BITCOIN, BLOCKCHAIN, THE FUTURE OF MONEY AND ECONOMY
I’m not anti-BTC. I’m just doing my job. That means (a) BTC’s not money, but a fractional divisible share in the btc network (b) dependent upon the BTC network (b) it’s easy for the state to crash its value out of self defense – and it will. It’s an unbacked, uninsured, share in a network – that combines the features of shares of stock and token money.
IE: Know the downside of investments. Don’t time it. Get out early.
- “CURT: Do you believe the state will crush blockchain tech as a whole or just the cryptos like BTC that seek to compete with the dollar? I see huge potential in smart contracts and see it as counterproductive to the states interest to destroy it.” –
1) IMO, more so in the coming near future, than in the past, the state will require and increase monetary levers of influence. So anything that is a threat to fiat currencies will be suppressed. Period. End of story. Does that mean blockchain tech? Absolutely not. 😉
2)However, in that near-future monetary system we may see an even GREATER disconnect between consumer vs business monetary systems, and spending and saving monetary systems. We are past the point of the utility of a single fiat currency. This has been obvious since late 1980s.
3) So the question isn’t whether blockchain survives – because the secure-ledger technology is a vast improvement in ownership (title) registry. It’s whether the state tolerates unbacked assets. IMO the state will end bank money creation, and capture all credit money creation.
4) At present we have about a 1T revenue shortfall. And we have more than 1T involuntarily extracted from the people into the financial sector that should be captured by the state.
5) With the advent of actuarial data at scale, tradable debt, and treasury insurance, banks have negative value and the financial sector has been able to create a state within a state, and a global state at the cost of the populations of liberal political states.
It’s fixable.
6) This is why I say that Blockchain techs are providing free off-book research and development for the state. And that the state is too busy fighting off globalists, populists, and the marxist-pomo revolution, to solve hard problems – only revolution, crash or war will do it.
7) Over long enough time frames all human behavior is deterministic in the absence of a radical increase in the discovery, production, and application of ever-cheaper energy. There is a very near zero chance that I’m incorrect in my estimation by other than timing.