Bitcoin: Revolution Or Trap?

[imready2rock]

It's not a trap nor revolution - it's more likely to say evolution as it's like the new era of financial world is coming and it's going to change also the worldview on finance, politics and culture.

[dissident]

Once we have matter energy transport, allowing us to live anywhere, and food replication, allowing us to no longer farm, it will free up vast numbers of resources and reduce the requirements for people to be wage slaves for life for peanuts.. I look forward to that day. I suspect the power structure won't want to give up their power base and ability to make money off the backs of others so easily though... the change will take time.....  as for having no money, that will take a very long time... human nature dictates certain people lust for power, status, and wealth, and as long as these people exist, there are going to want to acquire more and more of these resources. I am not one such individual however I know some that are.

[QuantumMiner]

Bitcoin is something that will phase out current financial system that is flawed. It only takes education and current generations will happily accept the fact they use "internet money" as long as it's widely accepted and saves them all fees they accumulate over life time and pay to banks.

Next generations will have to learn to be more efficient, truly cost-effective and to provide a product or a service for ever lower cost that is build to last (just like in the good old days - a coffee table that lasts 2 generations - none of the ikea crap).

We're adding more zeros after the dot as far as I remember - having said that, as long as old currencies are in use, there will be inflation in the real world, thus hopefully 1 bitcoin will be worth a small fortune in near future.

With the  automation of production and eventually contruction, transport and farming everything will become cheap to the point when we balance out renewable energy, resources and needs (not greeds) of every human in the world. So cheap, it becomes free. That will be the moment, when bitcoin will serve its final purpose - transform us into truly free society, with no money, no goverments and politicians. All systems running open source, for people by the people of the world that has no longer artificial political boundaries, but is the way it looks from the outer space. A blue green dot living in harmony, like a single organism, not a bunch of idiots high on their greed playing "who's got the biggest cock" game.

If you don't know venus project, google it - it's very inspirational. Jacque Fresco is a true visionary. I think he was missing this piece of a puzzle - bitcoin - something that will allow societies to knock down just another wall that divides us - old school centralized economy.

[dank]

The real revolution will come from disbanding all forms of money together.  Money facilitates greed and our actions should be measured not by the wealth they accumulate but by the impact they leave on humanity.

Money is not bad; it's just a tool used for medium of exchange and store of value.

Smart people who work, automatically want to save their labour in some form of money.

Saving money is important because it acts as insurance for the future.

And, I truly believe that savings and money is important for the survival of humans.

There is a much more valuable commodity we could be exchanging.  The commodity being energy.  Happiness, peace.

Imagine being paid in gratitude.  And buying goods in gratitude.  Imagine a society that shares as one giant family, people would have more peace than ever before.

While money is not good nor bad, it is a tool that facilitates greed.  It corrupts the mind, for it's very purpose is to wager possessions.  So long as we limit ourselves with greed, we will not experience the limitless positivity that each of us is capable of feeling.  As long as you can buy another man's soul for the benefit of your own wealth, corruption will exist.

[Kaligulax]

Another disturbing angle involves the growing cyber-war capabilities of the US and other major nations. In the aggregate they are throwing tens of billions of dollars each year at developing the tools to hack virtually any system. If they gain access to the algorithm that governs the increase in the supply of a given crypto-currency – or figure out how to intercept transactions en route from buyer to seller – they would be able to hijack that currency for their own ends, either to finance themselves or punish/control those who depend on it. As Catherine Austin Fitts says, “Anybody who thinks the government can’t control crypto-currencies is just dreaming.”

This lack of physical reality ultimately means that crypto-currencies can’t, in our opinion, be considered “money.” That is, they function beautifully as a currency, but as a store of value they are suspect because they lack a corporeal existence. So they’re not an appropriate place for one’s life savings.

But don’t count them out. Given the speed with which other Internet applications – and the Internet itself – have evolved from techie playthings to essential tools of modern life, it’s easy to envision crypto-currencies traveling the same path. They have the potential, once their kinks are ironed out, to function as an efficient online currency in a gold-base