Quote from: Spoetnik on October 23, 2016, 05:44:32 AM

I was waiting to see what the smart guys say on this idea..
So good time for a bump i think LOL

We can all circle jerk from here to eternity pontificating about the ultimate blockchain implementation, but it honestly doesn't matter because Kaczynski was right and all increases in technology inherently lead to increased centralization and loss of freedom. There are diminishing returns to complexity. A research team used to be one person (Newton, Tesla, etc), now a research team is 200 Chinese guys of multiple disciplines just to have the possibility in making some kind of advance.

Those 200 people need to blow infinitely more resources compared to their predecessors while also being centrally micromanaged. Bitcoin follows the same path. It already took more than one person to make it, now you have this Blockstream thing of people from multidisciplinary fields run as a centralized organization.

This might not be a problem if Bitcoin had an actual end where you can eventually set it and forget it and disband those groups. That's the problem with developers, it's hard to make them work, but once they actually start, you can't get rid of them.

Bitcoin started inadequate for load bearing potential, but even if it was currently 10,000 TPS, people would want 100,000 TPS and you'd still have a Blockstream. It basically never ends. You'll always have a small amount of technocrats running the show. It doesn't really matter if they think they're fighting for freedom or whatever, it's still going to be a perpetual, centralized technocracy in the end.

The only real decentralized currency on the planet earth is silver - gold is cornered by central bankers. Bitcoin has many characteristics that make it better than fiat currency like not being debt based (issued via borrowing at interest) and not being fractional reserve, but those fundamentals don't even originate from technology itself. So use Bitcoin for those reasons over fiat until the debt based fiat scam dies, but if the last men standing are gold, silver, and Bitcoin, why willingly enter a technocracy if you don't have to?

No, you don't put the metal in a bank to back a currency, you use it as the currency in it's native form and burn the paper. The majority of people are always going to outsource security of their wealth whether it's Bitcoin or metals, so you will always have vaults or banks of some type. Bitcoin does not get rid of banks. Even if everyone on the planet was a comp sci major, people would still outsource security of their wealth solely because they have to provide a chain of custody for wills and other such functions.

In the end, we're burning a lot of energy to accomplish most of the same dynamics silver already does. The reason Bitcoin seems enticing is because debt based fiat is such a giant scam that any type of alternative no matter how ridiculous seems crazy good in comparison.