areas. This has destroyed the value of properties in the black neighborhoods that were built. In North Carolina, where I scanned from, there was an investigation into why I-85 ran along mostly black counties. All this comes from the historical injustices that still spread to this day.
How exactly can bitcoin benefit the black life?
Police violence is horrible, and it's not something that can be solved by bitcoin. But some of the solutions I've found that can work for black communities originate from group economics.
Living in Los Angeles, I learned from places like Koreatown, Chinatown and smaller communities like Little Ethiopia that understand how group economics works, that the ability to circulate dollars in the community enriches everyone. and make them self-sufficient. Bitcoin provides a similar incentive.
If you look at the black church, compared to the Catholic church with billions of dollars in gold and real estate, the black church lacks tangible long-term assets. More than 80% of black communities attend some form of group service. If the church starts accepting bitcoin donations in the form of 501 (c) (3) and hosting it, it could help support the community in the long run. You can stop Bitcoin.
Is there a political solution to strengthening civil liberties?
If we really had a democratic system, in which one by one vote, we would see a huge difference. Unfortunately, at the national level, there is Electoral College where states have the authority to overturn voters.
I want to see that abolished. Right now, voting is really just a hint of democracy, no one really elects their leaders. At the local level, I think we need to get money out of politics, where middle politicians can agree to vote. Fundraising should be standardized and everyone should only be allowed to give the same amount. That is where the blockchain can operate effectively, so that it can track where the money and its origin come from without any manipulation.
There are several interesting blockchain projects that allow decentralized communities to form. Most of these projects are still very early, so liquidity is not as effective as bitcoin. But you have Ethereum-based projects, the second largest blockchain, like smart contract-based voting that can improve local politics.
I believe that blockchain itself is a hot sauce, as my friend said, you can put it on everything, however, I think there will be a technological solution that helps the black community.
You mentioned earlier that the real way to help black communities is by voting in their dollars. Can you break it?
From a digital standpoint, most of the wealth in this country is stored in company investments. One of the things I wrote in the book is that 99% of venture capital flows into other communities, while only 1% is for black founders.
You don't have to give money to blacks, I don't ask for donations, but at least look at black businesses and shop with black businesses wherever you are. Most adopted or paradise build trust with people from other communities. In my own experience, in the field of fintech, I have been asked many times about my financial knowledge.
You have to realize that blacks are viable in every area of business. In a nutshell, if you want to help: shop with black businesses. That is what will help build a strong middle class. And, of course, speak out if you see something.
Andreessen Horowitz announced a $ 2.2 million fund on Wednesday dedicated to funding representative founders. Last month they raised $ 515 million for a second cryptocurrency fund. Could this show the wrong priorities of the financial industry?
I think most of these companies are now realizing that they want to give the founders of black technology. It's better late than never. At least you are doing something.
There are many assets created through venture capital, which can support the creation of businesses in the long run, thus requiring investment. $ 2.2 million is a start, and once we prove ourselves to the companies that really work, we can go from there. Talk money and go nonsense.
How do you make sense of the violence that broke out during George Floyd's protests?
In view of the ongoing violence, it is clear that it is not just black protesters, there are several other forces working here. I watched too many videos of random people and organizations - I'm not sure who these people were - appearing and breaking the glass. I have seen kids get paid, bricks are left in random places like its Fortnite. It seems that I was too coordinated to think that it was a LOT spontaneous.
Are there opportunists there? Yes, for sure. It has a small percentage of those who oppose it, but they exist and all the news will be displayed. The way I feel, you have angry people who will go on the road and do whatever they feel.
It's obvious that collateral damage is affecting small businesses, and I want to see local businesses not being touched. Some of these corporations have been mistreating people for years, so I don't really sympathize with them. They were underpaid and overworked. As I said before, the guidelines of these protests are economic in nature. People began to see that they could not trust anything in this system and our money had to be tied to that thought process.
What do you do for big corporations to make a statement in support of the protests: Is that an empty moral signal or represents a bigger change at sea?
I think most of it is a virtuous signal. There are genuine actors who want to help, but there are also people who make empty statements, who don't want to see the wrong side of history. That's what it is, that's what they have to do. A great form of peaceful protests is not shopping with businesses that donate to show full support of ending systemic violence. That's how you hurt people, if they can make money, then racism becomes really stupid, very fast.
Why do you think Bitcoin Bitcoin & Black America slogan gained a bit of traction in the protests?
I'm glad it caught. I have experienced about 10 different names, but I think I have found a catchy name. If people think about it, there is some synergy between bitcoin and the U.S. black.
Once the smoke clears - what are we going to do, go back to the same system? - The Federal Reserve has expanded its balance sheet to $ 6.5 trillion. Inflation will destroy some industries, so we have to find a way out. But the message is out there, it's on sweatshirts and posters.
Where do we go from here?
We need a solution. The riots and looting will not last forever, people have no intention of violence for months.
First, we need police reform. From my point of view, there must be an emphasis on increasing the wealth of our community, and rebuilding faith, and being able to build something like Black Wall Street.
There was a time, in the 1800s, where black communities had established financial centers in Tulsa, Okla., In Richmond, Va., Outside of Cincinnati, there was a plan for something called Soul city. If blacks were left alone, we could have built ourselves, but of course those places were burned to the ground by racist whites.
What I'm trying to show right now is we can do it right now. But we need systems that can protect us and allow us to grow economically. I don't think people want to hand out leaflets, I just think they want to be alone.
What will be George Floyd's legacy?
He will be remembered as a spark that may have changed the world. It was a spark in a perfect storm of economic and growing inequality.
When we look back to 2020, I hope everyone will remember his name and hope we won't have to do this again.
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