The problem is you don't see the obvious categorization here, private money vs public money. The Federal Reserve currently lends debt based money into existence and charges you interest to use it. This is obviously private money and detrimental to anyone that's suckered into using it when it's clearly neo-feudalism through usury.
Funding the development of a block chain technology doesn't mean the block chain issues all the money supply by paying the developers.
For example, Ethereum was funded with an ICO, but issuance of the money continued by proof-of-work.
Even Charles claimed in his recent video, that he had favored the funding the Ethereum corporation with venture capital instead of an ICO (but he was overruled), so then none of the money supply would have been issued by the developers.
But I will agree with you on one aspect, which is that if ICOs hand too much control to one group, then they can continue to influence the project and system which sort of makes them rulers akin to a Federal Reserve. We see this effect recently with Vitalik using his influence to propose forks. And we
may be seeing this with WAVES or other ICOs having too much control over the float.
Gold? Anyone can find it if they try hard enough. There's no strings attached to it. It's not debt based. It's not issued by a central authority. It's not possible to be extorted by interest or devaluation by some unknown party just by picking it up. It's permissionless, public money.
Gold is not permissionless. You need a license to mine it in most instances. You pay taxes when you mine it. Increasingly so it is becoming dangerous to carry it with you for the government will just seize it and say you are trafficking it for criminal intent.
And besides, who the fuck has time to go mine gold. And it isn't currency, because virtually no one accepts it.
The same dynamic exists in cryptocurrency. IPO scamcoins are essentially ... attempting to charge you to utilize their private money system. ... it's still a system of extortion. Pay me to use my money. Private money. It is capitalism, but it's also subjecting yourself to be someone's slave where they make the rules and you're there to benefit them at your own expense.
That is not the case if the developers raised funding, but don't control the ongoing issuance via proof-of-work and if the source code is open source so anyone can fork if they aren't satisfied with the attributes of the protocol.
In traditional Bitcion PoW, the block reward does not benefit the issuer, so there is no master and slave dynamic. It's public money, just like gold.
The slave is everyone who doesn't own an ASIC farm, while they pay $50 per BTC, we pay $600 per BTC.
Sorry your logic is REKTED by reality.
Proof-of-work just trades one set of owners for another set of owners. Chinese mining oligarchy owns Bitcoin. We pay them $550 per Bitcoin. Enjoy your delusion.
Everything else that deviates from this model where the issuer benefits is just a flat out extortion scheme. I'm sorry all of you people want to get paid, but it's not possible in this domain unless you willingly become an extortionist scammer. The reason this forum exists is for the facilitation of public money to defeat those private money scams.
It is not different for Bitcoin. The Chinese are extorting us.
Fact is that no alternative will be developed without funding.
So please come of your "Holier than thou" Mundero "voluntears" high chair (that you've been promoting after buying it) and take off your bib and stop yammering like your were born 6 months ago.
And he wants to front run us on other highly flawed altcoins and then sell us his bagholding with some "holier than thou" lies:
The problem is you don't see the obvious categorization here, private money vs public money. The Federal Reserve currently lends debt based money into existence and charges you interest to use it. This is obviously private money and detrimental to anyone that's suckered into using it when it's clearly neo-feudalism through usury. Gold? Anyone can find it if they try hard enough. There's no strings attached to it. It's not debt based. It's not issued by a central authority. It's not possible to be extorted by interest or devaluation by some unknown party just by picking it up. It's permissionless, public money.
The same dynamic exists in cryptocurrency. IPO scamcoins are essentially directly replicating the Federal Reserve banks, in that they're attempting to charge you to utilize their private money system. Even if you remove the interest or devaluation aspects, it's still a system of extortion. Pay me to use my money. Private money. It is capitalism, but it's also subjecting yourself to be someone's slave where they make the rules and you're there to benefit them at your own expense.
In traditional Bitcion PoW, the block reward does not benefit the issuer, so there is no master and slave dynamic. It's public money, just like gold. Everything else that deviates from this model where the issuer benefits is just a flat out extortion scheme. I'm sorry all of you people want to get paid, but it's not possible in this domain unless you willingly become an extortionist scammer. The reason this forum exists is for the facilitation of public money to defeat those private money scams.
Roach, good observations and strong points!
Does it mean that only Bitcoin is a good basis for social projects, all other currencies are "private" ones? The holders of currencies will benefit and all other participants will loose sooner or later.
I'm rather new to the topic, so sorry if my question is stupid one.
r0ach is just trying to sell you Monero proof-of-work bagholding that he bought. His logic is incorrect. See my detailed rebuttal immediately above yours.
