Bitcoin and Decentralization are a Threat to the Establishment.
"When We Decentralize the World the Old Guard will Crumble Faster than a House of Cards."
I truly believe we are on the cusp of a transfer of wealth like the world has never seen. In ages past it was the people who controlled the food supply that were wealthy, then those who had control over money, manufacturing and resources. Now it is shifting to those who have control of information. We are moving into an age when the establishment is losing control.
The Rise of the Sovereign Individual.
Advances in technology are changing the world. You can now live 100% off the grid. Grow your own food. 3D Printing is advancing rapidly. The internet is making it possible to communicate with the majority of the world instantaneously. Then on top of that Bitcoin and blockchain technology is allowing us to live without banking!
Why We Can't Let the Establishment Co-opt the Movement.
They have proven that they are inept. The oil industry has worked hard at keeping competing technologies out of the market. People are still starving. Fresh water and sanitation are still a luxury in many parts of the world. Then on top of that many still don't have access to the rest of the world because they don't have bank accounts. I think this is planned. How is it possible that we have Trillions for war yet can't feed the starving or house the homeless?
All of these failures of the establishment lead me to believe that the failure to get the, "Bitcoin ETF" approved in the USA is a great thing! We don't want banking or governments to Co-Opt blockchain tech. They will ruin it like they ruin everything else.
This Was My Response When the Bitcoin ETF was Denied.
The mindset of the world needs to change if we are going to win this battle of the mind. Stop looking for approval from the old guard. Look what they have done to the planet! Why would you want monsters like that to be part of something as amazing as Bitcoin?
An Ethiopian Proverb.
"When the great lord passes the peasants bow deeply and silently fart."
Source
I am also glad that the ETF bitcoin fund was not approved. Not holding your own keys kind of defeats the whole philosophy of crypto IMHO.
Bitcoin is mined decentralised but the currency is becoming more and more centralised.
Amen to this! Let it all be decentralized with organic growth, only then will it have true value.
It looks more and more that Bitcoin won't be a big threat to the establishment. It can't scale up, which means transactions fees will become so high that only a small group of rich people can afford to use it.
If the price will continue to go higher, block rewards will become very valuable, which means that mining will be centralized. When mining is centralized, governments can gain control by threatening to shut down powerlines for mining operations. Electricity consumption will be so huge that normal datacenter aren't going to be enough.
If I was inclined to conspiracy theories, I would say that governments allow Bitcoin because they know it can't scale. When it can't scale, it won't be a threat to them because ordinary citizens can't use it for daily business.
Bitcoin will be fine, probably a store of value going forward. Steem, Dash, Monero and others will step forward.
If Bitcoin will be fine, it will fail as a threat to the establishment. All that money won't be going for the real financial revolution.
It is already winning.
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I couldn't agree more.
Totally agree with you! - Monsters have to be left aside!
(And at the end you made me laugh and delighted me with this ingenious Ethiopian proverb!) 😂
Decentralize all, the best scientific gun against power, as a result of the "conspiracy" of source-code and blockchain.
In this new decentralized and sharing economy, that will be guided by "Human Value" and "Friendly Earth" instead of self-centered "Money Value" and no regards for our "Mother Planet".
Just published 2 posts about the philosophy of decentralization and consensus on the blockchain.
Bitcoin certainly has no regards for out Mother Planet. Proof of work wastes huge amounts of energy. Anybody who cares about environment can't support Bitcoin.
I'm writing a post about the possibilities of solving this kind of energetic problems, with a not yet realized Utopia of changing the actual configuration.
Production of energy, agriculture, and cities would have to change their actual places and swap to for a new reconfiguration in the continents they are today, that could balance the scarcity of all still available resources on Planet earth.
Anyway, something crossed up my mind.
The energy spent in Banks that can be obsolete soon can compensate the energy spend to manage the blockchain as a collective owned platform.
I suppose the blockchain will find ways to solve or dilute this problem in the future, I hope :)
Steem is already very energy efficient compared to other solutions. The question is: how many transactions the system can handle without electricity consuming special hardware?
Bitcoin uses special hardware (which is expensive to manufacture, gets old quickly and can't be used for anything else) and electricity (often in places where it's done without much environmental regulations, like China). Steem uses normal server hardware, no need for special hardware or huge energy consumption.
Bitcoin can handle about 3 transactions per second. Steem can handle 1000 transactions per second, and big improvements are coming in the near future.
So Steem has clearly a really big advance in efficiency.
Thanks a lot for your thoughts that improved my knowledge.
Bitcoin was the first car, and Steemit is the electric car in the evolution of the blockchain, heheh.
I would like to see data about banks replaced by blockchains, and energy consumption benefits.
Feel free to write your own post about your opinions.
I do! I have done it before, like here: https://steemit.com/bitcoin/@samupaha/simple-economics-prove-that-bitcoin-will-fail
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