I like ETH better than BTC. I think ETH will end up being the bigger than BTC in the end. The smart contracts behind ETH has many application possibilities per Allison McDowell’s work. Dapp’s are going to run a lot of the show in the future. BTC code can only do coins. To use a firework analogy, BTC is the charge that gets the shell into the sky and ETH is the explosion and pretty colors. I have seen some speculations that If Russia was to go ditch the ruble (due to collapse) it would pivot for ETH due to the “main” creator Vitalik Buterin being 1/2 Russian. I think the first step has been taking by Elon Musk to normalize blockchain currency (my term sounds less scary for normies). The next step will be for a government to use block chain currency as its official currency. I believe you will see a Mirco state in Europe or possibly African country like Somalia be the pilot program for it. I could also see the Vatican use it’s own coin. I say a developing country are more likely and typically more progressive with implementing new tech because it’s easier to change.
I'm a big fan of Idriss Aberkane who's a wealth of knowledge on many subjects (a true polymath), and when speaking on the recent events of Gamstop, he was saying how this is the first, really effective financial protest emerging from the bottom up, and how it's impact is superior to going out and protesting in the streets. I'd have to agree, simply judging from the panic on Wall St that resulted in the Ran-ian banksters to beg for swift Govt regulations was quite the show! I know it's a bit off-topic, but that was just tip of the iceberg.
Now crypto is being paraded as the terrorist's favourite tool (while at the same time, the banksters are reluctantly investing in it).
I think we're going to witness something big pretty soon on the money side
https://www.bbc.com/news/world-africa-56169917
News from the Crown!
Nigeria is working the BTC hard. It’s also interesting that the local government is freezing accounts and as a result; folks are doubling down on BTC. I don’t think the west will take that approach of freezing accounts.
I agree with the above comment ^ financial protests such as GameStop are great, better than street bashing were insurance companies get richer. My biggest worry is who was really behind the info leak that helped kick that off? Another hedge fund using the poor to do their dirty work? That doesn’t sound like the upper class. 🙂 Too much instant media coverage for me. I see the main stream news as commercials. 🙂
Yet Greg has brought up the great point on the show, the public ledger is a double edge sword. As long as the accounts remain anonymous it’s ok. When block chain currency is no longer private, everyone knows your transaction history. That has made me pump the brakes a bit. I speculate that one day folks will need to register their block chain currency wallets to use the funds with the fed. Peer to peer should always be open, however I would want to one day “pay at the pump” with my BTC like a credit card.The interface (POS) allowing these transactions could pick to only do business with registered federally accounts.
Using the ledger, the fed. would check your history to see if your registered account interacts with non-registered accounts. And suspend it from being using on their (POS)network. Unlike a bank freezing your assets, you have access to the funds on your digital wallet but none will want to interact with you, for fear of retaliation. I am not too worried because folks figured out how to launder cash, the same might need to be done for BTC with fed. Registered accounts. I smell a lauding BTC mining rigs to fix this?
The fact that so many big players are getting into BTC should be of concern. I see many Bitcoiners acting as if BTC is some kind of silver bullet solution to the problems of Big Govt. & Big Corp. It doesn't matter how many BTC you have or how much its worth as long as you're still dependent on The Machine's supply-chains. If your BTC goes to $1,000,000, great, but will you actually be able to transact--who will you be transacting with (and for what), which middle-men will be monitoring said transactions & taking their cut & might they have the power to approve or decline said transaction?
Some things to consider:
"Crypto" is awfully close to the word "crypt"--which is somewhere you put dead bodies.
"Blockchain" is a combo of the words "block" & "chain"--something you shackle a prisoner to.
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I like your analysis there @hisich . There definitely seems to be two sides to the bitcoin dilemma. On the one hand, all the anti-establishment arguments for it (decentralized ledger, finite supply). On the other, it seems to me like a prodigy child being groomed to become a monster, one day (soon) becoming the platform on which everyone's personal data will be traded on (talk about a true panopticon), as discussed by Allison McDowell on a recent THC episode.
To be fair, this dilemma is the rule, rather than the exception, for all groundbreaking technologies when we are too immature to steward a tech for the commons.
Having said all that, I'll still vouch for BTC simply because I don't see a better existing alternative out there. My 2 cents 🙂
enjoypolo wrote:
I like your analysis there @hisich . There definitely seems to be two sides to the bitcoin dilemma. On the one hand, all the anti-establishment arguments for it (decentralized ledger, finite supply). On the other, it seems to me like a prodigy child being groomed to become a monster, one day (soon) becoming the platform on which everyone's personal data will be traded on (talk about a true panopticon), as discussed by Allison McDowell on a recent THC episode.To be fair, this dilemma is the rule, rather than the exception, for all groundbreaking technologies when we are too immature to steward a tech for the commons.
Having said all that, I'll still vouch for BTC simply because I don't see a better existing alternative out there. My 2 cents 🙂
The Satoshi Nakomoto thing really sounds like a fairytale to me at this point. My guess is that BTC was probably a creation of the central banks & intelligence agencies (like NSA) themselves. Run up the price & promote it as anti-Establishment in order to entice/incentivize well-intentioned entrepreneurs to create the networks/innovation, then crash or outlaw BTC & come in and take what the creators have created & use it for their own purposes.
How decentralized is it, really? How secure & anonymous is it, really? If, as I suspect, it was created by "Them", who knows what kind of backdoor access/control they actually have?
If you want to see how "They" handle people/systems that truly buck the system check out what happened to Bernard Von Nauthaus & his now-defunct Liberty Dollar currency:
https://pastandpresent.com/2019/01/04/bernard-von-nothaus-liberty-dollars/
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