2/ A modern variant of European 'La Belle Epoque' of 1871-1914, when the peak of the Gold standard put some semblance of a cap on State power. Money is Power. Bitcoin is the Neo-Gold standard.
3/ Wars, wars on drugs, torture prison networks, mass Foucaldian panopticon-like surveillance machines, military-industrial complexes, prison-industrial complexes etc...
4/ ...all become *significantly* more expensive if you have to pay punishers’ salaries with scarce gold bricks (bitcoin) rather than infinitely printable (read: stolen) fiat money.
5/ For better or worse, systems like social security, medicare and medicaid will collapse as well. Thousands of commercial banks globally will collapse as well.
6/ Cryptocurrencies make vanilla taxation, inflation taxation and fractional reserve banking either significantly more difficult or entirely impossible.
7/ Prepare to enter a hypercapitalistic, hypercompetitive, decentralized, borderless world of unstoppable commerce, where the power of governments is cut in half, and the power of sovereign individuals is doubled.
8/ Deluded people who use ridiculous and laughable terms like “post-capitalism” don’t know what they’re talking about. Capitalism is only just beginning. This is the first reemergence of truly ‘free markets’ since pre-Babylonian, primitive times.
9/ Because as long as the State has a monopoly on money creation, no market is ‘free’. Cryptography is a weapon. Marxism is Totalitarian slavery. Capitalism is unrestricted Freedom.
10/ Thankfully the fabric of reality itself is an anarchic, libertarian leaning structure at equilibrium. Nothing can ever be successfully top-down centrally planned in the long run. Only free will, human action and markets can point us in the direction of growth.
11/ When (not if) some Asian central bank or a large sovereign wealth fund announces they put 5% of their reserves into a basket of blue-chip cryptocurrencies, the world will never the same again.
12/ Bitcoin is a profound Economic Rennaisance, falsely wrapped in a Tech Bubble, itself falsely wrapped in a Get-Rich-Quick Scheme. The complete takeover success of cryptocurrencies is inevitable destiny. It is mathematically inescapable. Once you see this, you can't unsee it.
No pain, no gain. Surely decades of malinvestment and hyperindebtedness will have to paid for by some upcoming losing parties. It will get worse before it gets better. But crypto will have it’s birthplace in the middle of the next big economic crisis.
My goal is to make a contribution towards making the transition *slightly less* painful.
Let's think critically here: Somebody who makes and sells Bread or Milk, or writes computer code at Google, won't suffer as much -- just accept new type of money.
Somebody who creates money from thin air, and then lends it (Big commercial banks) -- will suffer.
The transition will result in famine, desperation and death for many. What we need is gradual change, let's not be quite so extreme. Fiat as bad as it is has immensely improved the standard of living for the world. Let's not get too carried away, let's aim for gradual change.
Agree with the sentiment of your thread but the question in making this a reality (and not repeat the fiat / gold standard) is how to safeguard crypto, so that 3rd parties (coinbase) do not have to be custodians? How do you make the safeguarding foolproof to the average person?
James Yu [BTC 👍 LTC]
As a technologist myself, I have to say that this is an insanely overly optimistic technocratic view. Crypto currency is just as easily printable as fiat, all you need is a crypto derivative and you're all set. Never underestimate human greed as driver of systemic corruption.
I’ve been saying this for a while. It’s a logic extension of Philip Bobbit’s Shield of Achilles as we move from King state to Nation state to Market state. The difference here is the state could be less influential and be defined differently.