Will bitcoin usher in a new global perestroika?

[jehst]

Perestroika (Russian: пepecтpóйкa)

The literal meaning of perestroika is "restructuring", referring to the restructuring of the Soviet political and economic system.

As bitcoin continues its inevitable rise to its place as the world's most liquid and best-managed currency, how many financial institutions will be made "redundant"? These are the words of BNP Paribas, largest French bank, not me. What will happen when the center of world finance moves rapidly from London, New York, and Hong Kong to Silicon Valley?  How many gatekeepers will find themselves without a gate to lean on? How many cryptocurrency enthusiasts will find themselves on the NEW global richlist, like the hundreds and thousands of New Russians who emerged from the ashes of the Soviet Union?

Are you ready for the change that is coming? How do you believe it will happen? Are the old financial elite so powerful that they will manipulate bitcoin and remain in control? Or will they go the way of Kodak?

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[Possum577]

Ready for the changes, but I think changes will be slow, even if use of bitcoin grows wildly over the next 5 years. Banks have a huge role and a lot of ways to serve a need that bitcoin can't serve (that also earns the bank money). It may be possible for traditional banks and Bitcoin to coexist peacefully, which may be the best option because it would produce fewer enemies of Bitcoin.

As for Russia, I think Putin's mad control over the Russian world is the biggest challenge for bitcoin's success there.

[Genesys]

Wouldn't that be scary if bitcoin brought the Russians into power The ruble is dead, they are thinking of buying Greece at thrift store prices and Russia is second to only China with bitcoin influx.

[IIOII]

What will happen when the center of world finance moves rapidly from London, New York, and Hong Kong to Silicon Valley?

I don't think the center of world finance will move. I think there will be no longer a center of world finance, because with Bitcoin centralized entities are no longer needed. Corporations and users can operate borderless anywhere they want.

There's nothing to fear about the changes Bitcoin will bring, because all these changes are positive and will empower the average citizen.

Wouldn't that be scary if bitcoin brought the Russians into power

It won't happen because of Bitcoin. It will happen (Russia+China), because the world is fed up with being slaves to the constantly warmongering American hegemony and all the power of the US relies on the dominance of their currency, which is slowly eroding. Imho, Russia as a new world power can't be worse than the US.

[Daniel91]

People, I'm afraid that we are talking here about very distant future here.
Such huge changes can't happen overnight, and for it we will need political decision and global acceptance of BTC.
I don't think that any government will easily give up its own currency, which they can control, and accept bitcoin as their new currency, which they can't control.
Such ''big change'' can happen only when all other options have been exhausted and the country is on the brink of financial collapse, as now is the case with Greece.
Perestroika was actually the last attempt of the ruling clique in Moscow, led by Gorbachev, to preserve dying Soviet communism and the Soviet Union from the collapse.
We should not link the bitcoin and perestroika because they actually have nothing in common.

[BillyBobZorton]

Nations are too ego based and are obsessed with their own history. It's no coincidence all of their coins make references to past leaders and whatnot. They will never embrace a currency that is neutral and is based on 0's and 1's, they aren't evolved enough as a collective. The ones that do, will become millionaires because it will be the ultimate safe haven outside of the nation based, filthy-debt based, scam based national fiat currencies.

[Hopalong]

If you look at a map of the distribution of bitcoin you will see that nothing will change. Those who have money today also have bitcoin. The poor people of the world can go suck an egg.

[Hazir]

If you look at a map of the distribution of bitcoin you will see that nothing will change. Those who have money today also have bitcoin. The poor people of the world can go suck an egg.

This is correct. Nothing really changes, those in power stay in power, same with the money. Bitcoin can be manipulated quite easily despite its decentralized nature.
Positive news have no effects on bitcoin while one tiny negative rumor could destroy btc price. All you need to do is to have one big whale and you could control bitcoin.

[mezmerizer9]

This is correct. Nothing really changes, those in power stay in power, same with the money. Bitcoin can be manipulated quite easily despite its decentralized nature.
Positive news have no effects on bitcoin while one tiny negative rumor could destroy btc price. All you need to do is to have one big whale and you could control bitcoin.

No like this any more as bitcoin's adoption rate are increasing! Bitcoin's price will become stable. Consider the trading volume of bitcoin, the big whale is not easy to manipulate the market! Besides that, why do they need to dump the price? The big whale are valuing their bitcoin holding!

[rayhan]

Change is coming  but at a slow pace. Bitcoin can coexist with the banking system , but it cannot fully eradicate it. Because , c'mon ? Imagine a world without banks ? I cannot. Banks are necessary since people are holding money of the government and vice versa, banks are the intermediaries. There are functions that only a bank can perform , regardless of the digital efficiency of Bitcoins.

[Hazir]

This is correct. Nothing really changes, those in power stay in power, same with the money. Bitcoin can be manipulated quite easily despite its decentralized nature.
Positive news have no effects on bitcoin while one tiny negative rumor could destroy btc price. All you need to do is to have one big whale and you could control bitcoin.

No like this any more as bitcoin's adoption rate are increasing! Bitcoin's price will become stable. Consider the trading volume of bitcoin, the big whale is not easy to manipulate the market! Besides that, why do they need to dump the price? The big whale are valuing their bitcoin holding!

People are saying that bitcoin price will be stable since day day 1 of bitcoin, it is being volatile and susceptible to manipulation since ever. And why do you think price is being reduced?
Some people don't want stable currency and payment method, they use bitcoin as speculative tool, that is the reason behind dumps and pumps, holding BTC is not enough for them.

[dothebeats]

If you look at a map of the distribution of bitcoin you will see that nothing will change. Those who have money today also have bitcoin. The poor people of the world can go suck an egg.

True. The rich will only be richer, and the poor will only be poorer. Bitcoin isn't here to save the day, it is here to start the innovations and wake up the people on what the current state of their society really is. Well, if bitcoins is better distributed, I see no problem there. However, there are entities out there who are owning more than 100k bitcoins, an amount that could significantly control the whole bitcoin economy.

[n2004al]

Perestroika (Russian: пepecтpóйкa)

The literal meaning of perestroika is "restructuring", referring to the restructuring of the Soviet political and economic system.

As bitcoin continues its inevitable rise to its place as the world's most liquid and best-managed currency, how many financial institutions will be made "redundant"? These are the words of BNP Paribas, largest French bank, not me. What will happen when the center of world finance moves rapidly from London, New York, and Hong Kong to Silicon Valley?  How many gatekeepers will find themselves without a gate to lean on? How many cryptocurrency enthusiasts will find themselves on the NEW global richlist, like the hundreds and thousands of New Russians who emerged from the ashes of the Soviet Union?

Are you ready for the change that is coming? How do you believe it will happen? Are the old financial elite so powerful that they will manipulate bitcoin and remain in control? Or will they go the way of Kodak?

I think that bitcoin will have a very big role in entire world and first of all in the economies of the world (playing one role greater than the perestroika of Gorbachev) but with one condition. Must be known and regulated by every single country. Or at least from the most powerful of those. If it will not be recognized as a currency and will have a doubtful status like the actual one will have no great impact but only secondary one.

But while bitcoin need a condition to make true its historical role, the technology which produced it has already the status of the divine technology and is well known as a disruptive for many field of technologies. This technology there were be applied and known every day more and more. I think that this technology will protect and made bitcoin to play its role in the future. If this future is near or not, this remain to be seen.