Topic: A Bitcoin Epiphany - page 3. (Read 2624 times)
Decentralization is what makes bitcoin work....take that away and bitcoin wont see the heavens but will go in the other direction! Imagine this: If R3CEV managed to build their centralized ledger and implemented it into their banking system's pre-existing platforms, then that store of digital wealth, you mentioned bitcoin possessed above, would become more valuable because much of the routine traffic would be offset. It would be easy to funnel value back and forth between the ledgers, to purchase that cup of coffee, without jeopardizing one's pseudo-anonymity or allowing any other party to control the store. Let JPMorgan centralize the "tender" part of our transactions while we hold the store of value....right?
I do agree with your view. Centralization is the only fear the general masses have. I don't know whether is technically possible to have a central regulator for bitcoin or not, but without going in to that technical nitty-gritty, I can say bitcoin is born to be not regulated. A country can impose taxes on bitcoin transaction, but that can only happen when they know how to trace that transaction and prove that it has been done someone residing in their country. But there will always be some people, who will want to use bitcoin legally. So you can expect mixed reactions on that.
Secondly, I too believe that bitcoin is not good for daily grocery and food shopping. Rather, it is an alternate way to save for future and unforeseen expenses. Me too is doing the same, only accumulating and trading with a little portion of it.
Secondly, I too believe that bitcoin is not good for daily grocery and food shopping. Rather, it is an alternate way to save for future and unforeseen expenses. Me too is doing the same, only accumulating and trading with a little portion of it.
The only thing we have to fear is centralization. That's it. Nothing else can stop Bitcoin. ONLY CENTRALIZATION CAN STOP BITCOIN. If we can find ways to avoid a central controller, we are on easy street to the moon.
That epiphany is a result of realizing that Bitcoin is primarily our digital Store of Value. That is it's primary purpose and function. It Stores Value in digital land. Gold is the primary Store of Value in physical land and has been for 5000 years. Bitcoin is that for digital land, and Bitcoin will always be that forever and ever and ever unless…. we succumb to the ever present beckon towards centralization...
Here's the bad news: Bitcoin is not going to be your everyday buy a coffee go shopping digital currency. That role is going to be played by something else. Sorry to break it to you. Maybe litecoin, but definitely not Bitcoin. That is why the solution to the Block Size Debate is becoming more clear. Do what preserves decentralization at all costs, and do what allows Bitcoin to keep it's Store of Value property which is specifically, the 21 million cap, it's scarcity. Beyond that it doesn't matter. Just DONT MESS THOSE TWO THINGS UP. or else something else will have to become our primary digital STore of Value… and we don't want that… or do we?
As far as what coin will become the day to day transaction coin? I don't think it exists yet, but F. A. Hayek wrote a book called, "Denationalization of Money" right after he won the Nobel Prize in Economics which describes an issuance model for a new nationless stable currency, and I think that model is best. We don't need value storage abilities with that one as much as we need value stability and Medium of Exchange qualities.
So in conclusion, don't fret about Bitcoin, it's not going anywhere, but we must allow for other coins to come in now and serve their own specialized roles. Bitcoin does not have to do it all. It just needs to do what it does best, what it was designed to do, be Digital Gold, maintain digital scarcity and thus be a perfect Store of Value, and maintain it's trust less decentralized nature. Centralization is death. To the moooooon!
That epiphany is a result of realizing that Bitcoin is primarily our digital Store of Value. That is it's primary purpose and function. It Stores Value in digital land. Gold is the primary Store of Value in physical land and has been for 5000 years. Bitcoin is that for digital land, and Bitcoin will always be that forever and ever and ever unless…. we succumb to the ever present beckon towards centralization...
Here's the bad news: Bitcoin is not going to be your everyday buy a coffee go shopping digital currency. That role is going to be played by something else. Sorry to break it to you. Maybe litecoin, but definitely not Bitcoin. That is why the solution to the Block Size Debate is becoming more clear. Do what preserves decentralization at all costs, and do what allows Bitcoin to keep it's Store of Value property which is specifically, the 21 million cap, it's scarcity. Beyond that it doesn't matter. Just DONT MESS THOSE TWO THINGS UP. or else something else will have to become our primary digital STore of Value… and we don't want that… or do we?
As far as what coin will become the day to day transaction coin? I don't think it exists yet, but F. A. Hayek wrote a book called, "Denationalization of Money" right after he won the Nobel Prize in Economics which describes an issuance model for a new nationless stable currency, and I think that model is best. We don't need value storage abilities with that one as much as we need value stability and Medium of Exchange qualities.
So in conclusion, don't fret about Bitcoin, it's not going anywhere, but we must allow for other coins to come in now and serve their own specialized roles. Bitcoin does not have to do it all. It just needs to do what it does best, what it was designed to do, be Digital Gold, maintain digital scarcity and thus be a perfect Store of Value, and maintain it's trust less decentralized nature. Centralization is death. To the moooooon!
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