It has been said that one who does not learn from history is destined to repeat it. The challenge is that the world often has a very short-term memory. As new generations emerge and societies adapt to changing times, there is a tendency to compartmentalize the ills of the past as isolated incidents which are unlikely to be repeated. And yet, when similar events inevitably reoccur, many are shocked and surprised at how such things can happen in our modern times.
Throughout history, we have seen what ultimately occurs when power is concentrated among the few. The flourishing Roman Republic ultimately crumbled when it became the autocratic Roman Empire. The British Monarchy which previously ruled the world, gradually lost its empire and now has one of its Princes living happily in California. The effort involved in maintaining a grip on power often leads to greater limitations instead of greater opportunities.
And yet, despite the tremendous pain and suffering that failed economic systems such as socialism and communism inflicted upon countless millions of people, there is a modern-day resurgence of interest in reviving these systems. There are proud socialists in America today who previously hid similar beliefs in prior decades. In Russia, there are young people happily waving hammer and sickle flags longing for a new and improved version of communism.
There is a naïve belief among some that implementing these systems within a democratic framework will make things better. Yet, the fact remains that these systems are designed to concentrate power in the hands of government and away from free markets. This is enough evidence that they are and always will be destined to fail. As President Ronald Reagan once quipped, “The nine most terrifying words in the English language are: I’m from the government, and I’m here to help.”
Free markets are not perfect, but they consistently work best at empowering maximum freedom and prosperity because they provide opportunities to everyone instead of concentrating power among the few. The greater the number of market participants, the greater the opportunities for everyone. We can see this also within the context of capitalism. In the early days of crypto, the value of Bitcoin was minimal and intensely volatile due to the small number of coin holders who were constantly selling en masse to lock-in gains whenever the price rose.
Whenever there are illiquid markets, prices move faster and in larger strides that can ultimately lead to losses. That was how people lost money in penny stocks years ago and how real estate property sales often get stalled in less marketable regions. The power of the few to impact the greater market inhibits maximum wealth potential for all market participants. That is why the concept of free and open markets is critical. The fewer restrictions there are, the more market participants can be involved which offers greater opportunities.
This is also a key reason why META 1 Coin Trust restricts the purchase of META 1 Coin to Humans. As a coin that was designed for Humanity, META 1 Coin is not for institutions who already have many ways to growth their wealth. Plus, when non-human entities buy or sell, it is often in large volume which is why they are often called market makers.
Institutions’ large transactions often make the market move up or down. That can impact individuals in major ways. For example, when a fund sells $750 million worth of Bitcoin to buy other emerging altcoins it can create a domino effect that motivates others to sell. The speed at which the price of Bitcoin dropped over $12,000 recently demonstrates that power concentrated in the hands of the few can lower coin values for many others.
This is why it is critical to limit the concentration of power and influence from the hands of the few. By prioritizing the freedom and abundance of Humanity over the wealth of institutions, META 1 Coin stands for free markets and democracy in both governance and finance.