

Waiting for Bitcoin - zallarak
http://blog.instavest.com/waiting-for-bitcoin

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shadowmoses
This: When internet adoption began to take off in the 1990s, it came with
skeptics and an endless series of questions. In 1995, Newsweek published an
article titled “Why the Web Won’t be Nirvana,” stating:

“Visionaries see a future of telecommuting workers, interactive libraries and
multimedia classrooms. They speak of electronic town meetings and virtual
communities. Commerce and business will shift from offices and malls to
networks and modems. And the freedom of digital networks will make government
more democratic. Baloney. Do our computer pundits lack all common sense? The
truth is no online database will replace your daily newspaper, no CD-ROM can
take the place of a competent teacher and no computer network will change the
way government works.”

~~~
CyberDildonics
20 years later the visionaries have been proven to be visionaries.

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chei0aiV
This: When internet adoption began to take off in the 1990s, it came with
skeptics and an endless series of questions. In 1995, Newsweek published an
article titled “Why the Web Won’t be Nirvana,” stating:

“Visionaries see a future of telecommuting workers, interactive libraries and
multimedia classrooms. They speak of electronic town meetings and virtual
communities. Commerce and business will shift from offices and malls to
networks and modems. And the freedom of digital networks will make government
more democratic.

Baloney. Do our computer pundits lack all common sense? The truth in no online
database will replace your daily newspaper, no CD-ROM can take the place of a
competent teacher and no computer network will change the way government
works.”

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rue
Cryptocurrency, definitely yes.

Bitcoin, hopefully not. I’m fundamentally opposed to rewarding that particular
wealth redistribution scheme.

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dpc_pw
Is current wealth redistribution scheme so much better? With forced taxation,
shady fractional reserve system, central banks manipulating markets, rich
getting richer, etc. I don't think so.

Actually Bitcoin is very fair. Everything is Open Source, verifiable, public.
There is no insiders, no trusted parties changing rules, everything is
publicly know: number of coins and their distribution scheme.

The price of Bitcoin is a fair price. It corresponds to current market
knowledge about it's usefulness and chances to be more/less useful (valuable)
in the future. Anyone is allowed to participate, and noone is forced to
participate.

People holding Bitcoin are rewarded for their risk of holding risky asset.
People trading it, are rewarded for providing liquidly, people mining it are
rewarded for keeping the p2p network running.

Bitcoins is the fairest game in the town. And any wealth redistribution it
causes is a fair redistribution.

~~~
rue
It’s not an either-or question. The current system is a travesty; replacing it
with another that rewards those with means and early adopters at the expense
of others isn’t any better.

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hacktavist
Nice article, very thorough

