Tweet
If one looks up at the distribution of bitcoin somewhere around 3% of the addresses hold ~96% of the wealth, 10% of addresses have more than 99% of all bitcoin wealth.
Combine this and the inherently deflationary nature of the block chain it raises a few issues.
First, founders and early adopters becoming excessively wealthy at the expenses of everyone else, not that society is much different in distribution in real life, but it raises of the question of *who* is going to gain such wealth and whether it is a good idea for the rest of us to go along with it.
In addition, there is a very real chance that "Satoshi" is a group of tech companies fueled and funded by the same people who have been suppressing the very technologies that this group is working diligently on bringing to the light.
Using any crypto-currency involving a blockchain utilizes this underlying technology.
Regardless of who created bitcoin the blockchain itself poses a moral hazard.
If one examines the blockchain it is one of the most powerful tracking tools every devised by mankind.
The claim that bitcoin is anonymous are obviously false, it is trivial for governments to take web data, not to mention the multi-billion dollar private data industry that google and facebook are the poster children of.
There may be no personal information needed to merely make a wallet, but every transaction in every wallet is tracked and the block chain is a matter of permanent public record and statistical analysis + web browsing habits would make it very simple to track every bit sent if someone cared to do it, the block chain is public and permanent and miners always have incentive to mine more for transaction fees so these databases would only grow over time with adoption.
Many governments and central banks would find this state of affairs quite useful.
I am a fan of new technology that could make life easier, but I think this is one of the biggest cons ever pulled on humanity.
Not trying to hurl anything at Aaron for Teslacoin in particular, just wanting to start a discussion on the underlying technology.
All are welcome to comment, even if to mock me for being a no-coiner; my old roommate from college has been mining them since they were $.50, he has worked for multiple tech companies on the west coast, I told him these were a scam back then just as I hold to now. I have never had a crypto-wallet and would sooner go back to the land than ever sign up for something to similar to what John warned us of in the Revelation.
Combine this and the inherently deflationary nature of the block chain it raises a few issues.
First, founders and early adopters becoming excessively wealthy at the expenses of everyone else, not that society is much different in distribution in real life, but it raises of the question of *who* is going to gain such wealth and whether it is a good idea for the rest of us to go along with it.
In addition, there is a very real chance that "Satoshi" is a group of tech companies fueled and funded by the same people who have been suppressing the very technologies that this group is working diligently on bringing to the light.
Using any crypto-currency involving a blockchain utilizes this underlying technology.
Regardless of who created bitcoin the blockchain itself poses a moral hazard.
If one examines the blockchain it is one of the most powerful tracking tools every devised by mankind.
The claim that bitcoin is anonymous are obviously false, it is trivial for governments to take web data, not to mention the multi-billion dollar private data industry that google and facebook are the poster children of.
There may be no personal information needed to merely make a wallet, but every transaction in every wallet is tracked and the block chain is a matter of permanent public record and statistical analysis + web browsing habits would make it very simple to track every bit sent if someone cared to do it, the block chain is public and permanent and miners always have incentive to mine more for transaction fees so these databases would only grow over time with adoption.
Many governments and central banks would find this state of affairs quite useful.
I am a fan of new technology that could make life easier, but I think this is one of the biggest cons ever pulled on humanity.
Not trying to hurl anything at Aaron for Teslacoin in particular, just wanting to start a discussion on the underlying technology.
All are welcome to comment, even if to mock me for being a no-coiner; my old roommate from college has been mining them since they were $.50, he has worked for multiple tech companies on the west coast, I told him these were a scam back then just as I hold to now. I have never had a crypto-wallet and would sooner go back to the land than ever sign up for something to similar to what John warned us of in the Revelation.
Comment