Topic: [2014-06-09] Telegraph: The coming digital anarchy (Read 1966 times)
As a child watching Star Trek, i did not understand how the monetary system used made sense. Until the Bitcoin appear.
Very nice article with lots of eye-opening infos.
It's amazing to know and realize that Bitcoin and its developments will eventually lead to something even bigger and better than the centrally controlled/monitored internet.
It's amazing to know and realize that Bitcoin and its developments will eventually lead to something even bigger and better than the centrally controlled/monitored internet.
It is much bigger than currency for sure. It will fundamentally transform the way we do a lot of things.
Very nice article with lots of eye-opening infos.
It's amazing to know and realize that Bitcoin and its developments will eventually lead to something even bigger and better than the centrally controlled/monitored internet.
It's amazing to know and realize that Bitcoin and its developments will eventually lead to something even bigger and better than the centrally controlled/monitored internet.
"But how far will disruptive effects reach? Are we rapidly approaching a singularity where, thanks to Bitcoin-like tools, centralised power of any kind will seem as archaic as the feudal system?"
I loved the article.
To say "centralised power of any kind will seem archaic" is a bit of a stretch. The NFL (for example) is an example of acceptable central power. When you own/buy a team you agree to obey the rules of the league and the commissioner has power to enforce the rules.
I loved the article.
To say "centralised power of any kind will seem archaic" is a bit of a stretch. The NFL (for example) is an example of acceptable central power. When you own/buy a team you agree to obey the rules of the league and the commissioner has power to enforce the rules.
That's not power. It is consensus. The two are fundamentally different.
I'm told Jeffrey Tucker posted that he wished he had written the article. Wow!
My favourite quote from it, for now at least: "Many services are obsolete – they just don’t know it yet."
My favourite quote from it, for now at least: "Many services are obsolete – they just don’t know it yet."
"But how far will disruptive effects reach? Are we rapidly approaching a singularity where, thanks to Bitcoin-like tools, centralised power of any kind will seem as archaic as the feudal system?"
I loved the article.
To say "centralised power of any kind will seem archaic" is a bit of a stretch. The NFL (for example) is an example of acceptable central power. When you own/buy a team you agree to obey the rules of the league and the commissioner has power to enforce the rules.
I loved the article.
To say "centralised power of any kind will seem archaic" is a bit of a stretch. The NFL (for example) is an example of acceptable central power. When you own/buy a team you agree to obey the rules of the league and the commissioner has power to enforce the rules.
An excellent article, though even with it's unusual length, there were some areas that were not covered at all. For example:
Most informed people recognise that international remittances and currency hedging are the first 'killer apps' for Bitcoin and likely to drive it's immediate growth, but if large portions of the available bitcoin end up in the hands of kenyan farmers (Family sending money home) and argentinian middle class (protecting their savings against hyperinflation), what happens if we reach tipping point with bitcoin? Chaos theory says it can and should happen, where one day bitcoin is $1000 and a couple of days later it's $100,000! Not only would such a switch induce chaos in world markets, but the above would suddenly find themselves rich, and the previously cash rich (as apposed to property/commodity rich) would find themselves poor. The world has never seen such a massive
transfer of wealth from rich to poor occur before. Wonder how we would handle it?
Most informed people recognise that international remittances and currency hedging are the first 'killer apps' for Bitcoin and likely to drive it's immediate growth, but if large portions of the available bitcoin end up in the hands of kenyan farmers (Family sending money home) and argentinian middle class (protecting their savings against hyperinflation), what happens if we reach tipping point with bitcoin? Chaos theory says it can and should happen, where one day bitcoin is $1000 and a couple of days later it's $100,000! Not only would such a switch induce chaos in world markets, but the above would suddenly find themselves rich, and the previously cash rich (as apposed to property/commodity rich) would find themselves poor. The world has never seen such a massive
transfer of wealth from rich to poor occur before. Wonder how we would handle it?
We would instantly have an upside down society. I will gladly buy some nice property off of the formerly wealthy for bit of coin.
An excellent article, though even with it's unusual length, there were some areas that were not covered at all. For example:
Most informed people recognise that international remittances and currency hedging are the first 'killer apps' for Bitcoin and likely to drive it's immediate growth, but if large portions of the available bitcoin end up in the hands of kenyan farmers (Family sending money home) and argentinian middle class (protecting their savings against hyperinflation), what happens if we reach tipping point with bitcoin? Chaos theory says it can and should happen, where one day bitcoin is $1000 and a couple of days later it's $100,000! Not only would such a switch induce chaos in world markets, but the above would suddenly find themselves rich, and the previously cash rich (as apposed to property/commodity rich) would find themselves poor. The world has never seen such a massive
transfer of wealth from rich to poor occur before. Wonder how we would handle it?
Most informed people recognise that international remittances and currency hedging are the first 'killer apps' for Bitcoin and likely to drive it's immediate growth, but if large portions of the available bitcoin end up in the hands of kenyan farmers (Family sending money home) and argentinian middle class (protecting their savings against hyperinflation), what happens if we reach tipping point with bitcoin? Chaos theory says it can and should happen, where one day bitcoin is $1000 and a couple of days later it's $100,000! Not only would such a switch induce chaos in world markets, but the above would suddenly find themselves rich, and the previously cash rich (as apposed to property/commodity rich) would find themselves poor. The world has never seen such a massive
transfer of wealth from rich to poor occur before. Wonder how we would handle it?
I think the world needs a little anarchy. Maybe bitcoin can be the kickstarter.
The start of anarcho-capitalism
Humanity has been waiting too long for it now!
I used to be a stodgy republican that hated anarchists of all stripes. I am actually starting to think they make some sense now.
I think the world needs a little anarchy. Maybe bitcoin can be the kickstarter.
The start of anarcho-capitalism
Humanity has been waiting too long for it now!
Thanks for the link! Great article.
I think the world needs a little anarchy. Maybe bitcoin can be the kickstarter.
Didn't expect this from the Telegraph, they FUD so much about so many things.
Good job, press.
Good job, press.
Very good as an overview of what the technology that has come out of the decentralised/cryptographic proof sphere. But they missed out "ID where you choose your own level of privacy", which is surely one of the more audacious and disruptive applications (and despite having talked to Jeff Garzik and Mike Hearn).
And the journalist also seemed to offer no appropriate dissenting views of Namecoin or Storj (which is actually called Metadisk), both of which fall into the category of "the answer is a currency stored on a blockchain, what was the question again?".
But I'm always too hard on these people really, OP called it correctly when he said it's the best article in the corporate media. Which is still not saying much, but it will at least improve the comprehension of those who believe there's much value on these sorts of publications these days.
And the journalist also seemed to offer no appropriate dissenting views of Namecoin or Storj (which is actually called Metadisk), both of which fall into the category of "the answer is a currency stored on a blockchain, what was the question again?".
But I'm always too hard on these people really, OP called it correctly when he said it's the best article in the corporate media. Which is still not saying much, but it will at least improve the comprehension of those who believe there's much value on these sorts of publications these days.
Much better than the drive by hit pieces we were seeing during the bear run.
There's some minor misinformation, but regardless, amazing read.
Hope it draws in more adopters.
Hope it draws in more adopters.
Very good as an overview of what the technology that has come out of the decentralised/cryptographic proof sphere. But they missed out "ID where you choose your own level of privacy", which is surely one of the more audacious and disruptive applications (and despite having talked to Jeff Garzik and Mike Hearn).
And the journalist also seemed to offer no appropriate dissenting views of Namecoin or Storj (which is actually called Metadisk), both of which fall into the category of "the answer is a currency stored on a blockchain, what was the question again?".
But I'm always too hard on these people really, OP called it correctly when he said it's the best article in the corporate media. Which is still not saying much, but it will at least improve the comprehension of those who believe there's much value on these sorts of publications these days.
And the journalist also seemed to offer no appropriate dissenting views of Namecoin or Storj (which is actually called Metadisk), both of which fall into the category of "the answer is a currency stored on a blockchain, what was the question again?".
But I'm always too hard on these people really, OP called it correctly when he said it's the best article in the corporate media. Which is still not saying much, but it will at least improve the comprehension of those who believe there's much value on these sorts of publications these days.
This technology really is a peaceful revolution. Thanks for sharing that.
When most of this place is filled with people screaming about a $50 drop, it's very powerful to read something like this and realise what everyone is truly participating in. A top-tier read.
Who's screaming about a $50 drop?
I'm guessing it's going on in the Speculation forum, or something? I haven't heard anyone talking about it either.
On Topic:
A good Bitcoin article that's not from the Daily Mail (Just kidding on that part.) Going to read it later on. I have the attention span of a child, so gonna have to give it a better look later. Seems like a good article though. I don't see any biased facts in it. And it's from the Telegraph.
When most of this place is filled with people screaming about a $50 drop, it's very powerful to read something like this and realise what everyone is truly participating in. A top-tier read.
Who's screaming about a $50 drop?
When most of this place is filled with people screaming about a $50 drop, it's very powerful to read something like this and realise what everyone is truly participating in. A top-tier read.
Wow, a surprisingly long article on the subject. Actually took me a while to get through. Things should really start to gather some pace now.
From a well respected British newspaper,
not one of your over the top comics for the sheep;D
not one of your over the top comics for the sheep;D
Bookmarked for a read later. It does look very balanced and informed.
Quote
Bitcoin is giving banks a run for their money. Now the same technology threatens to eradicate social networks, stock markets, even national governments. Are we heading towards an anarchic future where centralised power of any kind will dissolve?
http://www.telegraph.co.uk/technology/news/10881213/The-coming-digital-anarchy.html
The best article on bitcoin I've read in the Mainstream media... ever.
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