Money and its associated systems of commerce are the most influential and pervasive man-made influences on the human race today. As the paradigm we use to associate value with something and transfer that value amongst us, currency informs us in many ways both obvious and subtle. Currencies drive societies and are responsible for enabling mankind to transact in such a way that we can all function together.
Noble, you would say, and in its purest form, few things are nobler. However, there has been a fundamental flaw in our systems of commerce since inception the privileged few exercising control over the most basic needs of the rest of us.
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Bad article that ignore simple economics. Bitcoin will not free mankind. It will enslave mankind.
Ok let's say Winklevoss guys own 100K bit coins. That means they already own .5% of all the bitcoin wealth. But since there's been 12M mined coins. Thats little more than half. So already 2 guys own 1% of wealth for the rest of history. That is if your libertarian utopia comes true & all central banked fiat is replaced by bitcoin.
So instead of the 1% being varied people who made money the old fashioned way like Bill Gates, Buffett, Masayoshi Son, Branson, Oprah, etc.. Now we have class of 1% that made money on pure speculation.
So instead of businessmen manipulating politicians to give them unfair advantage. It'll be these early adopters. And what advantage do they need? To control the bitcoin currency of course. They'll be bankers. And worse than any bankers we know of today since they can monopolize a deflationary currency without a central bank. They'll set whatever interest they'll please. The Central Bank is not motivated by profit. Its role is to keep the economy going by using monetary policy. Decentralized can't do this. And worse half the entire money supply is already owned by a tiny tiny fraction of the population. Instead of the 1%. It will be the .0001% that owns 99%
No thanks. Give me the Fed with its flaws over that any day. Bitcoin won't succeed because status quo won't let it. I don't want it either cause its already corrupted by allowing few people own most the currency