In the long run how can the bitcoin overturn international powers?

[cleverfox137]

I am not bashing bitcoin, I remember buying them for as little as $40-60. I sold all of them some time ago, and still wish I had some of course and would buy more if this bubble bursts. But I am more curious about the very long term. Eventually, especially if the bitcoin is valued at many thousands/tens of thousands of dollars a coin it will reach a threshold where it will threaten the most powerful entities in the world (corporations, wealthy families, governments, etc...) considering the fact that if the bitcoin reached a certain price it would create a wild re-distribution in the worlds wealth. I just feel that if it got to that point, these entities would find a way to destroy bitcoin. It has happened before, the federal reserve did this to the greenbacks because it threatened the worlds most powerful entities, and they would never allow that kind of wealth re-distribution.

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[centralbanksequalsbombs]

I am not bashing bitcoin, I remember buying them for as little as $40-60. I sold all of them some time ago, and still wish I had some of course and would buy more if this bubble bursts. But I am more curious about the very long term. Eventually, especially if the bitcoin is valued at many thousands/tens of thousands of dollars a coin it will reach a threshold where it will threaten the most powerful entities in the world (corporations, wealthy families, governments, etc...) considering the fact that if the bitcoin reached a certain price it would create a wild re-distribution in the worlds wealth. I just feel that if it got to that point, these entities would find a way to destroy bitcoin. It has happened before, the federal reserve did this to the greenbacks because it threatened the worlds most powerful entities, and they would never allow that kind of wealth re-distribution.

So you're observing with time that global adoption has accelerated, the price is continually rising, the traditional banking system is under threat from loss of deposits and the global central banks will act to subvert this redistribution of power...

...Then ultimately, are you trying to ask how do we stop this attempt to destroy bitcoin?

Maybe its education and instill skepticisim in the workers at telecoms, Bitcoin userbase, developer pool, and the mining conglomerates?

[cleverfox137]

I am not bashing bitcoin, I remember buying them for as little as $40-60. I sold all of them some time ago, and still wish I had some of course and would buy more if this bubble bursts. But I am more curious about the very long term. Eventually, especially if the bitcoin is valued at many thousands/tens of thousands of dollars a coin it will reach a threshold where it will threaten the most powerful entities in the world (corporations, wealthy families, governments, etc...) considering the fact that if the bitcoin reached a certain price it would create a wild re-distribution in the worlds wealth. I just feel that if it got to that point, these entities would find a way to destroy bitcoin. It has happened before, the federal reserve did this to the greenbacks because it threatened the worlds most powerful entities, and they would never allow that kind of wealth re-distribution.

So you're observing with time that global adoption has accelerated, the price is continually rising, the traditional banking system is under threat from loss of deposits and the global central banks will act to subvert this redistribution of power...

...Then ultimately, are you trying to ask how do we stop this attempt to destroy bitcoin?

Maybe its education and instill skepticisim in the workers at telecoms, Bitcoin userbase, developer pool, and the mining conglomerates?

Pretty much, yes, if it even ever got to that point. But yes if it did, how can you defeat such a powerful system and infrastructure which has deep roots in all of our affairs that involve currency. How can you prevent future legislation intended to disrupt a new and uprising currency? How do you prevent banks from disrupting our economy, considering they are the entity that loans people and small businesses money to make money which in turn allows them to survive and buy luxury goods. How do you convince corporations that have invested in traditional currencies to accept a new currency that they don't control (control as in having more of it than anyone else)

[el kaka22]

considering the fact that if the bitcoin reached a certain price it would create a wild re-distribution in the worlds wealth. I just feel that if it got to that point, these entities would find a way to destroy bitcoin. It has happened before, the federal reserve did this to the greenbacks because it threatened the worlds most powerful entities, and they would never allow that kind of wealth re-distribution.

What were the steps taken by federal reserves against huge prices of bitcoins before ? I'm not seeing it will be possible for any government other than just to imposing regulations/banning. But it was not happening in major countries. I am just curious to know what you are referring exactly.

Only very few people (they must count into below 50 in numbers) must be holding bitcoin in large volume to significantly threaten any wealthy family (but they too will remain anonymous in most of the cases). Because people are like you they are just trading bitcoin for years. Still they are buying and selling and missing some rallies. It keeps on happening and hence bitcoin is not making wealthy giants AFAIK.

[cleverfox137]

considering the fact that if the bitcoin reached a certain price it would create a wild re-distribution in the worlds wealth. I just feel that if it got to that point, these entities would find a way to destroy bitcoin. It has happened before, the federal reserve did this to the greenbacks because it threatened the worlds most powerful entities, and they would never allow that kind of wealth re-distribution.

What were the steps taken by federal reserves against huge prices of bitcoins before ? I'm not seeing it will be possible for any government other than just to imposing regulations/banning. But it was not happening in major countries. I am just curious to know what you are referring exactly.

Only very few people (they must count into below 50 in numbers) must be holding bitcoin in large volume to significantly threaten any wealthy family (but they too will remain anonymous in most of the cases). Because people are like you they are just trading bitcoin for years. Still they are buying and selling and missing some rallies. It keeps on happening and hence bitcoin is not making wealthy giants AFAIK.

Well to answer your first question, the federal reserve hasn't done anything against bitcoin because it's highest value is still far to small to pose any kind of threat to them or any entity with power like them. And have you ever heard of a national firewall?

Countries can block web domains, for example if the US wanted to block blockchain's domain in the US they can. Hell I remember when they blocked primedice, and I had to use a vpn to even access and gamble on the site. And if enough countries do this then their goes our ability to access those websites. Not to mention if they made such activities illicit they could raid the locations holding the servers which allow those sites to operate. Not to mention they could do many other things to destroy the bitcoin's infrastructure.

And it doesn't matter how few many people own huge stockpiles of bitcoin, they still would receive the benefit of that re-distribution. And for that matter how many billionaires do you think exist anyways? Not that many, more than 50 but there aren't even 2000 billionaires in the world. So I don't understand your point there. Because if bitcoin does become more valuable than traditional currencies and is accepted by the masses those 50 people would propose a threat to the less than 2000 billionaires that exist.

[Ektra]

I don't know about the medium term where, as you say, goverments may try to cut the throat of crypto by blocking domains and attempting to attack/control the infrastructure/miners, in the long term they get starved out by inability to control the money supply.

[Meuh6879]

But I am more curious about the very long term.

Bitcoin is a network.
At the End, it replaces the monetary system of all planet.

Because, you can not build more than 21 millions.
And a network of value is an inalterable value of the units.

You can synch. Blockchain with satellite on others planets ... too.
And build strong software integrated with Bitcoin protocol.

With banks ?
You can not do this ... because every 3 months, you need to update this shitty API ... and chargeback is possible.

You can not build TRUST with a chargeback feature.
You can not build JUSTICE with chargeback feature.

[talkbitcoin]

...threaten the most powerful entities in the world (corporations, wealthy families, governments, etc...) considering the fact that if the bitcoin reached a certain price it would create a wild re-distribution in the worlds wealth. ...

and how is that exactly going to work?
people aren't really getting rich from bitcoin even if it reaches a very high price. many sell their coins and get out, many don't even have enough investment in it to become that rich, and on top of all that nothing was stopping all of these entities to invest in bitcoin and for all we know they already have done that and have 1000s of bitcoin.
after all they have become powerful and rich because they were able to see potential in things others failed to see.

[Meuh6879]

and how is that exactly going to work?

Deflation.
Like before 1973 with the gold standard ...

[cleverfox137]

But I am more curious about the very long term.

Bitcoin is a network.
At the End, it replaces the monetary system of all planet.

Because, you can not build more than 21 millions.
And a network of value is an inalterable value of the units.

You can synch. Blockchain with satellite on others planets ... too.
And build strong software integrated with Bitcoin protocol.

With banks ?
You can not do this ... because every 3 months, you need to update this shitty API ... and chargeback is possible.

You can not build TRUST with a chargeback feature.
You can not build JUSTICE with chargeback feature.

LOL, don't hold your breath, that might just be the most wildly unrealistic thing I have ever read on this entire forum. So now you think the bitcoin is going to be an interplanetary currency? You must not be very tech savvy. My point anyway was the fact that if governments and corporations wanted to wipe out the bitcoin infrastructure I promise you they could. They haven't because as I have mentioned it isn't a real threat to them yet, mostly because the user-base is so tiny. If huge populations accepted bitcoin, and I mean HUGE then they would take action. There are so many ways they could destroy it to... Hell worse case scenario it is actually even possible to destroy the net... It would require a military size operation and blowing up at least 40+ key locations that interconnect like a web in different locations around the world, basically these locations are the Internets backbone. ISP's branch their networks off of this backbone, so without it the whole thing goes away. But it would never even get to that point, there are easier and less destructive ways they could wipe bitcoin off the face of the Earth. In the end they aren't going to just be like oh well, we lost... Lets pack up and be poor like everyone else. No they are going to fight tooth and nail. But seriously? Why are you talking about bitcoin being an interplanetary currency, where did that come from?