[2018-01-06] The Spectator - Why cryptocurrency is the answer

[BTRIC]

The craze for cryptocurrency can be explained by a host of factors: the allure of getting rich quick; the attraction of off-the-grid accountancy for malefactors like tax evaders and drug dealers (though Bitcoin is traceable); the glamour of the new. Despite blockchain currencies’ wild volatility thus far, I’d still posit that the more underlying attraction is to a reliable store of value. Bitcoin investors may not recognise their motivation as such, but the impulse behind computer-generated currency is revolutionary: to take the production and control of money away from government.

Source: https://www.spectator.co.uk/2018/01/why-cryptocurrencies-are-the-answer/

[btcton]

This is one of the most comprehensive articles I have read about the main reasons for the existence of Bitcoin and other cryptocurrencies. Sure, the anonymity is nice and all, but the main reason they were created was to have a store of value that no one except for the users themselves can touch or modify in any way. Money held by other big parties such as the government or corporate banks is money you have some power over, but ultimately can you even really consider it yours? They are the ones protecting it and therefore also the ones controlling it. With Bitcoin and others, this all goes away. You can have direct control over your money and there is no one who can take ownership or control over what you have earned.

[Carlton Banks]

but the impulse behind computer-generated currency is revolutionary: to take the production and control of money away from government.

This is often said, but rarely true. Governments of most of the main currencies (e.g. Euro, Dollar, Yen) have little input in the decision making structure for monetary policy. Central banks are typically independent of government with private owners.

[BTRIC]

but the impulse behind computer-generated currency is revolutionary: to take the production and control of money away from government.

This is often said, but rarely true. Governments of most of the main currencies (e.g. Euro, Dollar, Yen) have little input in the decision making structure for monetary policy. Central banks are typically independent of government with private owners.

They are, absolutely.  However, technology gives us the opportunity to change that paradigm.  Not overnight, but it can happen; actually, has begun to happen.

Governments are often at the mercy of these private central banks as well.

[Qartersa]

Yes you know, the relationship of governments and central banks across borders are mutual. They clearly benefit from one another. Hence, it is no question why the business of banks are very well protected by its respective governments because once the former loses its thrust or purpose, it cannot expect the latter to unceasingly support its cause. Simply, this is the reason why people around the globe in general would want to venture into something that can help them improve their economic status because they do not see substantial growth when they just deposit their hard earned monies in banks. Otherwise stated, they are seeing cartel in the business of banks in the sense that it is in fact the banks that get rich through the depositors by lending their monies to other bigger clients.

[DooMAD]

The Spectator also recently published a fairly lengthy and equally insightful blog, which is well worth a read.  It's pleasantly surprising that these arguments are finally being made so eloquently, somewhat close to the mainstream.  Granted, The Spectator isn't one of the biggest names in British media, but I suspect that's largely because the general public are sadly more interested in sports coverage or celebrity gossip.  But still, this feels like progress.  The more people who see it this way, the faster positive change will come.