Bitcoin Forum

(Just a random guys reflection on Bitcoin four years later and the vanity of needing to make the 10,000 post important)

If you have been involved in the Bitcoin community for any period of time you likely have heard the phrase "Bitcoin is the most disruptive technology since the internet" or something similar at least once.  Have you ever thought deeply about what that means?  Bitcoin is disruptive because it doesn't need the blessing or support of established interests.  In that respect Bitcoin was successful as soon as people voluntarily began using it. It only requires voluntary association to grow and flourish and that is a powerful thing. The future is unknown and the growth of Bitcoin is almost certainly going to be painful.  Certain actions taken by established interests can slow adoption, degrade the value of the network, and even destroy the Bitcoin protocol.  Well at least the form of the protocol we call "Bitcoin" today.  Bitcoin however will route around damaged parts of the system and make no mistake, our financial and political systems are horribly damaged.  Bitcoin interfaces at the edges with those systems and that will make things chaotic for a while.  If states adopt punitive legislation then wealth, innovation, employment, and yes even tax revenue will flow to states that don't.  If banks are reactionary they will lose to banks that are forward looking.  Today the amount loss is negligible but what about in a decade or two?  Like water of electricity Bitcoin will organically find the path of least resistance.

The concept of cryptocurrency is now unstoppable.   Today Bitcoin is the dominant system but regardless of the success or failure of Bitcoin, the thing of far greater note is the larger concept of decentralized currencies have been proven viable.  Economic systems secured by math and logic not fallible humans and political will.  People will never stops improving it.  Even if established entities succeed in crippling the Bitcoin network, future cryptocurrencies will evolve from the lessons learned in Bitcoin's destruction.  It has always been a possibility that Bitcoin will be the Napster of cryptocurrencies.  Innovative, new, and ultimately fatally vulnerable from the day it launched.  The media industry struck the Napster network at the vulnerable point and for a short time they enjoyed success, but the concept had already taken root.  People were already thinking, creating, evolving the concept.  What spawned from the death of Napster wasn't carbon copies, that would have been futile.  Instead it was a technological petri dish, with various new forms of file sharing being created, competing, and mutating into forms that were increasingly more resilient to control and censorship.  The same will happen to Bitcoin, there is no need for a replacement to start from scratch.  A future protocol could start from a snapshot of the Bitcoin blockchain at a point in time before it was attacked, gaining at launch stakeholders who have a vested interest in the success of this alternative.  Will the process be chaotic, scary, unmanageable?  Of course.  A cacophony of competing ideas, networks, and participants.  However like file sharing the genie is now out of the bottle.  We may in twenty years look back and find cryptocurrencies are very similar to what exists today or they may be so radically different as to be unrecognizable.  Nobody know if Bitcoin will remain viable and resilient over an extended time frame.  If someone says they know, they are lying, either to you or themselves.  Of one thing that I have no doubt, is that  cryptocurrencies in some form will exist in the future.

We should take a look at how far we have already come.  The very fact that you even have people talking about cryptocurrency all over the world, a word which didn't even exist a few short years ago, is profound.  Even when people are criticizing Bitcoin for its flaws or limitations they are still talking about it as a functional network, not an abstract idea which maybe could happen someday.  Compare that to the reaction Satoshi would have received, if he appeared on CNBC to discuss the still theoretical concept of decentralized currencies.   It would have been painful.  From an idea that many self proclaimed experts wrote off as impossible or unworkable, to a money supply valued at over a billion dollars in less than five years.  All that growth occurring in a chaotic, organic and at times dysfunctional fashion, open to anyone with an idea and a drive.  Unlike fiat currencies nobody is forced to accept Bitcoins, nobody is locked into keeping the coins they already hold.  Fiat currencies coerce populations through the use of legal tender laws and even with that advantage Bitcoin is already larger than the money supplies of dozens of nations.

Cryptocurrencies have breathed new life to a very old concept.  Private money has existed for at least as long as currency issued by the force of the state, but it has been held back by the seemingly insurmountable limitation of a trusted central authority.  The concept of decentralized currencies breaks that limitation and will enable the usage of private money on a scale that has never before been seen in the history of mankind.  The nature of Bitcoin makes any attempt to control the "Bitcoin proper" as futile as attempts to stop peer to peer file sharing.  At best the state can exert influence on the periphery, the edge where the crypto and fiat worlds meet; however this influence will wane with time.  As a circle expands the area inside the circle grows exponentially relative to the circumference.  In the same respect, even if states around the world clamp down, their influence and power is directed at periphery, an area of shrinking importance as more of the voluntary transactions occur inside the network.

On a personal note I don't know the exact future of Tangible Cryptography, we have been discussing various plans and contingencies.  Over the last week I have switched back and forth many times between disillusionment and defiance.  After deep reflection I am as energized as I have ever been.  Regardless of what happens we will remain involved in the cryptocurrency ecosystem.  In the modern age defiance doesn't necessarily require one to violate the laws of the state.  If the state says X is unlawful, well I can do Y instead. Individuals and companies can route around the damaged parts of the system just like Bitcoin does. Tangible Cryptography employees citizens at a time when jobs are scarce, it pays a substantial amount in taxes at a time when shortfalls are never ending.  Our government should be thankful for the prosperity that our company has brought.  If they don't, well there are other ways to do Bitcoin related commerce, and there are other states.  The power of collocation, virtualization, private networks, and telecommuting makes the world smaller and will allow a marketplace for governance.  The states just haven't realized it yet.

P.S. I hear Canada is nice this time of year.  

Pretty cool 10000th post :)

Good to see a levelheaded opinion which points to problems and opportunities in Bitcoin's future.

Great read and I agree that cryptocurrency is here to stay and will also benefit in other areas as well not just in currency.

I see Bitcoin as one of many technologies which are placing greater power in the hands of individuals and lessening the amount of control that a central authority can exert.  It's going to be a wild ride as everyone gains the ability to create/buy/sell any object or piece of information in total privacy.  We'll likely see a state-led war against general-purpose computing, as Cory Doctorow has suggested.


I'm sorry that I've missed the news.  What happened?  In my experience, you've always conducted your business in the highest standards of professionalism.

Awesome! This is why Bitcoin will succeed sooner than later. People are actively engaged with it. You are not alone.

10000 posts, most of which have high quality, balance, and good insights.  I thank you for the time you take to write here.

We'll be happy to have you. It may take you some effort to get used to the idea of not having to worry about your health insurance anymore, though  ;D

I completely agree.

For example, they issued a warrant to block a few (sharing) sites in the UK recently. Providers bowed down and dns-banned those sites. Couple hours after, they were all accessible again through dedicated proxies.

Another example is the complete internet shut down they decided in some middle east countries during the revolutions. Resistants found a way to relay internet through radio communication, using the backbones of bordering countries.

The network is like a brain, today, very adaptative. If a part gets damaged, another route emerges.

Which makes me think, I was having this theory when I was younger that we actually gave earth awareness.
The network infrastructure is actually pretty close to a brain, with data propagating from a node to another, with activation thresholds, inhibition, etc... She might be thinking now, without us knowing... :)

The biggest takeaway I got from the San Jose conference and the events that have followed is that Bitcoin's center of gravity needs to move outside the US and Europe as rapidly as humanly possible.

I want to see the Bitcoin network become a heterogeneous system, built from many independent implementations created by programming teams in China, Russia, Latin America, India and Africa, in addition to the reference implementation to protect it from malicious changes implemented by a small group of coerced developers. I want to see Bitcoin economic activity in the BRIC nations reach par and then exceed activity in North America and Europe so that the currency is no longer in danger of being attacked by any single government, or group of governments who could plausibly be expected to work together.

The doorstep of the financial rulers of the world might not be the best place to build and promote a disruptive technology to replace them.

awesome post

Nice post, D&T, thank you.

It really is. 8)

*Applause * Very well said! I find myself extra motivated every time I come across some type of banking-related piece if stupid, too!

But if you're looking to avoid money transmitter laws, Pennsylvania or West Virginia is a bit closer. ;)

this is fast happening :), i am from south africa, we have a nice exchange to convert btc to fiat, bitx.co.za its even worth slightly more cuz our currency is currently being run to shit by our stupid ass government. was even able to buy a gpu recently for btc from someone in south africa :).

WOW that's quite a sum even at my pace doubt I will see that level for a long time
Also nice choice for the 10000th post

Canada is nice this time of year :)

+10000 :) Nice post OP

The revolution has certainly begun, the Great Financial Reckoning is coming down the track like a freight train on meth, and we will soon be witness to the biggest paradigm shift our world has ever seen. The world as we know it today is about to change drastically, be ready   :o

Anyone thinking they missed the boat with Bitcoin shouldn't worry, it is only just getting started.

https://i.imgur.com/fnCzukI.gif

Awesome post, DeathAndTaxes. Thank you.

+1. Waiting for your 20000 post!

http://mashedmusings.files.wordpress.com/2013/01/penguin-clapping-animation.gif?w=150&h=150

Thank you for your posts, keep them coming.

And if you thought crypto-currency was a 'fad' why is Apple filing patents for iMoney (http://www.slashgear.com/apple-imoney-patent-looks-to-take-on-google-wallet-07285352/).

To sue the company behind Bitcoin

Whatever iMoney is, a cryptocurrency it is not

Terrific post and very true, I'm excited by the possibilities that BTC provides.

On a side note: 10k posts truly impressive!, I wonder what your "Total time logged in:" looks like.

great post , thank you

Very good post D&T  ;)  When I first joined the forums in 2011 I used to argue with you a lot about bitcoin ideology and just thought you was using your mastery of prose and my lack of it to troll me.  Tho reading your posts over the last couple of years I've built a lot of respect for you and now take your bitcoin 'preaching' as gospel.  I think you should be labelled as a 'superhero' and not just 'hero' on this forum for the educational value you bring.  Thanks for your posts  :)

Nice post, and right to the point!

Yep. I share this perspective. I think the set of people, computers and communication networks on this planet represent a sentient being, which is evolving, learning, growing.

Great post.

There needs to be a K+ button on this site...

Great pOsT
grEat POst
...............

Do you know mate, I have below bookmarked

https://bitcointalk.org/index.php?action=profile;u=41048;sa=showPosts

After Bitcoin Discussion board that is the next book mark I open starting the day. Why ? That gives me idea of almost all good posts I need to follow, take a glance at :)

Thanks for making this forum a better place. Waiting for your 20,000 post :)

Cheers

And I am interested in knowing that too :)