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RE: Freedom to fail and succeed: You can't have one without the other
A global free market...sounds so wonderful, and I couldn't agree more. The problem is we have so many entrenched big-money interests that absolutely DESPISE anything they can't control...like the emerging crypto markets. Still, I can't help but feel like it's the 40s and we are in on the ground floor of the plastics revolution or the 90s, and we are in on the ground floor of the emerging internet-based sector. Of course, there will be losers in the crypto universe, just as there are in any emerging business mileu, but I truly believe Steemit (if we can hardfork out the warts) has a much better than even chance of being on the winning side.
I think there is a strong delimitation to be made between crypto-currency and tokens. Crypto-currency isn't a business, the rules of former technological explosions don't absolutely apply. You don't need a lot of capital to launch a new currency, you just tweak the parameters if an existing one and see what happens.
That is where I think things are going wrong, ICOs are businesses and they are raising capital to build centralised tokens (a business is inherently centralised). It's in this space that perhaps older paradigms are closer, but the problem with ICOs is you don't own a share in the business, you own a token which you could exchange for time on a working product, if it ever occurs. The point is we are seeing more out-and-out scams in this space, which is driving the desire for regulation. ERC20 is the worst thing that happened in crypto space.
Lots of wisdom in what you say. I think Steemit is much more than just another token, however, and that the platform (once it becomes less top-heavy, more egalitarian and cleans up all the bots, scams and spam) is truly unique enough to perhaps make its growth midway between linear and exponential.
Sure wasnt referring to Steemit, it has its own block-chain and a real world use, its a currency, not a token.
Yup Steemit is a whole other ball of wax.
Thanks @mepatriot. I think any attempts to control the rapid movement of the crypto world will hinder positive growth more than anything else. It is in the nature of crypto to grow despite restriction, but the growth can benefit more people if it's welcomed instead of suppressed.
I couldn't agree more. Still, I fear the current super elites may yet decide to crack down on the whole crypto space, even up to and including shutting down the internet, in a desperate attempt to maintain their up-til-now stranglehold on money creation. I hope I am wrong...of course...
Even shutting off the internet won't stop it. It's possible to send currencies with SMS if necessary.
And I really find it unlikely that the entire internet and SMS networks could be shut down in most of the world, anyway. Maybe in some heavily controlled places...
To me it's more likely that they may try gaining so much hashing power so as to render a network like Bitcoin under their control, essentially. But then one could turn to many of a number of other currencies, if necessary. They're better off just buying in and manipulating it like whales do (that's assuming they're not already doing so).
I agree that is the most likely scenario.