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Value is created by destroying friction: if financial transactions become decentralized, cheap and fast, you already have created some value. Even more: having

Value is created by destroying friction: if financial transactions become decentralized, cheap and fast, you already have created some value. Even more: having the masses controlling the capital would allow for novel allocation of financial resources: nobody would have killed the electric car 40 years ago if research capital had been more distributed (just an example, not trying to bring up any specific conspiration theory). More applications, taken from git: before git took the development world by storm, everybody was pretty much used to cumbersome and slow merges when doing team development. Once a fast vcs tool appeared, the possibilities multiplied, and whole new industries emerged. A couple of simple features (speed, low cost, easy setup) where enough to create a miriad of new applications. Money being at the base of everything, from economics to politicis to science, the blockchain is poised to revolutionize society as no other technology has achieved before.

alexasmyths 9y ago
" if financial transactions become decentralized, cheap and fast, you already have created some value." + There is no evidence of value from a 'decentralized' system - in fact, there's considerable value from a managed currency which we know will expand as the economy needs it - not an some arbitrary and ridiculous parameter such as the availability of computing power. + Most monetary transactions are already cheap and efficient. "having the masses controlling the capital would allow for novel allocation of financial resources:" A) BTC in no way enables 'the masses to control the capital' - it's probably more concentrated in terms of ownership than other currencies fyi - moreover - it's just a currency. It's not capital, per sey. B) There's no indication that the masses are better investors than the very large category of investment managers. C) "nobody would have killed the electric car 40 years ago " this is patently false. People have been working on electric cars basically forever and it's been ongoing. As for GIT ... 'faster merges crated new industries'? If that's what you meant to say then I don't really buy the argument at all. And this has nothing to do with BTC nor is it even analogous. "Money being at the base of everything, from economics to politicis to science, the blockchain is poised to revolutionize society as no other technology has achieved before." From your comments I might argue that you might not know what 'money' is. BTC is not 'money' - it can kind of be used as that, but is not, and is used less and less as such. BTC has many structural elements which make it not very useful as a currency. Having a 'Central Bank' is not a drawback in the opinion of most people - this 'decentralization' stuff is technology/libertarian ideology, nothing more. A well managed Central Bank is preferable to a fairly strict currency with arbitrary control mechanisms. An economy that loses the ability to have monetary policy ... well ... loses a lot. There is a huge ugly factor with VISA/AMEX taking 2% of so many transactions ... but that's another story. Aside from that transaction fee - our monetary system works pretty well - far better than BTC. The 'problems' that BTC is trying to solve are not real problems. Many of the opportunities it creates are simply the result of bypassing regulations which are there for the most part to protect us.
- gonvaled 9y ago
  > Most monetary transactions are already cheap and efficient Say that to peple sending wires with Western Union at 40% commission, and waiting one week for them. > BTC is not 'money' - it can kind of be used as that, but is not, and is used less and less as such Revolutions take some time (this one is going pretty fast). Would I work for bitcoin now? No. Do I consider working for bitcoin in the short future? Yes. Is it important for me to have government approval to work for bitcoin? Haven't decided yet. > People have been working on electric cars basically forever and it's been ongoing As said, my comment was not specifically about electric cars, that was just an example. Any other example would do. It would be naive to think that powerful interests have never succeeded in halting progress. > Having a 'Central Bank' is not a drawback in the opinion of most people - this 'decentralization' stuff is technology/libertarian ideology, nothing more. Most people do not know or care about this. Whether that is good or bad for them is debatable. > A well managed Central Bank is preferable to a fairly strict currency with arbitrary control mechanisms. An economy that loses the ability to have monetary policy ... well ... loses a lot. Sure, amongst other things: - the ability to debase savings of people and force them into brainless consumption, ensuring everybody is playing the rat race. - the ability to privatise profits and socialize losses (see financial crisis) And other niceties. > The 'problems' that BTC is trying to solve are not real problems. You are just not seeing the problems, as nobody could see clearcase's problems pre-git. And, more importantly, you are not seeing the possibilities.
  - GFischer 9y ago
    I've sent and received money with Western Union... where does it take 40% commission or one week? It takes about 10% commission at most and it's same-day. Definitely can be improved upon but you're exaggerating. Plus, bitcoin has huge friction for people unfamiliar with it - Western Union's network is great.

alexasmyths 9y ago

" if financial transactions become decentralized, cheap and fast, you already have created some value." + There is no evidence of value from a 'decentralized' system - in fact, there's considerable value from a managed currency which we know will expand as the economy needs it - not an some arbitrary and ridiculous parameter such as the availability of computing power. + Most monetary transactions are already cheap and efficient. "having the masses controlling the capital would allow for novel allocation of financial resources:" A) BTC in no way enables 'the masses to control the capital' - it's probably more concentrated in terms of ownership than other currencies fyi - moreover - it's just a currency. It's not capital, per sey. B) There's no indication that the masses are better investors than the very large category of investment managers. C) "nobody would have killed the electric car 40 years ago " this is patently false. People have been working on electric cars basically forever and it's been ongoing. As for GIT ... 'faster merges crated new industries'? If that's what you meant to say then I don't really buy the argument at all. And this has nothing to do with BTC nor is it even analogous. "Money being at the base of everything, from economics to politicis to science, the blockchain is poised to revolutionize society as no other technology has achieved before." From your comments I might argue that you might not know what 'money' is. BTC is not 'money' - it can kind of be used as that, but is not, and is used less and less as such. BTC has many structural elements which make it not very useful as a currency. Having a 'Central Bank' is not a drawback in the opinion of most people - this 'decentralization' stuff is technology/libertarian ideology, nothing more. A well managed Central Bank is preferable to a fairly strict currency with arbitrary control mechanisms. An economy that loses the ability to have monetary policy ... well ... loses a lot. There is a huge ugly factor with VISA/AMEX taking 2% of so many transactions ... but that's another story. Aside from that transaction fee - our monetary system works pretty well - far better than BTC. The 'problems' that BTC is trying to solve are not real problems. Many of the opportunities it creates are simply the result of bypassing regulations which are there for the most part to protect us.

gonvaled 9y ago
> Most monetary transactions are already cheap and efficient Say that to peple sending wires with Western Union at 40% commission, and waiting one week for them. > BTC is not 'money' - it can kind of be used as that, but is not, and is used less and less as such Revolutions take some time (this one is going pretty fast). Would I work for bitcoin now? No. Do I consider working for bitcoin in the short future? Yes. Is it important for me to have government approval to work for bitcoin? Haven't decided yet. > People have been working on electric cars basically forever and it's been ongoing As said, my comment was not specifically about electric cars, that was just an example. Any other example would do. It would be naive to think that powerful interests have never succeeded in halting progress. > Having a 'Central Bank' is not a drawback in the opinion of most people - this 'decentralization' stuff is technology/libertarian ideology, nothing more. Most people do not know or care about this. Whether that is good or bad for them is debatable. > A well managed Central Bank is preferable to a fairly strict currency with arbitrary control mechanisms. An economy that loses the ability to have monetary policy ... well ... loses a lot. Sure, amongst other things: - the ability to debase savings of people and force them into brainless consumption, ensuring everybody is playing the rat race. - the ability to privatise profits and socialize losses (see financial crisis) And other niceties. > The 'problems' that BTC is trying to solve are not real problems. You are just not seeing the problems, as nobody could see clearcase's problems pre-git. And, more importantly, you are not seeing the possibilities.
- GFischer 9y ago
  I've sent and received money with Western Union... where does it take 40% commission or one week? It takes about 10% commission at most and it's same-day. Definitely can be improved upon but you're exaggerating. Plus, bitcoin has huge friction for people unfamiliar with it - Western Union's network is great.