Hey guys,
I need your help: I will hold a presentation at school in one week about Bitcoin. It will (should) be around 30-40% technical (what is p2p in bc, where it came from, security etc..) this is fairly "easy". The rest is about the changes it might provide for our economic system, politic etc... do you know any "reliable" sources / websites / blogs. Which arent "all hail bitcoin" the new money and ecosystem. The biggest problem here is the social "impact". Anyone know good blog posts, websites or whatever how bitcoin could impact/ change or political system, laws or social life?
I'm afraid that you won't find much out there like that. But, maybe you don't have to. You might not be able to grab such information from other people that have researched Bitcoin, but you certainly can do
exactly what those people would do: dig deeply through the raw information to make a conclusion. It'll be significantly harder to do than most topics, but it's certainly doable. I'd start with the news articles out there. Search for "bitcoin" in your library's database.
If any one know Magic the gathering, Bitcoins will go the same way... and has some similarities: You open a booster (Mine new bitcoins) if you are lucky, you win some money.
Oh the irony that would ensue if this happens: Our largest exchange used to be called
Magic
the
Gathering
Online E
xchange.
In 10 years or so, something easier, "less greedy" (resources / disk space / network) will replace Bitcoin (just like Jugi-oh / pokemon replaced Mtg) The concept of Bitcoins is flawed by its concept: You sell Bitcoins for really money. While it is likely that someone sell Bitcoins for money. (as long as new bcs are mined) it is unlikely that someone else will in future sell there Bitcoins for money. They just will "trade" around. The result? Bitcoins drain money out of the system, and will not return them. Leading to the "hoarding" problem. Not that Bitcoins will never be used for products. They will never be sold again for money. It is like one hash for one dollar, which will never return.
The good 'ole "deflationary spiral". For this, you might consider researching the Austrian School of economics for their argument against the Keynesian school of economics.
But I dont want to draw a "dark picture" about bitcoins
Under the assumption that everything will went well: Bitcoin will be used rarely for legal transactions. But it will not be banned. Bitcoin is the "one click hoster" (rapidshare/ megaupload) of money. Not really illegal, also not legal. Hard to grasp or stop it. If we even ignore this (natural) behavior, and assume that really EVERYTHING will went well: Bitcoins will get a status like virtual goods and will increase the awareness of "virtual money and goods". Selling and buying items from Diablo III will no longer seen in public as "problem", virtual goods and money are on the same level as "real money". All rules from our "normal" world will then apply to Bitcoins. We will even see banks. And all rules we know today for money, credits, interest and (mabye to some extend taxes, paid by the "transaction" farms, which will be observed by states)
My thoughts exactly, except for the legal transaction part. To quote the New York Times:
Mr. Brito was optimistic about Bitcoins finding consistent users. But as with many online innovations, the early adopters tend to occupy a different, if marginal, niche.
''This is a censorship-proof currency that allows transactions to happen,'' he said. ''Right now what are those sort of transactions? Gambling, buying drugs -- that is what is going to jumpstart it.''
NOAM, COHEN. "Speed Bumps on the Road to Virtual Cash." New York Times 04 July 2011: 3. Academic Search Complete. Web. 5 Mar. 2012.
