[2015-11-10] Say the Big, Bad ‘B’ Word: Bitcoin and the Internet of Money

[LiteCoinGuy]

Say the Big, Bad ‘B’ Word: Bitcoin and the Internet of Money

It has been a bit amusing watching as intellectuals and “thought leaders,” financial industry executives, technologists and even the media itself have fallen in love with “the blockchain,” “distributed ledgers” and other phrases to talk about the innovation happening in how trust and value exchange work on the Internet.

Notably absent from this high-minded and purportedly insightful thinking is reference to bitcoin, the actual open platform that distributes trust and provides a highly secure ledger to exchange value around the world.

https://recode.net/2015/11/09/say-the-big-bad-b-word-bitcoin-and-the-internet-of-money/

[MrBig]

Someone should ask these executives and intellectuals how they envision a Blockchain operating without a PoW system like Bitcoin. If there is no incentive for miners, they will simply shut down their machines, resulting in the demise of the Blockchain. I guess corporations could pay miners directly for using the Blockchain, or create their own mining farms and treat it as an operating expense. Ultimately, they must have some sort of system in their mind as to how the Blockchain will exist independent of Bitcoin.