

Banks and Brokerages Should Be Mining the Blockchain - csomar
http://avc.com/2015/06/banks-and-brokerages-should-be-mining-the-blockchain/

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csomar
I wonder how this will affect profit-driven miners. If banks start to mine
not-for-profit, in an activity, that is already almost non-profitable, then
this will make mining bitcoin cost money.

If this drives the for-profit miners, and only big-giant corp-banks are
mining, they'll easily control over 51% of the mining capacity.

This will return us again to same problem bitcoin tried to solve:
Decentralization. And this is putting us in the hands that we wanted to escape
from in the first place.

~~~
informatimago
If you want freedom, you need to design a free currency.

Check [http://www.creationmonetaire.info/](http://www.creationmonetaire.info/)

    
    
        The principle of freedom must acknowledge all individuals, present and
        future, and allows us to define three fundamental economic freedoms as
        following:
    
    
        a) Freedom of access to resources
        ---------------------------------
    
        Any citizen is free to access resources.
    
    
        b) Freedom of production
        ------------------------
    
        Any citizen is free to produce value.
    
    
        c) Freedom of exchange "in the currency"
        ----------------------------------------
    
        Any citizen is free to exchange with others "in the currency".
    
    
        | Freedom being defined as non-nuisance, one must not make the basic
          logical error which consists to interpret the economic freedoms as a
          right to violate others' property, to produce or exchange what is
          unlawful.
        | How to interpret the "freedom of access to resources"?  It must be
          interpreted in terms of non-nuisance, as specified by the Lockean
          proviso:
    
            Once gathered (or 'appropriated'), an item belongs to the person
            who made the effort to gather it, "at least where there is enough,
            and as good, left in common for others"; nature itself remained
            common property.  One owns the apples one picked, but not the
            apple tree; the deer one hunted, but not the forest.
    
        For example, nobody has the right to appropriate the unique water
        source in a desert, without giving access to the water to everyone.
    
    
        Free code and free monetary system
        =====================================
    
        Free code, as defined in the software world ("free software") consists
        in giving freedoms to the users of software programs [#]_, so they may see
        the source code of the software, and are able to modify it.  This
        principle of "freedom of code" is fundamentally compatible with the
        principle of relativity, because if the laws are independent of the
        referencial, it is that they are not hidden or inaccessible thru
        experimentation, wherever we are.
    
    
        Now the currency is currently a hidden and privative code, in the sense
        that currency is controlled by rules that cannot be modified
        democratically (essentially the rules of Basel I, II and soon III,
        which are in no manner established following a democratic process),
        and that the transactions performed by the banking system for the
        issue of asymetric credits are not transparent.  The historical
        subprime crisis which saw its summit in 2008 is the latest
        illustration.
    
        [...]
    
        The consequence of a monetary system whose code is hidden, is the
        emergence of an economy whose value field is a pyramidal topological
        structure, auto-reproductive and unstable.  On the contrary, the
        consequence of using a free monetary system is the emergence of an
        economy whose value field is an expanding spherical structure in the
        space-time, compatible with generation replacement.
    
        However, the software freedoms as defined by the Free Software
        Foundation (FSF), which are four in number, must be distinguished from
        the freedoms of a communication protocol, or exchange, like the
        currency, which cannot be modified individually without being cut out
        from the community that uses it.  Thus, "Free software" respects the
        following users' freedoms:
    
        * Freedom of use
        * Freedom of access to source code
        * Freedom of modification of source code
        * Freedom of copy
    
        They are different from the four freedoms which must be attributed to
        a free monetary system:
    
        * Freedom of democratic modification
        * Freedom of access to resources
        * Freedom of production of values
        * Freedom of exchange "in the currency"
    
        Examples:  In 2011, the Euro cannot be considered a free currency,
        since its code (the treaties on the European Monetary Union) are not
        modifiable by a democratic process.
    
        We can talk of Euro as a currency privative of freedom, a privative
        currency system, at least in the sense of the first freedom, and even
        more of the fourth freedom as we'll see later.

