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RE: The r0ach report 18: The great PoW lie
Actually, this was the reason I invested in Crypto knowing that they will be more centralised than the central banks we have today. The people who run the show behind the scenes will make this succeed for this reason only, this is very unfortunate but true. even steemit runs in the same way somehow. But i still do invest in Metals heavily (more in silver), so let's see how far this can go.
Well, in that case you're left with very few benefits of using such a system. One benefit would be the hope they can't expand the money supply and are forced to stay within 21 million units, but bitcoin security weakens the lower the base block reward goes to the point where even this may not be a given:
http://freedom-to-tinker.com/2016/10/21/bitcoin-is-unstable-without-the-block-reward/
I am not in for the benefit of using it or not, I am more in to make money and convert the money to real assets and metals, so as long as it is sustained, I will be making more purchases like the below one I did from some of the profits. the below silver cost me one Bitcoin only. if at a later stage i can buy more silver or lets say gold, land with my bitcoin investment, then i consider my self wining,
Hey man, you don't have to convert me, that's exactly what I do lol. The value of cryptocurrencies right now is entirely due to regulatory arbitrage, but the state will eventually bring the hammer down and kill much of that value proposition.
I imagine they will attempt to co-opt bitcoin with some type of mandatory fixed address alias system wrapper or you'll be considered a launderer, then some random "anon" coins like Monero might take over the black market/regulatory arbitrage sector.
While we both love and agree on metals, I think the state will do exactly the opposite and send cash on the other hand to a black hole. The state does love cryptos and hates cash for the reason that crypto will be easily trackable and centralised while cash and metals are not.
Well, that's what I mean. They will let cryptocurrency proliferate and then ring fence it all in with extreme regulation where it's basically the same thing as using fiat and probably take over most of it via the legal system in the process.
I mean, assuming this stuff continued on into the future, mining pools would even be regulated by entities like the EPA to the point where only favored minions of the state can even mine at all.