BITCOIN-An Odyssey: SETTLING INTER-PLANETARY TRANSACTION SINCE 2050

[amishmanish]

I am in a Sci-Fi mood today and saw a topic about "Will Bitcoin replace Gold"? Lot of people express doubts on this. I think they just don't realize the future. I think, bitcoin's time will definitely come.

Imagine a few decades from now, when people and corporations start moving to Mars. Imagine that Inter-planetary mining has become a reality and the first trillionaires are being minted. The workforce of miners, workers, engineers, doctors is regularly travelling for seasonal contracts. What do you think would be a better option to take and bring back as your "wealth"?? A bunch of heavy gold coins, a centralized ledger entry or a titanium block with your mnemonics etched in it in some way that only you can uncover them. A property that truly belongs only to you. You the explorer, who dared cross boundaries of normal thought and your planet to find work and life on a new planet.

This will once again be a time of daring exploration. Smart, dexterous people will be its most important commodity. As an individual, would you like to carry money in a bag or depend on a bunch of banking dinosaurs?? Bitcoin will be the the natural choice to be money for this brave, new world of heroes.

Imagine setting up a legacy banking system on a colony with all its paraphernalia of bankers, their servers, daily settlements, Forex trading, currency settlements etc. The normal banking system's bandwidth requirements would simply be unsuitable for the kind of bandwidth that the first inter-plantetary data-links would be capable of. Compare this with an LN based solution on Mars with single settlement transactions back with earth per day. You get to spend your bitcoin at Mars at your local pub on using your LN wallet. The settlements with your "Mother Earth account" happens depending on when you close the channel.

Can you see what I see? 
Bitcoin is the future. History shows that a new form of money has always been invented much before the actual future comes to pass. Ancient people started using shells and corals before they learnt to trade and sew clothes. The first coins were invented before people started cultivating silk to exchange for gold. Paper money, banker's cheques came into being much before the Industrial revolution they financed. History has repeated itself and bitcoin is here as the money of a future radically different from what we can imagine now.

Learn about it, Buy it, HODL it. Your "Starship Hydraulics specialist" Grandson will thank his visionary Grandpa.

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[hatshepsut93]

Imagine a few decades from now, when people and corporations start moving to Mars.

People in the 50's though that in a few decades we'll have flying cars and Moon colonies. I'm fully ready for a boring future with some crappy VR devices and cooler smartphones instead of space travel and cyberpunk.

A bunch of heavy gold coins, a centralized ledger entry or a titanium block with your mnemonics etched in it in some way that only you can uncover them.

All of them have their merits. Gold coins are physical value, and they aren't heavy. "A centralized ledge entry" does not need to be carried with you, so you won't lose it. Bitcoin seed is only good when you don't trust anyone, but it means you have to trust yourself.

Imagine setting up a legacy banking system on a colony with all its paraphernalia of bankers, their servers, daily settlements, Forex trading, currency settlements etc. The normal banking system's bandwidth requirements would simply be unsuitable for the kind of bandwidth that the first inter-plantetary data-links would be capable of. Compare this with an LN based solution on Mars with single settlement transactions back with earth per day. You get to spend your bitcoin at Mars at your local pub on using your LN wallet. The settlements with your "Mother Earth account" happens depending on when you close the channel.

I don't see any big difference between the two, either way the interplanetary transactions will be limited by the speed of light. Banks on Mars will too have their own local networks, they won't have to wait for settling every single transaction with Earth.

[nancy]

I like this futuristic concept, hope that it will become true some days

[davis196]

You are truly in "Sci-Fi mood". It will remain Sci-Fi for a long time.
Mars mining won't be conducted by people.It will most likely be conducted by robots.People won't survive the conditions of Mars,even with suits.
When mining on Mars becomes a thing(after a century,who knows),do you think that gold will be the most desired metal?
The only purpose of gold on the planet Earth is to serve as a store of value.Other than that,gold is a pretty useless metal.When the people start traveling the universe and colonizing other planets,there will be way more valuable and useful resources to be mined.
Will Bitcoin be adopted after such technological revolution?I can't tell...

[fiulpro]

I am in a Sci-Fi mood today and saw a topic about "Will Bitcoin replace Gold"? Lot of people express doubts on this. I think they just don't realize the future. I think, bitcoin's time will definitely come.

Imagine a few decades from now, when people and corporations start moving to Mars. Imagine that Inter-planetary mining has become a reality and the first trillionaires are being minted. The workforce of miners, workers, engineers, doctors is regularly travelling for seasonal contracts. What do you think would be a better option to take and bring back as your "wealth"?? A bunch of heavy gold coins, a centralized ledger entry or a titanium block with your mnemonics etched in it in some way that only you can uncover them. A property that truly belongs only to you. You the explorer, who dared cross boundaries of normal thought and your planet to find work and life on a new planet.

This will once again be a time of daring exploration. Smart, dexterous people will be its most important commodity. As an individual, would you like to carry money in a bag or depend on a bunch of banking dinosaurs?? Bitcoin will be the the natural choice to be money for this brave, new world of heroes.

Imagine setting up a legacy banking system on a colony with all its paraphernalia of bankers, their servers, daily settlements, Forex trading, currency settlements etc. The normal banking system's bandwidth requirements would simply be unsuitable for the kind of bandwidth that the first inter-plantetary data-links would be capable of. Compare this with an LN based solution on Mars with single settlement transactions back with earth per day. You get to spend your bitcoin at Mars at your local pub on using your LN wallet. The settlements with your "Mother Earth account" happens depending on when you close the channel.

Can you see what I see?  
Bitcoin is the future. History shows that a new form of money has always been invented much before the actual future comes to pass. Ancient people started using shells and corals before they learnt to trade and sew clothes. The first coins were invented before people started cultivating silk to exchange for gold. Paper money, banker's cheques came into being much before the Industrial revolution they financed. History has repeated itself and bitcoin is here as the money of a future radically different from what we can imagine now.

Learn about it, Buy it, HODL it. Your "Starship Hydraulics specialist" Grandson will thank his visionary Grandpa.

We cannot colonize Mars
It's still 200-300 more before we can build a self sustaining closed body in which there will be humans , animals , plants , let alone the colonization, we have to first try and attain the speed of light which according to the equation m=m°/1-v2/c2 , is not possible.
We have to find a fault in this equation first , then only can we attain the speed enough to colonize another planet.

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Plus there won't be many people out there to even start sending and receiving Bitcoins from up and about since the only thing possible is *self sustaining ecosystem* for transferring messages from Mars to Earth would take another 5-10 years.

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You think you will get good internet connection out there 😂? It will take a lot of time to make sure that works, yes we do have internet connection on satellites and Mars rovers , but those things are not economically good for anyone , that one thing alone costs millions and making a Colony is too soon .

The best thing that could happen would be a second tier colony on the top of the current world , something like a floating city , that would be the only way to save us from over population and destruction of nature .

Therefore in that floating city we can see Bitcoins working Mars is too soon.

[[ If anyone did read The brief history of time by Stephen Hawking they would be able to know that it's impossible both in theory and practical part but at the same time , we do have a huge scope of improvement , who knows when we will get there ? It took years to build fire and electricity , this is too much  ]]

There are species of microorganisms that I do think we can introduce on Mars and other planets that could in a 10000 of years make their own species by evolution.

*_*

They will have their own Bitcoins

[tunaduong]

This alf a great concept I hope it will be feasible

[Wexnident]

Wouldn't those private companies be the ones to start up business with regards to interplanetary stuff? They'd probably have monopoly on circulation by then, and if they really don't view Bitcoin in a positive view, then such adoption may not happen. They may even create their own mode or way of transactions since technically, they monopolize everything and hence, can set everything. Cooperations with various governments may happen, but they'd take little of the pie by then. They may even set up a completely whole new system, one that is entirely different from the one Earth uses. To accommodate the cooperation and transactions between the planets though, a community may be built that manages that.

[Lorence.xD]

Wouldn't those private companies be the ones to start up business with regards to interplanetary stuff? They'd probably have monopoly on circulation by then, and if they really don't view Bitcoin in a positive view, then such adoption may not happen. They may even create their own mode or way of transactions since technically, they monopolize everything and hence, can set everything. Cooperations with various governments may happen, but they'd take little of the pie by then. They may even set up a completely whole new system, one that is entirely different from the one Earth uses. To accommodate the cooperation and transactions between the planets though, a community may be built that manages that.

If the community is using bitcoin, the companies will have a hard time ignore this because these people will be the customers. The thing about space exploration though is that the expenses will be in epic proportions, I do not think that companies will use it as a way to pay the project plus, space exploration isn't something that is easy, this so called projects needs a lot of resources and tests will consume most of it, some of it might be abandoned. I do not think that it is viable for us to do space exploration because the cost is too high and the reward is still low, we can bebefit from it though, through space mining. Right now and until the next century, space exploration is not a viable option honestly.

[Artemis3]

As we have already discussed many times in off topic and elsewhere, Bitcoin is ill suited, if not unable, to work beyond Earth unless current limitations in communications above the speed of light are solved. One way this could happen is with quantum entanglement.

But until such a thing is done, even Mars isn't doable. The "ping" to Mars is about 40 minutes at worst, and there could be disruption if the Sun gets in the way which would necessitate the use of relay adding even more "lag".

Simply put, the blockchain would fork per planet. There is no way around it, the speed of light isn't fast enough for interplanetary communication within the Solar system, I'm not even going to bother going beyond that.

One of the infamous memes about Bitcoin is going to the moon, but even the moon is troublesome. To the moon the lag is only a few seconds, your ping would be 4000 or such...

This problem is serious even without messing with Bitcoin or blockchain. Indeed this problem is faced by the remote controlled probes we have been sending to Mars.

And, this is before calculating the time dilation. Remember, time is relative everywhere. All you need is a couple of points moving at different speeds, such as: two different planets. It even happens from Earth to the GPS satellites, but at a very minuscule (but not zero) scale. The astronauts at the International Space Station are already in a slightly different time, its so tiny people can't tell, but the farther away you go (and the relative speeds of the two objects) the more this occurs.

To me its incredible how was Einstein able to predict this without zero way of proving it, only NASA did decades after his death. But yes, i understand how difficult this is to grasp for some people, and its not even quantum physics

Now it Mars is so troublesome, imagine a Jupiter satellite, or beyond. Should this problem not be solved, each planet/space colony/celestial object would simply have to use their own coin.

[amishmanish]

Thanks @fiulpro and @Artemis2 for trying to take the "light" out of my interplanetary solar sails.

We cannot colonize Mars
It's still 200-300 more before we can build a self sustaining closed body in which there will be humans , animals , plants , let alone the colonization, we have to first try and attain the speed of light which according to the equation m=m°/1-v2/c2 , is not possible.
We have to find a fault in this equation first , then only can we attain the speed enough to colonize another planet.

There is no fault in the equation but you don't need to attain speed of light to begin mars colonies. Why doesn't anyone take Elon's plan seriously?? It is hard, but not impossible. Like JFK said, we chose to go to the Moon not because it was easy, but because it was hard.
We only have to wait till 2024 for the first planned BFR to take with it crew and cargo to Mars.

We cannot colonize Mars
Plus there won't be many people out there to even start sending and receiving Bitcoins from up and about since the only thing possible is *self sustaining ecosystem* for transferring messages from Mars to Earth would take another 5-10 years.

Transferring messages from Mars to Earth will not take 5-10 years if it is not audio-visual content. The Mars Rover and the Reconaissance orbiter can transfer upto 30MB in 20 hours. That when there is just one rover and one orbiter.Data transmission isn't as such a big issue. Also, you could easily have a local network which can be synchronized with earth later. Like LN does with On-chain transactions.

The best thing that could happen would be a second tier colony on the top of the current world , something like a floating city , that would be the only way to save us from over population and destruction of nature .

No floating cities. We directly go to Mars.

It took years to build fire and electricity , this is too much  ]]

Once industrial revolution kicked off, it took very little time for all the further advancements. Once we figured out electromagnetism and semiconductors, it has been breakneck.