Quote from: tosmartak on May 17, 2017, 01:07:44 PM

I came across an article online that is quite interesting and it goes thus;

Quote

"Bitcoin brings a lot of hope to the table. The digital currency, which was launched with an aim to destabilize crony capitalism, certainly sounds revolutionary. And it has indeed shown how a money can survive only on public consensus, without needing government and central banks. It is now being used for plethora of purposes: to buy essay, goods, products online, as well as a mean to simplify cross border remittance.

The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.

Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.

With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.

If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."

What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?

What do I think? I think he was doing great with his article until he used the words "Bringing the power of blockchain technology to government offices"

This person went from volunteerism to a naive form of idealism and became a government supporting slave at the end of the article. I don't see how humanity would need a Government of any type when ALL the private industries today are the ones who are always innovating and creating new technologies. And it's always governments holding them back with fines, and building codes.

When 10,000 years ago there were no governments and people were just fine, as a matter of FACT they were doing so great that it's the very REASON why you can sit in front of your computer and read this today!

when the United States was founded on just a handful of people who decided to fight the entire British Empire and it's armies without the use of a government but used small militias to do so instead.

Whoever wrote that article is so naive and misguided that it's worth laughing at, he or she honestly believes that a decentralized platform, a DECENTRALIZED system of finance will make the government more accountable, less destructive and kill less children? They are sociopaths, this system kills millions of innocent men women and children per year and all over the world?

War's a racket and Human suffering is a business model and business is good.

elegion

Posts

Merits