i don't think there is any question about the answer; the Technology Industry.
no, not the banks and not the gov't. its clearly the technology giants. as evidence i point to the following 2 daily charts of the Nasdaq and financials over the last 4 years since turmoil struck. the Nasdaq is the leading stock sector performer. here are the sickly financials:
and here is the strength of the tech giants as evidenced by the Nasdaq:
the price chart says it all.
i also think that what Google did along with other tech companies in derailing SOPA was a significant demonstration of their power over the politicians and the media industries, both considered by many as power brokers.
why do i bring this up? because i think it may be possible to exploit what should be a natural wedge btwn these industries.
the more pessimistic way to view these arguments would be to say that technologies ascendancy has been allowed or driven by inflation facilitated by the banks/gov't and w/o it they wouldn't be thriving as much as they are. that certainly would be a valid argument but i prefer to look at it from a more optimistic standpoint.
the human condition is to innovate, thrive, develop and i argue that what is happening in our society with technology would happen with or w/o the banks and inflationary tendencies. the banks and Wall Street are just riding along on the backs tech stocks and the real economy and would w/o them just shrivel away and die the death they deserve.
why am i bringing this up in regards to Bitcoin? b/c i see alot of confusion around on the Forums about what the best direction is for us to take our economy in wake of whats happened with Tradehill and Paxum. while many good ideas have been introduced i would like to advance another strategy which would be just as valid and i think easier.
if one of the tech giants could be convinced to invest in Bitcoin this would ensure its success. the best way IMO would be for a company like Google to buy a stake in MtGox. this would solidify mtgox's future, create a windfall for Mag Tux, and Bitcoin would be off to the races. obviously another alternative would be for a tech giant to start their own exchange but that wouldn't be the most direct route to what we would like to accomplish. if Mag Tux could be convinced to offer up a large stake to a tech giant we should encourage this.
why would any of these companies want to do this? b/c there is also no doubt that the financial system based on debt is in trouble. we are in the process of forming another bubble which is even more dangerous than what we built up to 2007-8. as evidence to this i point to Europe. yes we could debate forever whether or not the US, who owns the reserve currency, will somehow be immune to all this but lets assume for the moment we're not and that our national debt will eventually drag us down as well. the last thing these tech giants want to have happen is to be dragged down by the financial industry once again into the abyss.
back to why they should invest in Bitcoin. i think there is a general feeling in this country and worldwide that wealth preservation right now is paramount. forget about 8% stock market returns in perpetuity that was the prevailing wisdom when i grew up. if those of us who have anything can hold onto it, that would be a victory. yes, they could invest in gold but seriously, how can a global economy as fluid as what we have now be based on an inanimate object (gold bugs stay away)?
the argument to take to a Google or whoever in the industry is that NOW is the time time to invest in a currency that will hold its value. yes we still have whipsaws in the price but we are still young and this should be expected. the key point is the fixed supply, known distribution rate, and longevity (yes i think over 3 yrs is longevity). this is why gold and silver have done so well to this point. while the Nasdaq stocks are flying and near a peak is the optimum time to start looking for alternatives; before the next Crash which we know is coming somewhere along the line here.
the reason i emphasize Google is b/c they of all tech giants have a vested interest in a free and open Internet b/c of Search. users need to know what they search is free and unfiltered. this meshes so well with a free and open currency that is based on the Internet. Mike Hearns is one of us as well.
we are now over 3 yrs into this project and IMO we are here to stay. hanging out in the Mining forum over the last couple of months has me even more convinced of the strength of this movement. anyone can buy a computer and support the network. there is big money being thrown at gpu and fpga power (by little guys) right now and this is where the "backing" of Bitcoin comes from. fpga is developing at a fast pace and it will get even easier for the average person to buy megahashes.
its been said that Satoshi might have been a consortium of individuals from the tech industry who planted this seed in the wild to let grow and eventually adopt. whether this is true or not, who knows. its besides the point. i think any of us who has any connection to Silicon Valley or any of these companies need to be pounding the turf and pushing the concepts and fundamentals of Bitcoin to the thought leaders there. they of all people will understand what Bitcoin is all about; especially if it came from them. they should realize that they are the ones who are really in charge of this country and economy and should want to take pre-emptive steps to insure the value of their money while they still have it.
Before the next Crash which is when Wall St will take it all away.
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