Bitcoin's Dystopian Future

[Tuyoqhh]

I think We will never solve the problems of money with money, even if it is a better money. Investigate a resource based economy.

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[Kytanylu]

Using the after effects of a massive credit bubble to argue that deflation is harmful is as rational as using the existence of hangovers to argue that one should never stop drinking.

[phelanceter]

Bitcoin is not really economically different from gold. Face it, when was the last time ordinary people used gold or silver coins in their hands for daily transactions?  Well, Bitcoin is going to eventually occupy the same place that gold and silver do in our current economy; a place for investment capital to flee to, as a last-resort inflation hedge when the productive economy is administered by miss Helena Handbasket.  It will not likely be used by ordinary people.

[anhtuan845]

There are two types of investors. One type is the optimistic one and the other type is the pessimistic one. I personally consider myself within the first Category and I am sure bitcoin will have serious higher value in future. The price we are seeing now is just the tip of the iceberg and I will be happy to buy more at the current price. 

But not many people understands that every dip provides us an opportunity. Those who understand, will stay on the top within few years from now, rest will continue crying foul.

[leoasdnedc]

Like many technologies, Bitcoin can and will be used for good and bad. When fire was "discovered" it was used to cook and to burn down villages. That is lunacy to the extreme thus the rest of the dystopia is not based on any or even a small part of practical real reality.

[Saraki Goo]

 You absolutely need a centralized currency to move huge amounts of wealth from citizens and future citizens to the state in order to build an empire, otherwise no tax-payer would ever spring for such a goal.

[jdamayo28]

You absolutely need a centralized currency to move huge amounts of wealth from citizens and future citizens to the state in order to build an empire, otherwise no tax-payer would ever spring for such a goal.

All of crypto currency is unstable and unpredictable. Now, talking with BTC, I believe BTC got the brightest future ahead among all other cryptocurrencies, simply because of its performance showed the last few years that excite and entertain a lot of traders and investors.Some are afraid of holding BTC, because its been struggling this past few months and they think BTC will have an undesirable future. But for the bitcoin holders and traders, we believe to that BTC will have a great future ahead.

[Wekkel]

In fact, all currency is unstable. But to a varying decree. Once crypto has grown bigger than its current 1993-Internet-like state, a form of price stability can be expected that matches bigger fiat currencies. At much higher prices of course.

In fact, Bitcoin volatility right now can be regarded as less than some fiat currency brothers. Of course, these fiat brothers are the worst in town at the moment but it proofs that fiat currencies are not necessarily stable either. When looking at day to day fluctuations, Bitcoin often has more stable days than major currencies. It is all about scale.

I think Bitcoin has a big chance of becoming the premier ‘numeraire’: http://www.gata.org/node/8303

Who had thought that a few lines of code would compete with (the currencies of) the world’s empires?

I am enjoying every minute of the ride 

[Dico88]

Bitcoin as a capital flight to a level never before seen in history. The people to choose with their feet is much easier than before stepping. People will choose to live in places where security against physical and economic violence is the best. We must achieve a higher quality governance because places with very bad governance experience massive capital flight to make them poor and not very effective. This is a gift that is so little negative value.

[kimcuchospital]

Deflation arguments are not guaranteed. Know that I can buy more tomorrow without having to have many nominal terms. The current system is on the brink of collapse. Bailouts, QEs and the fact that govts are pretty much doing this in parity make it a little less visible ... The inflation system is only applied because the central bank system is an independent one. business model needed.

[BigSamson5]

We would love to brainwash believe that a deflation system can not work because we have been drilled with / by present benefits. Our Govts are in the level of Zimbabwe inflation but it's not in the units that you can hold in your hand .... Inflation has been used as a scapegoat at every opportunity of the looms. current failure. Inflation systems are only set up because the plan to create private central banks is devised. For example, her retirement is available in prefabricated homes. Like all of us. Maybe. Especially if her retirement fund is friendly, and not just treasury.

[Vaflia]

Everything has its positive and negative sides, but I think that bitcoin is still more good than bad.

[tanxpresisit514]

This is just one of the scenarios, unfortunately, or fortunately, no one will say exactly how the fate of the cryptocurrency will be. I prefer to be optimistic.

I believe that bitcoin will become a digital currency that is very influential in the future, because it has several advantages that fiat money does not have. Transactions with bitcoin eliminate regulations that have made transactions take a long time, eliminate the role of banks that make expensive transactions, and monitoring by the government that always suspects money owners when making transactions. All that is removed by bitcoin.

[goldSkylark]

Oh.. why the negative and pessimistic view about bitcoin? For sure it’s not perfect, but the benefits sure outweigh any downsides. Maybe you’re just afraid of change? Try to keep an open mind about it. There are lots of benefits to using a cryptocurrency in the future. This article might be helpful:
https://bitcoinexchangeguide.com/2018-cryptocurrency-optimism-outlook-8-future-potential-benefits-list/

[dovedove]

We strongly urge brainwashing to believe that a system of lowering inflation can not work because we see the benefits now. Our government is at the level of inflation like Zimbabwe but it's not in the units that you can hold in your hand .... Inflation has been used as a scapegoat at every opportunity of the current failure. Inflation systems are set only because the plan for creating private central banks is devised. There is nothing perfect in this world, but the BTC is perfect. I like to be more optimistic.

[mashort]

All these predictions are being written from western world perspective. please also consider the other world-developing and less developed world- people have been almost undergoing what you would call dystopian worlds in some parts of the world because of poor policies, greed, exploitation. these have caused suffering to people for a long time. and decentralised currency could be a spark of hope for them??
The world rarely turns out the way the imagine.
I guess AI people will have a much more dystonian outlook than Bitcoin.
i also guess in 1940s, people thought nuclear power would ultimate lead to world destruction in  afew decades. (it could still happen)

Also, just an observation- The Life foundation in the comics, ultimately ended up turning evil despite its noble mission'

[RadjorBlade]

Everything has its positive and negative sides, but I think that bitcoin is still more good than bad.

I see that bitcoin is bringing a better change, besides being a digital currency that reaches the whole world, bitcoin in the regional area also brings change. The changes seen are the implementation of blockchain that uses a decentralized system and peer to peer. Bitcoin indirectly shows how so far many systems are less efficient.

[Wodomi]

Bitcoin as a capital flight to a level never before seen in history. The people to choose with their feet is much easier than before stepping. People will choose to live in places where security against physical and economic violence is the best. We must achieve a higher quality governance because places with very bad governance experience massive capital flight to make them poor and not very effective. This is a gift that is so little negative value.

The phenomenon that happens is that bitcoin is a capital flight, because it will not can tracked by the state financial authorities where the bitcoin owner lives. This is because bitcoin is anonymous. So on the one hand anonymity is good for bitcoin users, but on the other hand anonymously is misused to hide illegal results.

[btc-room101]

All these predictions are being written from western world perspective. please also consider the other world-developing and less developed world- people have been almost undergoing what you would call dystopian worlds in some parts of the world because of poor policies, greed, exploitation. these have caused suffering to people for a long time. and decentralised currency could be a spark of hope for them??
The world rarely turns out the way the imagine.
I guess AI people will have a much more dystonian outlook than Bitcoin.
i also guess in 1940s, people thought nuclear power would ultimate lead to world destruction in  afew decades. (it could still happen)

Also, just an observation- The Life foundation in the comics, ultimately ended up turning evil despite its noble mission'

Yes, I agree a very western, and Libertarian perspective, if this author had only seen 2019, reminds me of the second 'back to future', where everybody had gone retarded.

LEO today is the enemy, BITCOIN is just a racket to fleece stupid people, the US Government is worst than 2013 but now they even spend more money trying to keep humpty-dumpty from falling off the wall.

Let's get real, Western yes, in ASIA nobody gives a hell about BITCOIN, as you can use your mobile phone anywhere in ASIA or AFRICA to buy cigarettes and top-up your mobile cash with real money as you wish at any shop. In ASIA we got fiber-optic internet everywhere, in USA its still 1800's copper wire. In ASIA we have MAG-LEV trains, in the WEST they're still running 1800's rail-roads, trains in Japan are faster than planes in USA, nobody thinks twice about this.

The USA(WEST) has fallen so far behind in the last 10+ years, and nobody in the west has a clue, and nobody in ASIA gives it a second thought, that not everywhere is "FUTURE-WORLD" like old Disneyland Tomorrow-Land.

What made me comment was your comment about the USA perspective, yes it was, but very 2010 or earlier, very early bitcoin libertarian rhetoric, and that shit was killed by the RNC and 'tea-party' that completely destroyed that movement. Now you just have DNC and their professional  liars that are trying to hold the ship together with band-aides so it don't sink. America has fallen so far since the article was written, its hardly applicable anymore. Ahh, I know you got the ORANGE-RETARD, but that's just proof that the USA public went full retard, they vote for what they deserve. The Orange Retarded, looked better than the old-witch, only given the choice of two evils.

In summary, nobody really gives a hell about the USA collapse, and everybody else is doing just fine.

I do say however that if your in the USA, do buy bitcoin, and get the fuck out, before the civil war begins and then return your bitcoin back to real money, and find a nice place to live outside the USA.

[marcus_of_augustus]

I guess it didn't happen yet ... wait another 6 years ... or another 6 years? Kind of like climate change doomsters ...