Quote from: KaranRaut on September 19, 2017, 10:10:34 PM

Quote from: JayJuanGee on September 19, 2017, 07:02:12 PM

Quote from: aso118 on September 17, 2017, 08:07:16 PM

Quote from: KaranRaut on September 17, 2017, 06:41:11 PM

For long the banks have ruled organisations and organisations and businesses the Government.
So to say that the banks have had their monopoly for far too long now. The cats out in the open and every one can see the skeletons in their closet.

Do you think that the Bitcoin revolution will server as the great equalizer?
Is the Crypto revolution revolution going to bridge the gap between the poor and the rich; the market and the consumer?

Let me know what you think..

It is not an equaliser. It just redistributed wealth. Early adopters are the nouveau rich. But nobody is going to get out of poverty because of Bitcoin or blockchain technology.

You are generally correct on the first part of your comment, that we are witnessing some redistribution of wealth to those who hold bitcoin and/or invest in bitcoin - however, this redistribution is not all or nothing because rich people can also choose to invest their shitty and abundant fiat into bitcoin, yet if they do not have confidence in bitcoin, then they will have to jump on board when the train is further down the track. Furthermore, there are ups and downs in this volatile market, so the poor are only going to benefit from this redistribution if they do not get shook out by the volatility and the FUD.. so they gotta continue to invest and accumulate at whatever ability that they have, even if it is only $5 per week....

So the last part of your statement is both right and wrong. It is wrong because it is framed as an absolute and it is right because people are not going to get out of poverty unless they are strategic about what little resources that they have and if they are able to identify investing in bitcoin now and into the near-term future.. and to muster up even small amounts of money to invest in bitcoin... If they dedicate no money to bitcoin, then any benefit that they might get from bitcoin/blockchain may be a lot more indirect - by the disruption of the total system that possibly provides them some decentralized avenues (will take some time to play out).

Thank you for the comment: Really appreciate you sharing your perspective .. I wonder sometimes because of the push and pull that the industry experiences (industry=cryptosphere),I mean w.r.t. the governments and banks (the current powerhouses of our society/world) being pessimistic about it, if we will actually revolutionize the world/economics... Don't get me wrong but they are right in certain aspects (too much fraudsters lurking around) but then again that's true in the fiat world as well..

We are not going to expect any kind of transformation to take place quickly; however, if you think about it, this phenomenon of bitcoin is becoming quite powerful quickly, and it seems likely to me that people who are able to identify such power are going to be rewarded immensely as long as they can accumulate and HODL their bitcoin in spite of various likely volatility and manipulation and FUD spreading. So, it does not matter if you are rich or you are poor, you will be able to better your station in life if you recognize the power of bitcoin and are able to act upon that recognition without over-investing and able to persist with your strategy and not get shaken out.

Of course, you can do much better if you already have wealth; however, the poor person is not excluded from this system, if s/he can figure out a way to invest. A problem is that frequently poor people will not have as much access to information or time in order to sort between the good information and the bad information, and they may well get tricked into investing into some crap pump and dump alt coin rather than in the real deal, bitcoin.

Quote from: KaranRaut on September 19, 2017, 10:10:34 PM

Governments should focus on curbing the wrong doers and not the system, like in the case with fiat or banking..

I don't know. Governments are all over the place on this, and each of us, as individuals, have to figure out our accumulation and HODL strategy - which is going to vary depending on jurisdictional and geographical options that are available to us.

whatever the fuck governments should or should not do, I don't give a ratt's ass because I just try to figure out what I am going to do based on what "is" rather than what "ought to be", and what "is" will be continuously changing and vary somewhat depending on location - even though bitcoin is global.

Quote from: KaranRaut on September 19, 2017, 10:10:34 PM

Banks are super scared because they would get hit the hardest unless they have some innovative way of evolving.. This leads me to think maybe the banks bought the coins and short sold them short to cause panic and they will do this again..

There may be some banksters that can see the writing on the wall; however, a lot of them are likely still cocky and engaging in various attempts and campaigns to undermine bitcoin. Surely, we cannot see everything that banks are doing - and some of them are likely just sitting back, too.. so there is even variation in the banking sector, and some of them could be hedging their bets too...

Still seems like early stages to me, and it could be that at some point in time there is going to be more coordinated attacks from banks... and other cryptos, again varying on jurisdiction, too. But there is probably going to be some confusion, too, about what is being attacked, whether bitcoin or some other pump and dump alt coin.

[quote author=KaranRaut link=topic=2186087.msg22014617#msg22014617 date=1505859034

So if more and more individuals participate and believe in the value of a decentralized system the banks would have less control..

[/quote]

Yep.. sure with the passage of time, more and more difficulties to stop individual and decentralized participation.. We are still in very early stages of the spread of this bitcoin phenomenon.. stay tuned... Cheesy