Topic: The irony of the Bitcoin guinea pig. - page 2. (Read 1605 times)

Rubber-hose


google tells all, beside in the senario the entire wealth of the economy has been fled to bitcoin.


Again the entire economy has now moved to bitcoin. The wealthy/powerful are still paying the armed forces just in cryptocurrency.
 

How are they going to get into the wallet even if they do confiscate it? Supposedly the FBI don't even have all the coins they confiscated from Silk Road because the guy in charge had the sense to put a password on his wallet. These guys can't even operate an email address or website without fucking it up so what makes you think they know anything about using a cryptocurrency? Also the police and the army aren't going to stick around if their governments currency collapses and they won't get paid.

I'm not sure if your trolling or missing the point. I mentioned noting about changing the source code?

I figured It was implied that the generally excepted arguments of Bitcoin will apply. Obviously bitcoin can't be taxed, but in a corrupt mismanaged system they can certainly be confiscated. 'would that be minus one finger or two with your password sir ?' and the borders can be closed.

The point I was hopefully trying to debate was that the assuming full wealth transfer into Bitcoin in the above scenario the rich and powerful will still be rich and powerful. (As they too have fled to bitcoin) They still control the army police and hence people. Further as they had the worst run economy and hence the first to fully turn to entirely bitcoin economy they will be rewarded with greatest increase in its future price.

Corrupt governments contain corrupt people, those at the top would surely be looking after their own wealth before that of the people and hence most likely to keep it.

When did you become a soothsayer? You haven't even taken into account the fact that Bitcoin cannot be taxed or confiscated, there's also the fact that any changes a government tries to make to the source code is immediately going to be spotted if they try anything. I can certainly predict that governments may go ahead and hire people to make their own cryptographic currency to suit their needs, maybe even update the code to force businesses and people to accept high transaction fees to fund the country but that's the most they'll be able to do. People will always have the choice now to just ditch the currency they're using and move onto a different one instead on a whim and if they have an alternative like Bitcoin I really doubt they're going to stick around for another Freicoin where the majority of your profit is taken from you through the code.

Any government that adopts Bitcoin is going to have to be intelligent enough to realise they can't control it and that's a tall order for politicians.

A small thought exercise into the future suggests that at one point Bitcoin will win over some struggling national economies. Argentina seems to be the goto example here, but it could equally be Venezuela, Belarus or any number of African nations. When the economy of 'poor corrupt country with hyperinflation' noticeably starts to fail all wealth will head to the only possible escape route; cryptocurrency.

So now we have the situation where the most corrupt, most ill managed, economically reckless country has an entirely Bitcoin based economy. However the rich and powerful from this country will still be the rich and powerful, except now their wealth is in Bitcoin and hence rapidly increasing in comparative value to the rest of the lagging world.

As we all know this first mover advantage will probably be huge, the most mismanaged mess of a country could become a new global superpower, with its exponentially increasing wealth. Unfortunately those is charge will still be at the top, their existing social policies, will still remain, they will still control most of the wealth.


It's going to the morbidly fascinating to watch but i'm struggling to see how Bitcoin will not reward the 'worst' first mover with large rewards and initially exacerbate political divides in the world ?