Crypto catholic meaning
People beaver away using computing algorithms to solve puzzles that earn them a Bitcoin. The supply of Bitcoin is limited and, just like gold, it becomes harder to mine as time goes on. It is because it is limited in supply that its proponents hope it will keep its value and not be subject to inflation. Unlike gold, however, Bitcoins have no intrinsic value. Furthermore, nobody really knows how widely used Bitcoin will become. Because of this, the value of Bitcoin fluctuates wildly as people speculate on it.
There is a long history of Catholic teaching on speculation — much of it sceptical. Most economists, though, would argue strongly against any prohibition of speculation, because without speculation prices can deviate from their fair value for long periods, causing significant disruption. Nevertheless, if cryptocurrencies were simply vehicles for speculation, we would have to question their social value.
But what of the future? The basic problem with bitcoin is that, if more people choose to use or hold it, the mechanism designed to prevent over-supply and inflation prevents the supply of bitcoin rising to match demand.
As such, its price rises or falls with demand and this promotes speculation. Future cryptocurrencies might solve this problem by allowing supply to respond to demand. Should they then be welcomed? One important feature of cryptocurrencies is that they can bypass the banking system altogether.
They are a digital version of people passing gold hand to hand. There is certainly nothing fundamental to Church teaching which suggests that money should always be linked to a banking system, so this should not be a concern in and of itself. However, the decentralised systems and encrypted record-keeping used by cryptocurrencies have made them attractive to money launderers, drug dealers, and fraudsters.
Certainly, the Church should condemn this activity and any involvement with it, but this is no reason to oppose cryptocurrencies themselves. Others might argue that the Church should oppose any form of money that is not backed by something tangible such as gold. But nothing tangible underlies modern monies either.
This is why governments have been able to create the conditions for crippling hyperinflation, with Venezuela being just the latest among many examples. If the Church condemns cryptocurrencies on this basis, it should be consistent and call for a return to currencies backed by gold. In all likelihood the future will bring about a number of monetary systems that will exist alongside each other: mobile phone payments, cash, bank deposits, asset-backed currencies and possibly cryptocurrencies.
This is no bad thing. Since Catholics did not conform to the ecclesiastical law of the time, becoming a secret Catholic became more and more common because of the great solution it offered. There were many crypto Catholics, in fact an "accurate" statement of the number of Catholics in early Stuart England is admittedly impossible.
A Catholic could accompany a Protestant official to his service, especially if it meant keeping their secret and not suffering a loss of position or status. It was never confirmed nor denied if Weston was actually a crypto Catholic but nevertheless suffered the consequences when he suffered losses and suffered bad reputations.
Interestingly enough, the important element to note from Weston is that it was simply a rumor that affected him so catastrophically; this rumor was enough to ruin his reputation and make him widely unpopular and disliked.
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For example, it needs to be widely accepted. There is no point my having money that nobody else wants. What would I buy with it? Money also has to be a store of value. If what I use as money is fluctuating in value all the time, it will be risky to hold it in any quantity. Modern monetary systems are based around central banks and a closely connected banking system.
In its official statements, the Catholic Church seems to have come to support such systems, but it would like them to be globally coordinated. Indeed, it blamed the lack of global coordination of the banking system for the financial crisis. Yet the eurozone system which is international, though not global is hardly an exemplar of stability. While we have become used to money being provided by banks supervised by a government central bank, if we reflect on the functions of money, it is clear that the government does not need to be involved in this way.
Indeed, in prisoner-of-war camps substitute monies evolved quickly. So, what about cryptocurrencies? The most famous cryptocurrency, Bitcoin, tries to mimic a gold mine. People beaver away using computing algorithms to solve puzzles that earn them a Bitcoin. The supply of Bitcoin is limited and, just like gold, it becomes harder to mine as time goes on. It is because it is limited in supply that its proponents hope it will keep its value and not be subject to inflation.
Unlike gold, however, Bitcoins have no intrinsic value. Furthermore, nobody really knows how widely used Bitcoin will become. Because of this, the value of Bitcoin fluctuates wildly as people speculate on it. There is a long history of Catholic teaching on speculation — much of it sceptical. Most economists, though, would argue strongly against any prohibition of speculation, because without speculation prices can deviate from their fair value for long periods, causing significant disruption.
Nevertheless, if cryptocurrencies were simply vehicles for speculation, we would have to question their social value. But what of the future? The basic problem with bitcoin is that, if more people choose to use or hold it, the mechanism designed to prevent over-supply and inflation prevents the supply of bitcoin rising to match demand.
As such, its price rises or falls with demand and this promotes speculation. There are also theological interpretations, of mixed historical and theological value. During the initial development of the Christian Church in the Roman Empire , its members were frequently forced to practice their faith in secrecy. In contrast, many Christians, including Polycarp , [3] chose to retain their beliefs and suffer persecution, due to the fact that Christian doctrine did not allow Christians to publicly profess another religion , even if they held a mental reservation against it, which made it stricter than the Muslim practice of taqiyya and Jewish opinions on the matter, but many did so out of weakness: All the inhabitants of the empire were required to sacrifice before the magistrates of their community 'for the safety of the empire' by a certain day the date would vary from place to place and the order may have been that the sacrifice had to be completed within a specified period after a community received the edict.
When they sacrificed they would obtain a certificate libellus recording the fact that they had complied with the order. In , Christianity was banned, all churches were destroyed, all known Christians tortured and demanded to convert to Buddhism or face execution, and all signs of Christian influence were systematically eliminated. The ban was not lifted until During this period, faithful converts moved underground into a crypto-Christian group called kakure Kirishitan or "hidden Christians".
Crypto-Christian crosses and graves, cleverly styled during these two centuries to resemble Buddhist imagery, can still be seen in the Shimabara Peninsula , Amakusa islands and far south in Kagoshima. He says that "those [christians] who by the fear of punishment [by the muslims] want to believe and practice christianity secretly, they will be also saved, provided they study god's orders as far as possible".
Crypto-Christianity was mostly practiced following the Ottoman Turkish conquests of the Balkans, but the earliest scholarly record of the phenomenon dates back to Linobamvaki in Cyprus traced their ancestry to both Catholics, Maronites and Greek Orthodox Christians who converted under Ottoman oppression. The Laramans in southeastern Kosovo hailed from the northern Albania highlands and converted after settling in the 18th century.
A good description of the Crypto-Christians among Pontic Greeks from northeastern Anatolia and the Pontic Alps region often referred to as Stavriotes , including a bibliography about other parts of the Ottoman Empire , is provided by F.
One group has been Islamized under the threat of physical extermination , particularly during the Armenian pogroms of the mids and the Armenian genocide of Representatives of a different, much smaller crypto-Armenian group live in separate villages which are inhabited by Turks and Kurds in Eastern Turkey on the territories of the traditional Armenian homeland.
This group differs from the above-mentioned "Islamized" group due to the process and depth of its Islamization. Even as the Roman Empire disintegrated between the 5th and 7th centuries, the Christian faith only deepened in the Eastern Mediterranean. During the 7th century the Rashidun Caliphate took over what is now called the Middle East.
Initially Christianity was well tolerated though preferential treatment was given to Muslims.
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