Steem Bounty - Is Bitcoin a Chaos Proxy? Share Your Thoughts and Get Rewarded
This morning a friend of mine texted me an interesting quote by professor Scott Galloway:
"Bitcoin is a chaos proxy."
It got me thinking and I am inclined to agree.
What do you think?
There is a bounty on this post (see the comment section) for the best answers/thoughts in the comments ;-)
I am curious what your thoughts are!
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More than chaos, it is the continuation of the unnatural scarcity paradigm.
But it seems to me that the cryptocurrency phenomenon is bringing to light the creation of Fiat money from thin air, and this could be good... do you agree? ;)
I think crypto speeds up the process of people gaining financial literacy, which is a good thing :-)
Fiat money creation is not the only problem, also in the crypto space 'money' is created out of thin air. The fact that fiat money is debt-backed is a much bigger issue and unpredictability of additional supply of fiat money might be more scary.
I perfectly agree with you!
I became utopian freeworlder when I have reached awareness of the colossal scam of the debt currency, which benefits a small handful of greedy parasites. ;)
P.s.: Sorry for delayed answer, but unfortunately I was out of bandwidth! :(
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It is a threat to the interventionist states (and others less) and their control over the currency and the money supply. Central banks and governments have assumed the financial and regulatory monopoly as a last resort to sustain spending structures, clientelism and excessive indebtedness, the use of legislation to attack any medium that threatens its main economic policy weapon should not be underestimated.
But what is a threat to some is an opportunity for others, Bitcoin has become a shield against inflation and totalitarian governments.
I live in Venezuela, and the government created a cryptocurrency called Petro to trace over the economic blockade that has been imposed by many countries.
Thanks for your comment! It definitely can be seen as a shield. Do you think there is a positive correlation between the amount of lost trust in the status quo and the price of Bitcoin?
Also, I am curious, to what extent are the people in Venezuela talking about this Petro? What is their opinion?
I quote the words of Jhon McAfee: "Larger block size, we survive. Status quo, Bitcoin dies. It's as simple as that folks."
With respect to the petro: The petro is a cryptocurrency (digital currency created by the government of Venezuela) and its credibility has depended on the security of the technological platform, as well as its independence from the Central Bank or the Government. If its issuance is centralized in a public entity and regulated by a Superintendence of Cryptocurrencies, there will be the fear that it could be manipulated in accordance with the Government's exchange, fiscal or monetary objectives.
As such there is no impediment for the state to create its own currency, but what it does make clear is that in this way the government recognizes that the national currency no longer has the sufficient value to be able to support the transactions nor the economic growth of everybody.
The reserves of oil and minerals can not be offered as a guarantee of a cryptocurrency, which will be of this China and Russia for example, are at risk of the cancellation of the debts that Venezuela has with these and more countries of the world.
Venezuela is in international focus. The country suffers a severe shortage of food and medicines, there is an inflationary spiral, where prices increase to the point that there are tickets money in the country that are no longer useful, and where there are even problems to print the tickets money themselves, the economy has contracted in recent years and the country is on the verge of a default.
For all these reasons, it is very difficult for the petroleum to generate a confidence similar to that offered by the other cryptocurrencies that are not controlled by any Government or Central Bank.
Thanks for this in-depth reply @jmhb85, I really appreciate it!
So could I say that the Petro does not interest the people at all?
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Its totally on chaos proxy....
It's my opinion
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This words are so real, and the way he link Trump's election and people lose of faith with the rise of bitcoin make me think a lot about it , and it's hard not to agree with him that bitcoin is a "Chaos Proxy".
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I hope it is a tool to bring chaos and change to the fiat based system that relies on debt to survive. I hope cryptocurrency can lead to a more sensible economic model
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Well I have been thinking about this question multiple times today, but really can't make up my mind.
For sure it will disrupt some things. Maybe not BTC itself, but many of his siblings will for sure be!
But we have to maybe start to see fiat money also as some kind of crypto. Many of us, barely have cash at hand these days. It becomes more and more virtual. It isn't backed anymore by real gold and (national) banks keep on printing it like free, just like Tether.
But yes, my kids will never have a same idea about money than my parents had, and maybe I have know at this moment. From the moment that we won't be using the phrase "money makes the world turn around" anymore, but "cryptos makes the world turn around". We will know that it was a "proxy chaos".
Some nice oneliners in your comment there ;-)
The future generations will definitely not have the same idea about money indeed!
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Bitcoin is just a part of Chaos Proxy, If you speak about Technological inventions most fall under this category. We as of 21st Century comes under development stage and everything is evolutionary. If we talk in that sense then even blockchain will have successor in future, because this is not end of Technology.
Most development has life cycle and everything has by-product which comes and replaces the original concepts. If we only blame Bitcoin, then it will be unjust. We have to further understand the Artificial Intelligence instead and can we develop a system which can be controlled AI based, if rightly so we can evade Chaos Proxy.
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I'm not sure I completely understand the statement, but if it's about the decentralized and 'liberating'/ 'empowering' aspect of it, with the anarchist roots.. then no, I'm not too worried about Chaos.
Bitcoin is a thing which in itself cannot do anything. If Bitcoin is a proxy for chaos, then so is FIAT money or gold, or anything else that people can freely exchange. The means of exchange themselves are not responsible for how people use it or what they do with it.
I suppose one might argue that Bitcoin may make it easier to create chaos than it would be in a world without Bitcoin. But the same could be said for many things, such as the internet itself.
Humanity, as well as society, has a tendency to figure things out eventually. Despite many end-of-the-world predictions and other sensationalism, we're all still here. Society may change, but humans will forever be the same. Even if Bitcoin causes a revolution, I think it's likely that post-revolution it will be much of the same as pre-revolution, except in a different form.
Just look at history.. You can go back 3000+ years and find the same stories over, and over, and over, and over.
edit: Also, that being said, chaos is not a bad thing! My favorite philosopher, and my favorite quote of his, Friedrich Nietzsche: "One must still have chaos within oneself, in order to give birth to a dancing star."
All creation is destruction is creation!
Order leads to stagnation, and quite frankly, a dull world.
Chaos has some order :-)
With Bitcoin being a chaos proxy I believe the professor meant that a price increase would go hand in hand with more chaos/less confidence in the current (financial) world. As in, people fleeing into crypto because they lose trust in the status quo.
Maybe.
The whole 'fiat money is failing, flee to crypto-liberty!' thing is catchy and interesting for sure, but honestly, how many people do you know who are into crypto because that is their main motivation?
Personally, I think 90% of us are here because of some kind of FOMO. The rest is icing on the cake.
It's not a push away from the old financial world, but more of a pull exerted by crypto.
Good point, that is probably true. Currently the biggest push from the stock market is just plain fiat money I guess. And once people have the money there 'safe and sound', they might take a second step and see where to get a bit of profit when they allocate their money to that particular asset class.
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It is smart to think about Bitcoin philosophically!
Bitcoin is indeed a Chaos Proxy, but as nature intended it.
There is order and democracy in chaos!
Your last sentence reminds me of the movie Chaos (2005) :-P
Now I have to check it out!
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I have to admit, I had to look up what a chaos proxy is.
That about sums it up. Adapting "off the grid" economics. Although, I would like to see the cryptos rise without the social pandemonium. But, I guess we get whatever we get. @ironshield
That indeed sums it up nicely, thanks for sharing :-)
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