We are liking what we see with BitCoin and crypto currencies in general. The level of innovation surrounding these frameworks is inspiring: When people see value, and they get how something can be better, they will spontaneously add to that thing.
That’s what we’ve seen with BitCoin, Ethereum, and the other digital currencies gaining widespread attention. This short article, written by a guy whose mind I respect, describes what I think is a balanced view on both BitCoin and crypto currencies. What I really like about it is how it reveals BitCoin as a way to remove government and markets from between us, leaving peer-to-peer collaboration.
BitCoin and similar inventions are still currencies. Even though they are digital, they function just like every other currency on the planet. And that’s a problem. For while they have tremendous power to change the world for the better, their amoral nature allows them to be used for no good too.
Like all physical money, and BitCoin functions just like physical money even though it’s digital and encrypted, BitCoin can’t be controlled. It, like any other currency, has been taken from its owners through theft, or lost by the owners through negligence. It creates a HUGE zero-sum game simulation that in turn creates perceived winners and perceived losers. But mostly, BitCoin perpetuates the two-way transaction where nearly always there is an inequality of knowledge between two people wanting to trade, leading to an inequality in power expressed as knowledge and information. This inequality nearly always leads to one person feeling they got screwed. Two-way transactions are an archaic way of conducting trade. And we can do so much better.
All that said, we like where BitCoin is going. Especially blockchain technology. We can see how some of Copiosis’ elements can benefit from blockchain tech. It’s another reason why we’re watching cryptocurrencies with eager anticipation: They may not be the solution, but they offer many pathways to one.