October 28th, 2018 1:31 PM
NO. HERE IS THE FUTURE OF BTC
(No more lies, means no more btc lies too)
This is of course an interesting thought experiment, but of course the difference is that such a metal does not exist, the precious metals are in demand for un-replicable reasons, and they are insufficient in volume, so their function of a monetary substitute (holding place of value) is actually oil.
Fiat money consists of shares in the state, and is in demand because the state demands it for taxes, and demands it’s monopoly. Bitcoin consists of shares in the bitcoin network. There is trivial difference between electronic distribution of any existing currency, and the distribution of bitcoin OTHER than the FEES that can be extracted for use of those other currencies, in exchange for state insurance of those transactions, and that the INDIVIDUAL COIN HOLDER provides the function of clearances between different currencies (locales), at lower FEES (transaction costs) at slower rates (transaction rates), in the absence of insurance by the currency issuer (the state or the btc network). There is no known method of insuring the BTC network and it remains slow expensive and fragile.
As I’ve written consistently since I think 2012, all we are doing with these currencies is performing research and development for the state, which will NOT use a distributed but CENTRALIZED transaction processor, on top of existing financial networks, using the encryption technology, and the state will destroy private networks because the state can INSURE those transactions as well as police the input and output of money into and out of such networks.
There is absolutely zero chance of any other outcome. As far as I know the legacy of BTC and similar products will be as registries of title, thereby eliminating title companies. Registries of stocks and interests. And if someone is smart enough, to eliminate the check-cashing businesses which will then be able to provide cash distribution services in lieu of risk, for flat fees rather than interest.