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Author Topic: Sages of old "predicting" a world of cryptos  (Read 89 times)
pvk444
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February 09, 2018, 07:47:09 PM
Merited by xdrpx (1), orkoso (1)
 #1

While browsing some online articles, I came across the mentioning of a book by noble laureate Friedrich Hayek, called "The Denationalization of Money". In it, Hayek argues against central banks issuing money and advocates the adoption of private money, not too dissimilar to what Bitcoin was designed as.

Interestingly, Hayek's book was published in 1976! At that point in time, only few people took the idea seriously.

If you know of some other visionary publications that "predicted" some aspects of this new world of cryptos, I would love to hear about it.
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February 09, 2018, 10:38:05 PM
 #2

While browsing some online articles, I came across the mentioning of a book by noble laureate Friedrich Hayek, called "The Denationalization of Money". In it, Hayek argues against central banks issuing money and advocates the adoption of private money, not too dissimilar to what Bitcoin was designed as.

Interestingly, Hayek's book was published in 1976! At that point in time, only few people took the idea seriously.

If you know of some other visionary publications that "predicted" some aspects of this new world of cryptos, I would love to hear about it.

The only philosophies as such that come to mind are those of the Anarchism and early Communism. More anecdotally, Here is a cool article in Bitcoin Telegraph that makes a simil between bitcoin and guns among others. An interesting reading to imagine how unpredictible is the future.

https://cointelegraph.com/news/top-5-moments-in-decentralization-history
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February 09, 2018, 11:13:45 PM
 #3


One technology investor and shareholder James Altucher foresees the fate of Bitcoin and other crypto currencies in the future. Here are the prophecies delivered by him:

1. At least one country's currency is likely to disappear in the near future - possibly Argentina or Venezuela. This will lead to mass adoption of Bitcoin among these populations. In turn will cause the value of Bitcoin to rise to over $ 50,000 when it happens.

2. There will be many mainstream Banks receiving Bitcoin, and will start offering storage access and various software. They will also create crypto currency derivatives - just like what CME would do.

3. While optimistic, there will be a massive extermination, of which 95% of the existing alternative coins will be lost - such as the dot-com bust. Meanwhile, the coin that survives its value will rise one thousand times. This will happen within the next four to six months.

4. The American Government Siriikat will quietly start collecting one of the smaller cryptoes to facilitate gray area transactions with other countries. It's starting to happen but it really will start increasing in 2018.

5. China will invest heavily in other crypto-crypto, but may not use Bitcoin. China wants to have a competitive crypto currency with Bitcoin, but is under its central control. This will generally provide legitimacy for all crypto currencies.

6. One of the major problems in the most serious crypto currency today is its instability. At least one - baseco - is likely to be eroded dramatically by 2018.

7. More companies will pay freelancers with crypto currency, which will lead to calls for tax reform. There needs to be a larger regressive sales tax, which will ultimately require cuts from governments and ultimately reduce power for national governments. This is a long-term prediction.

8. In the same way as the Internet can change the monopoly of the phone industry, crypto will also change the monopoly of government-backed money.

9. A new government organization will be created to analyze regulations on crypto currency. And this will cause a huge increase in Bitcoin and coins that provide actual utility.

10. Thousands of crypto companies will be created and go public, but few will be a huge success.

Source: http://www.portalsoho.com/2017/12/10-ramalan-mata-uang-kripto-di-masa-depan.html
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February 09, 2018, 11:56:52 PM
 #4


One technology investor and shareholder James Altucher foresees the fate of Bitcoin and other crypto currencies in the future. Here are the prophecies delivered by him:

1. At least one country's currency is likely to disappear in the near future - possibly Argentina or Venezuela. This will lead to mass adoption of Bitcoin among these populations. In turn will cause the value of Bitcoin to rise to over $ 50,000 when it happens.

2. There will be many mainstream Banks receiving Bitcoin, and will start offering storage access and various software. They will also create crypto currency derivatives - just like what CME would do.

3. While optimistic, there will be a massive extermination, of which 95% of the existing alternative coins will be lost - such as the dot-com bust. Meanwhile, the coin that survives its value will rise one thousand times. This will happen within the next four to six months.

4. The American Government Siriikat will quietly start collecting one of the smaller cryptoes to facilitate gray area transactions with other countries. It's starting to happen but it really will start increasing in 2018.

5. China will invest heavily in other crypto-crypto, but may not use Bitcoin. China wants to have a competitive crypto currency with Bitcoin, but is under its central control. This will generally provide legitimacy for all crypto currencies.

6. One of the major problems in the most serious crypto currency today is its instability. At least one - baseco - is likely to be eroded dramatically by 2018.

7. More companies will pay freelancers with crypto currency, which will lead to calls for tax reform. There needs to be a larger regressive sales tax, which will ultimately require cuts from governments and ultimately reduce power for national governments. This is a long-term prediction.

8. In the same way as the Internet can change the monopoly of the phone industry, crypto will also change the monopoly of government-backed money.

9. A new government organization will be created to analyze regulations on crypto currency. And this will cause a huge increase in Bitcoin and coins that provide actual utility.

10. Thousands of crypto companies will be created and go public, but few will be a huge success.

Source: http://www.portalsoho.com/2017/12/10-ramalan-mata-uang-kripto-di-masa-depan.html

Well that news is probably predicted by who knows? they can't manipulate other cryptocurrencies and it's all in the blockchain now if you're advance thinker blockchain can use by many ways it could be assets,governments,Money circulation and transactions, it could be case sensitive order that will keep on blockchain. Remember government can tell anything that is over their control,They can create token but they can't control blockchain. Time for us to lure some knowledge.

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February 10, 2018, 03:15:56 AM
Merited by pvk444 (1)
 #5

While browsing some online articles, I came across the mentioning of a book by noble laureate Friedrich Hayek, called "The Denationalization of Money". In it, Hayek argues against central banks issuing money and advocates the adoption of private money, not too dissimilar to what Bitcoin was designed as.

Interestingly, Hayek's book was published in 1976! At that point in time, only few people took the idea seriously.

If you know of some other visionary publications that "predicted" some aspects of this new world of cryptos, I would love to hear about it.
In the book the web of debt, Ellen Hodgson describes the economic crisis created by the subprime loans, it is a long book but in the chapter 36 of the book she describes what she calls parallel currencies and describes several examples of this, the most interesting of the examples is the LETS System which was a database recording transactions and accounts, does that remind you of something? The book was printed in 2007, I do not agree with everything in the book but it is a good read for anyone interested in the topic.
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February 10, 2018, 03:26:19 AM
 #6

I mean it only makes sense that the online world would get their own currency, so I wouldn't think that it's so crazy that some person was to think this up. And other people that went ahead and said that the banking crisis was going to happen and all these other things, well these people aren't sagas they just have an eye on what obviously is going to end up happening in due time.

Still amazing though, not as amazing as people make it out to be.
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February 10, 2018, 01:39:00 PM
 #7

This isn't a prediction of bitcoin.

It does predict a shortcoming of industry which bitcoin was able to exploit, however(underlined).

Quote
The dogma of ‘increasing wants’ as an indispensible basis for further industrial progress. Instead of the duty to work, we now have the duty to consume. To ensure rapid absorbtion of its immense productivity, megatechnics resorts to a score of different devices: consumer credit, installment buying, multiple packaging, non-functional designs, meretricious novelties, shoddy materials, defective workmanship, built-in fragility.

The aim of industry is not primarily to satisfy essential human needs with a minimal productive effort, but to multiply the number of needs, factitious and fictitious, and accommodate them to the maximum mechanical capacity to produce profits. These are the sacred principle of the power complex. Not the least effort of this system is that of replacing selectivity and quantitative restriction by indiscriminate and incontinent consumption
.

THE PENTAGON OF POWER, Lewis Mumford, 1970

The aim of industries such as the banking sector are not designed to satisfy essential human needs with a minimal productive effort. They are structured to multiply the number of needs factitious and fictitious and accommodate them to the maximum mechanical capacity to produce profits. That assessment of the banking industry with its "trust" based model, appears accurate.

One reason bitcoin is able to compete (and possibly win) could involve it being designed to satisfy essential human needs with a minimal productive effort. Its "trust less" paradigm could do away with the profiteering nature of financial networks, which could be one of the big advantages it has.

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February 10, 2018, 01:48:57 PM
 #8

While browsing some online articles, I came across the mentioning of a book by noble laureate Friedrich Hayek, called "The Denationalization of Money". In it, Hayek argues against central banks issuing money and advocates the adoption of private money, not too dissimilar to what Bitcoin was designed as.

Interestingly, Hayek's book was published in 1976! At that point in time, only few people took the idea seriously.

If you know of some other visionary publications that "predicted" some aspects of this new world of cryptos, I would love to hear about it.
"Denationalization of money" is the whole idea behind bitcoin and the blockchain technology. Bitcoin idea take jobs from bankers and destroy the usefulness of central bank which has created more financial problems than it ought to done! The reasons why many know bank are published articles against crypto currencies and bitcoin is because bitcoin is decentralized and many of them which has been control many countries financial systems will not be happy losing that grap.

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February 10, 2018, 02:43:09 PM
 #9

Many people made different predictions about all cryptocurrencies, most especially bitcoin. Some predictions are in good side to all crypto and some also are negative. For me, bitcoin will be more popular in the future, because as what I had been noticed, bitcoin is strongly more productive and a lots of people are interested to accessed. In general term, bitcoin will go further everlasting life, and someday, bitcoin will normally used as a natural currency like money. (Sorry if I am wrong, but it is only my own prediction.)

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February 10, 2018, 02:45:25 PM
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That's very interesting! The "Private money", "Electronic Cash" and "Cryptographic cash" were predicted a couple of times by some authors and research papers published by agencies and it seems interesting as to how people's thought process in the early 80's-90's were put into moving away from traditional cash based systems to a centrally controlled electronic cash to a private form electronic cash.

A sound example of a centralized cryptographic electronic cash was surprisingly published by NSA where they mentioned about "Electronic cash" and "Public-Key Cryptographic Tools" to make Untraceable electronic payments and all of these to be accomplished with the help of digital signatures. For refernce have a look at  - HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH - Laurie Law, Susan Sabett, Jerry Solinas,  National Security Agency Office of Information Security Research and Technology, 18 June 1996- Link here

Also the book "The Sovereign Individual" published in 1997 by James Dale Davidson and Lord William Rees-Mogg had mentions of a decentralized form of Cybercash which would be based on public-key cryptography and the author also compares it investment in gold and how it would overcome issues with using gold as a form of money. Here's is a post by the reddit user highlightning the sections from the book and here's the book on Amazon if you'd like to purchase and read it.
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February 10, 2018, 05:07:25 PM
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In the book the web of debt, Ellen Hodgson describes the economic crisis created by the subprime loans, it is a long book but in the chapter 36 of the book she describes what she calls parallel currencies and describes several examples of this, the most interesting of the examples is the LETS System which was a database recording transactions and accounts, does that remind you of something? The book was printed in 2007, I do not agree with everything in the book but it is a good read for anyone interested in the topic.

Definitely will take a look at this. Seems to be one of those examples where people did forsee some critical changes which, when the time was right, all came together to create Bitcoin.

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February 10, 2018, 05:15:36 PM
 #12

That's very interesting! The "Private money", "Electronic Cash" and "Cryptographic cash" were predicted a couple of times by some authors and research papers published by agencies and it seems interesting as to how people's thought process in the early 80's-90's were put into moving away from traditional cash based systems to a centrally controlled electronic cash to a private form electronic cash.

A sound example of a centralized cryptographic electronic cash was surprisingly published by NSA where they mentioned about "Electronic cash" and "Public-Key Cryptographic Tools" to make Untraceable electronic payments and all of these to be accomplished with the help of digital signatures. For refernce have a look at  - HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH - Laurie Law, Susan Sabett, Jerry Solinas,  National Security Agency Office of Information Security Research and Technology, 18 June 1996- Link here

Also the book "The Sovereign Individual" published in 1997 by James Dale Davidson and Lord William Rees-Mogg had mentions of a decentralized form of Cybercash which would be based on public-key cryptography and the author also compares it investment in gold and how it would overcome issues with using gold as a form of money. Here's is a post by the reddit user highlightning the sections from the book and here's the book on Amazon if you'd like to purchase and read it.

Fascinating, indeed. I wonder whether any of these and prior mentioned references influenced Satoshi, or whether he (she?) was just playing around with the cryptographic challenges of a trustless payment system.
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