I think Bitcoin is to finance what the Web is to communications. Cryptocurrency will have the same impact on society as the hypertext invention in the 1960s which is what led to the web. And for Bitcoin to succeed now, all it needs to do is survive this next decade. Its already won.
The deflationary aspect of it is the least talked about externality but what I believe to be the biggest impact. Our entire society is based on the concept that consumption is wealth (GDP) and that more spending is higher wealth. The assumption is why we have consumerism. But with a deflationary currency that means GDP will keep dropping and people will not be motivated to spend money. This is the most disruptive thing that could happen in the world. Who knows maybe we will start measuring progress in society based on life expectancy growth not the never ending chase to make more money. As Dylan points out debts will grow each year so this may mean we no longer have an interest rate on money like how Islamic law proclaims. — Sent from Mailbox for iPhone On Thu, Jan 23, 2014 at 10:41 PM, Jiří Baum <j...@baum.com.au> wrote: > Hi, >> Third option — they are a pyramid scheme... >> Isn't any money mostly a pyramid scheme? Government prints money when >> they need it... the rich exploit the the poor (using money (and power >> that comes with money)) to get richer... >> It is very hard to come up with any explanation for the deflationary >> monetary policy encoded into the software by Satoshi Nakamoto, other >> than enriching the originator and early adopters. The "mining" analogy >> is just that — an analogy. >> really? i guess it might be enriching Satoshi, if someone knew who he >> was or if he actually exists :) i guess the early adopters do have the >> headstart, but which industry is that not true for? > Well, it's enriching Satoshi regardless of whether anyone knows who he, > she or they are. Pseudonymous enrichment is still enrichment. > The thing is that the deflationary monetary policy was clearly > deliberately chosen — it's not the simplest or the most obvious to > encode (that would be a constant per-block reward). At the same time, > there's no public explanation of why that one was chosen, and the > documentation seems to steer away from even asking the question. > Why was this non-obvious policy chosen? >> In this explanation, the "currency" moniker would be a ruse, partly to >> disguise the true nature, partly as part of its marketing message, >> designed to appeal to a particular demographic. >> isn't a currency simply something we mutually agree to give a value to? > The question isn't what a currency is, the question is what is the > primary purpose of Bitcoin. > Many pyramid schemes masquerade as multi-level marketing. Why not one > that masquerades as a currency? > Jiri > -- > Jiří Baum <j...@baum.com.au> > Sabik Software Solutions Pty Ltd > 0413 183 117 > http://www.baum.com.au/sabik > -- > -- > You received this message because you are subscribed to the Silicon Beach > Australia mailing list. Vist http://siliconbeachaustralia.org for more > Forum rules > 1) No lurkers! It is expected that you introduce yourself. > 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs > To post to this group, send email to > silicon-beach-australia@googlegroups.com > To unsubscribe from this group, send email to > silicon-beach-australia+unsubscr...@googlegroups.com > For more options, visit this group at > http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en > --- > You received this message because you are subscribed to the Google Groups > "Silicon Beach Australia" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to silicon-beach-australia+unsubscr...@googlegroups.com. > For more options, visit https://groups.google.com/groups/opt_out. -- -- You received this message because you are subscribed to the Silicon Beach Australia mailing list. Vist http://siliconbeachaustralia.org for more Forum rules 1) No lurkers! It is expected that you introduce yourself. 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs To post to this group, send email to silicon-beach-australia@googlegroups.com To unsubscribe from this group, send email to silicon-beach-australia+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en --- You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To unsubscribe from this group and stop receiving emails from it, send an email to silicon-beach-australia+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/groups/opt_out.
