Bitcoin was on the verge...
...the verge of breaking into the mainstream, and hitting the critical tipping point. It was about to explode like never before.
Cyprus revealed the extreme risks of the current antiquated banking system. The smart money was looking to get out. Then along comes Bitcoin at just the right timing.
Thousands flood mtgox with new accounts openings each day. Mtgox is backlogged over 20k or more. Thousands of users who are desperately trying to get fiat out of the banking system and into Bitcoin.
The press is finally talking about Bitcoin. Some even favorable. Google trends shows new Bitcoin searches going parabolic.
Now was the time for Bitcoins big debut on the world stage.
The curtains rise. Then what happens...
Complete and utter FAIL!
FAIL by the one central point of failure, Mtgox.
Over a billion and a half gone in one day, ironically at the same time more money then ever before was trying desperately to get INTO Bitcoin.
Now what's the perception of Bitcoin going to be? You think the media or any new users are going to make the distinction between the ineptitude of Mtgox and Bitcoin?
No... They are going to lump them into the same basket. Both as unstable, and too volatile to be trusted... Run by a few inept geeks.
Who knows just how long this event set Bitcoin back.
And why did this happen?
Because enough in the community didn't ask the 1000x question. And those that did, shouted and screamed, but nobody listened...
What is the 1000X question?
Simply this... "If the present inputs into the system are amplified 1000x current reality, where is the system going to break first?"
Then fix that weak link. And ask the question again.
Currently it's painfully obvious that weak link is the centralized exchanges.
So long as we have centralized exchanges Bitcoin will never be able to hit critical mass...period...end of story. Ya simply can't get there from here.
We need a decentralized exchange. We need it now.
I propose we take the most promising existing darknet open source code...plug the Bitcoin minors into it to power it.... then on top of that darknet build an eBay style decentralized exchange.
Rather then inepts like Mtgox getting trading fees, those fees would reward the critical backbone of Bitcoin...the Bitcoin miners.
This same Bitcoin darknet could power all Bitcoin transactions completely independent of the Internet.
.... And oh the possibilities that could be build on top of this Bitcoin darknet...
- Encrypted messaging systems...
- Truly decentralized, encrypted cloud storage no government could seize or shut down...
- Cloud web hosting...
And who knows what else. All with the fees for these services rewarding the Bitcoin backbone...the minors.
2 years from now everyone will forget about this event. Bitcoin will have even more traction, even more momentum. It will reach another critical point where it could tip, and then truly explode. When it does will it be another utter FAIL?
...Not if we have a Bitcoin darknet and decentralized exchange.
...and not if we keep asking the critical 1000x question.
But now is the time to build it.
Who is with me on this one?
Techies, who will step up now for the good of humanity for God's sake?
Sage
P.S. Remember just how liberating it felt when the realization hit you... "If Bitcoin hits mass adoption I will never again have to bow and scrape to any central banker and be enslaved by their fiat."
Well, because we failed to anticipate we just robbed the world of that reality for a few more years.
Let's not f%^# up the next opportunity. Who is with me on this one?
