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RE: Monopolies in networks (Internet, cryptocurrencies and languages)
Nice article, but currencies are a little different than languages, since Government currencies are owned and monetized by Central Banks, who may not always be good managers of those currencies.
Competition might help in that regard.
Yes, I agree. And for example France or China would not accept that the US Dollar would be the only currency in the world.
We had a one-currency-world until 1914 with the Gold Standard. I think this was possible because Gold is neutral and nobody controlled it at that moment in time (until banks and central banks could centralize Gold in their vaults and then decouple their national currencies from Gold).
And with Bitcoin we have a neutral, decentralized currency which is controlled by nobody. So if BTC continues to grow in value and get more and more market value and ever less volatility, I think no competition will be necessary.
What are your thoughts about a lot of the miners being from China?
And their being core developers that could heavily influence the direction that Bitcoin takes in the future?
P.S. I don't have an opinion on this yet so it would be nice to hear yours.
Thanks for your questions,
I think the more geographically distributed the miners are the better. But on the other hand, there is no incentive for miners to do something that could damage BTC because that would be detrimental to BTC‘s value.
And, the interests of miners, developers and hodlers are very well balanced, so that developers are incentivized to work in mutual interest. Otherwise BTC hodlers could sell and enforce a change of direction.
Nobody knows what will happen, but I think it is the most interesting project of our lifetime, and worthy our support.