Re: The Critical Importance Of Cryptocurrencies - What's your take?
I don't want it either cause its already corrupted by allowing few people own most the currency
85 people control the world with their wealth, and have as much wealth collectively as the rest of us.
Are you sure Bitcoin will be no better once it is adopted wide scale?
I think it will. Reason is, because it cannot be counterfeited. Unlike gold, it can't be used to coat tungsten bars
It's based on pure unadulterated mathematics...and the codes are absolutely unbreakable.I think Bitcoin has the ability to destroy the monopolies that have taken over...but you do have a point with centralization with regards to mining.
Maybe Quarkcoin or Vertcoin, or perhaps some other more-decentralized mining-wise coin will take over Bitcoin as the ultimate cryptocurrency...nobody knows, and only time will reveal the answer.
I believe its way more than 85 people. http://escholarship.org/uc/item/3jv048hx#page-1
In any case. Inequality is not correlated to Central Banking or fractional reserve banking. Inequality is correlated to the transition from mercantilism to globalism.
But its complex and many factors contribute to economic inequality.
My criticism of crypto utopianists is they ignore the economics and politics of power. You might be able to disrupt the curent financial system, but what replaces it will be 10 times worse without govt oversight. I want my money to be inflationary and controlled by a Central Bank. Cause I want to avoid something like Great Depression