RE: The Bloodless (r)Evolution: How Bitcoin Will Destroy Government And Central Banking
Bullshit.
Governments started already employing blockchain technologies and they will co-exist with the current economic system. Five miners in China are in control of 80% of all BTC transactions and important decisions. Who owns BTC? Well, take a look at at this;
Bitcoin is as centralized as any other government. Most coins are. A few people have the control. What is decentralized is the technology, NOT the system. Kind reminder also that if you are once in the blockchain then you are forever in the blockchain. When governments start employing this then nobody will be able to escape from the permanency of their transactions.
This pedantic obsession with the government won't serve anyone justice since the government is made up of people. Homo-sapiens with the same passions, greed and general behavior as in any country. Consensus is just another fancy word for democracy. Do you get a vote for Seqwit? Do you matter? Ofcourse not, much like in the regular world.
I am also certain that government regulation has just begun. I read today that the SEC ruled that cryptocurrency offerings (ICOs) are now subject to their regulation.
KYC regulations make all the arguments that cryptocurrency is anonymous void. Absent authorization of government, value transfers aren't possible between known entities subject to governmental power.
BTC is not itself capable of precluding governmental control. Those people that possess the majority of BTC aren't going to refuse to obey governmental regulations because doing that will make their BTC holdings worthless.
If you want a cryptocurrency that is immune to governmental control, it needs to truly be cryptic - that is, unknown. Since unknown currencies aren't useful, as monetary systems require participants to exist, and participants that aren't aware of the currency can't participate, there isn't such a currency.
Wow, Jeff is running the Bitcoin section here on Steemit. At least the trending section. I love the freedom that Bitcoin gives us. More and more people are flooding over to Bitcoin everyday. It's growing at such a fast rate, its exciting to think more people will use Bitcoin then any other currency in the world.
http://www.FlippyCoin.com is the #1 Cryptocurrency Exchange!
That's incredible. Im stashing all my Bitcoin in cold storage and looking forward to my free Bitcoin August 1st. Lets just hope this doesn't collapse the price of Bitcoin. I dont think it should. If I have my Bitcoin stored on my ledger wallet what is the procedure to get the 14% extra?
well, tell that to the tinfoil vigilante
LOL we just did.
I think Bitcoin is still decentralized. The 80% miners from China having control over BTC in your opinion failed to take over, because the centralization is divided in multiple layers (miners, exchanges, users and dev's). The (indirect) succes of the UASF has proven this.
Furthermore I think that the mining centralization is on a top now and will redecentralize over the years to come. There are multiple reasons to expect this including the end of Asicboost after implementation of Segwit, the extended lifespan of Asic chips, Legalisation of Bitcoin in Russia and India (perfect countries to host huge mining farms) and the higher profitability of mining because of the recent rise in price (now you can make money on mining everywhere in the world again).
For me the implementation of Segwit is a proof of Bitcoins strength and a transformation from a good payment system to the 'internet of money'.
Extremely bullish!!!!
Still, 1% owns most wealth. Much like with FIAT. your point?
Watch how the whole market shakes even if one whale farts
Is there anything that is not pwned by the 1%?
"Intention."
"Meet the new boss, same as the old boss"
sure, edited clips with tackling make good arguments. sure sure.
This is what I think when I read a lot of these posts. The government is supposed to be the people. If that go "wrong" so can the governance of any system including coins.
Do they still teach Orwell in schools because not many seem to see this and think cryptos will lead to utopia?
They are a great technology which will change the world like all great innovations do, they won't rewrite human nature.
Your comment makes sense , upvoted and following you in order to stay in touch. I think that Governments are not stupid and might even be investing big time in bitcoin as they are doing in blockchain technology . We do not actually know for certain who owns or created most of the bitcoin and do not underestimate the United States government and other western government capabilities and quest to control and take over. Lets stay smart and get our own share of the cake.
As far as I am concerned from an architectural stand-point, a blockchain is the perfect tool for a government to keep track of everyone. forever.
That is the fear now..I agree that government will figure out how to use it to their advantage
These empirical forces (both public and private, and ultimately the table of families that control them) are 10 steps ahead and making MASSIVE plans for blockchain. Let us not underestimate the resources and planning of the Novus ordo seclorum.
Point
It can be, but it needs to take certain drastic steps. I must admit that the easiest place to implement those drastic steps is my very own ignorant US of A. Because we will allow our government to do anything as long as it is aimed at any of our many prejudices. If a government manages to impose a one wallet rule and cracks down on all others it can be accomplished. The 80% Chinese fact is worrisome because it has the makings of a basic Federal Drug Opeation, meaning: wait till they get fat and then go for the Big fish, the Chinese Government can actually and up controlling a Major Blockchain. A Government of the people by the people requires aware and educated people. Looooong way to go for us.
Wow 47 people own 29% of BTC transactions?!?
In terms of mining scalability, bitcoin will end up with the heart of the system in the hands of a few individuals, and that's one of the biggest problems with it. I have started https://vialcoin.com in a humble attemp to fix that. It's still a work in progress and I value greatly any input or help in my mission to create a true cryptocurrency for the masses.
Check out this post from 4 years ago ;)
https://plus.google.com/u/0/b/110629124582721325829/+VialCoin/posts/a4XzpEfGVBa
Ditto that, completely agree!!
You have your opinion, but Jeff's is hardly "Bullshit". Governments are so closely tied (parasitically) to their central banks that when one goes down, the other will too. I realize it's just your style, but when you write like a dick, your blind spots and biases shine right thru. You might not appreciate Jeff's obsession with the government (thus, his anarchist stance), but he is making the point that governments today do not derive their power from democracy, but rather from full-on control of the fractional reserve system. When money collapses, (as the dollar is about to) their corresponding government usually does too. I shudder to see what will be brought out to replace today's western governments, but you can rest assured that preferred replacement is already set up, waiting to be triggered.