Largest transfer of wealth...Beware...maybe.steemCreated with Sketch.

in #bitcoin7 years ago (edited)

Let's start off with this is an unfounded conspiracy theory but aren't those the ones to turn out to be true. I wasn't going to write about this but like the jewellery commercials says... "if you can dream it we can make it".
I have dreamt it so did someone make it?

Conspiracy.png

One of the exciting things about the new blockchain revolution is the possibility of the redistribution of wealth. A real chance for money...no I should say wealth...to be moved into the hands of adopters of the dream.
Invest now, wait long, reap the rewards.

Now let me be a wet blanket.
What if this whole movement is in fact a transference of wealth. Not one that we envision but a way for traditional wealth holders to pull the last drops of money out of the masses.
It is not that far fetched. We see institutions and even governments legitimizing cryptocurrency almost daily.
When is the last time you remember these bodies relinquishing control of wealth? I don't remember it if it happened legitimately in my life. Never had a bank say to me "Oh you've created a new currency, let me replace/incorporate that with what I already own with absolutely no advantage to the bank, but us bankers aren't worried because they world is better if we all have money."
So why would they do it? Did the people controlling today's traditional economies wake up and say "you know what, I think I will give away my economic clout for the sake of the little guy out of the goodness of my heart."
Right.jpg

Now hear me out.
Let's pretend that all of us currently non-wealthy people take to investing in crypto. All of the money not currently in the hands of the rich is now invested into a system where you can't physically hold it.
Here is the stretch... (or is it?)
Let's say "they" planned this, or at the least is guiding it and we are doing exactly what they want. All of the FIAT currency has now been traded in for crypto.
Then they hit the switch, or whatever "they" are planning. Viruses, hacked systems, media campaigns, quantum computers to be able to break block chain to devalue and destabilize crypto. There are too many methods to do this but I hope you get the gist.
Now crypto is devalued/worthless and all of our other forms of currency are gone from our control.
You know that old saying when there is a scandal "just follow the money". What if we are doing the reverse and allowing our money to be pushed to where it is no longer ours; buying assets that are easily erasable? At the end we will cry that our money is gone, it was unfair, and we will have to follow the news trails to see why our money ended up where it did.

This could be largest transfer of money some of us will see in our lives. Unfortunately it will be from people like you and I and putting the last bit of wealth that "they" don't own squarely where they want it.
Tell me I'm completely crazy and I'll tell you the story of a tulip bulb costing 10 times the salary of a skilled worker. Or of people without verified income owning multiple houses when they shouldn't have been allowed to buy one. Yes those were bubbles. But this is different you say...it can never be a bubble because blah, blah, blah...who is saying it can't be a bubble.
"If you can dream it we can make it". I just dreamt it; has someone already made it and we are happily playing along?

Meanwhile, I will watch my siacoin and digibyte portfolio devalue and pretend/hope that I am not being played by the very establishment we all dream of getting out from under. But what do I know? I said it was a conspiracy theory.
See you all when we're rich.Coins-pile-outside-vault.jpg

Sort:  

Today you can pretty much transform anything into a conspiracy, but you didn't really understand how this thing works didn't you... Also, for such a bold theory, you missed some small details that don't make sense:

1 - You just quoted from a commercial, and we all now commercials don't mean anything. But I get it, you just took the essence of it.

2 - The banks don't accept any cryptos at the moment and they never will. The banks WORK with crypto because some of this cryptocurrencies/tokens can be as fast as the traditional way of sending money but with much lower fees, and at the same time with the bonus of traceable transactions, some of them at least... (for example NEM, Ripple, etc)...

3 - Why doesn't anyone actually read and try to understand WHAT ACTUALLY IS A FUCKING QUANTUM COMPUTER AND WHAT ARE IT'S USES? IT HAS NOTHING TO DO WITH TRADITIONAL COMPUTING OR FUCKING BLOCKCHAINS...

4 - The role of the cryptocurrency has nothing to do with the balancing of wealth. That is some retarded shit said by someone who didn't even get what cryptos is all about, they vomited their idea and poor people swallowed it, grabbed it, and believe in it just like they did with the fairy tale of god... The roll of cryptocurrency, initially, was to establish a system with LIMITED CURRENCY which can not be multiplied by the government or any other power (practically it's printing money proof), which means the traditional banking system won't be able to loan money that it doesn't have.

5 - The bubbles are a permanent thing because in every field there are speculators. Speculators are some pieces of shit of human beings who buy low and sell high, without producing anything. Practically they are parasites...

In short: OP should worry more about a world where wealth increasingly goes digital than bad actors taking away our precious cryptocurrrencies.

OK, so you didn't pick up that I thought that this was just a fun piece, actually inspired by a conversation with a friend over a few drinks, but hey, let's answer a few points you made.

  1. Yep...I quoted from a commercial. I could've used a movie..."Build it and they will come." but you're right, it was for the essence of this whimsical piece. Didn't want to quote some "all powerful" source on a post that was a fantasy piece.
  2. Never will hey?...http://www.coindesk.com/banks-offering-cryptocurrency-services-a-new-reality-is-arriving/
    or how about: https://www.technologyreview.com/s/600980/a-bitcoin-style-currency-for-central-banks/
    or:http://thedailycoin.org/2017/06/04/ru-coin-moscow-moves-regulate-crypto-transactions-russian-central-bank-plans-build-cryptocurrency/
    or: a thousand other projects where financial institutions realize they have to participate to make money from crypto.
    I get it, they are not accepting as a currency, never said they did. Said they were legitimizing. Crypto being legitimized as an asset. I believe direct acceptance is imminent as they want to benefit in a trending movement away from their services somehow.
  3. Improved computer capabilities has a lot to do with breaking encryption which is one of the allures of digital currency. Have a peek. https://bitcoinmagazine.com/articles/bitcoin-is-not-quantum-safe-and-how-we-can-fix-1375242150/ or do some research on the subject at www.google.com.
  4. Not sure where you learned that that was the reason for the birth of cryptocurrency? I guess you are kind of right...According to Satoshi Nakamoto (BTC creator, may be an alias for a group of developers, jury is out on that one): "The idea focused on the production of a new kind of currency through an extremely complicated algebraic algorithm that was completely independent of any type of central authority." Never heard anyone but you say that it was created so traditional banks couldn't make money by lending it. They make money on lending against it now that it is a legitimized asset class. There is a proposed bill in the US where they want you to declare your crypto holdings at the border. I can make money lending BTC right now. Just check out "lending BTC" on any search engine. Won't limit you to Google.
    Yes it is a limited supply but it is almost infinitely divisible. I believe it has to be in order to replace all current currency (pipe dream there). How else could everyone on the planet, and maybe Mars and the Moon in the future, participate? One day a coffee could cost 0.00000000000001 BTC. "To infinity...and beyond" :Buzz Lightyear
  5. Sure...there are always speculators. You're not one? You have no crypto holdings that you are speculating will rise? You have Steem...are you speculating it will be worth more in the future? If you are just joining Steem because it is a great platform to voice opinions, create interesting content, and to meet like minded people WITHOUT the speculation that you can be rewarded with crypto whose value will rise then set all of your rewards to "decline payout". But you want the power so that your voice will be heard more? Ok I get that. How about never cash out your coins ever? Would you commit to that or is there a hesitation that you are speculating that one day this platform could deliver some real value based on the coin reward system and you want to be able to cash them out someday. Guess what...you are a speculator. I also know that to be a speculator there is a risk of loss. They invest on the speculation of a profit with a risk of loss. You are gong to say you didn't invest so you are not a speculator. Remember we are trying to change the world; trying to redefine a lot of things; your time is your investment. You could be defined as a speculator in this new age. On a small scale but he who lives in a glass house shouldn't throw stones.

At the end of this I will mention that your profile says you like to argue with everyone. So do I.
I found this fun and am glad you posted.
Hope you and others see this as fun as well.
#minnowsupport #whaleshare #friendtrain

Wow, I am so glad I can actually have a debate with someone on this subject. I am glad I met you. Now: the fiasco continues LOL (but I'll try to keep it short as this conversation would be SO MUCH BETTER in real life):

1 - Nothing to say about.
2 - That is why I emphasized the word "work". Because they don't accept it as a currency (as I read about it, it's because of the definition of currency)
3 - (I can't keep this one short) You don't convince me you are right just by giving me an article written by our beloved Vitalik. Sadly, I had to study cuantum mechanics in college in my 1st or 2nd year if I am not mistaken. The teachers didn't gave it too much importance, but I found it so interesting that I started to make some research on my own. At the end of the semester, after the exams, I talked a about this subject with my physics teacher. Because we both got the free time, we extended the chat to almost 2 hours (again, if I remember correctly...it was a long interesting one tho). So, I will sum up the things I GOT from my teacher. He basically said that quantum mechanics is based on probabilities, and anything built on top of that can't have a certain result because of "Quantum superposition theory"; we don't get values, we get percentages. So and example would be: If a quantum computer is fully controlling a ship full of goods which have to arrive at the destination in a certain amount of time (if not, let's say they expire), and in front we have a storm, the quantum computer calculates the best move to do in this situation based on all the variables it gets (wind, weight, how big the storm is, etc). It doesn't get a 0 or a 1, it gets, let's say 65% chance of getting fucked by the storm, 48% chance the goods will expire if it stays, and all of this percentages, etc; This is translated to a normal computer which recalculates the odds and chooses the end result of 0 or 1. So the best thing a quantum computer could do to a wallet secret key is to guess it.

4 - You are talking about value there, I am talking about the limited number of coins. In fiat world, if there is no money, we print more and we get more debt to whoever controls this shit. In concurrency you can't ask more than it is. Let's say there are $10 in the whole world. If you get a loan from the bank for $10, the bank wants back $11 which is not possible in cryptos, what you have it's what you get.

5 - I was referring to people who just invest to get the profit and run. If I commit to a coin, I don't insta-sell everything just because it's 10 x initial value. I keep some because I want to support the project. You can't call someone a speculator just because he bought a car 50 years ago, and now it's a classic and it sells for 10 x initial amount.

This is fun. HIT ME!

Glad you took this the right way.

  1. Done
  2. I'd still argue. Eg. Russian Central Bank is studying the feasibility of their own cryptocurrency; not a blockchain tool to work with current FIAT. I don't believe they are developing a currency to never work with it.
  3. How about this interview talking about Quantum computers breaking blockchain? You will see he isn't saying it can't be done, just that game theory means it probably won't happen. "When asked if there was a possibility of the NSA hacking blockchain, bitcoin expert Andreas Antonopoulos said that he believes that that could never happen.
    The first reason has nothing to do with the power of quantum computing itself, and more to do with game theory.
    The NSA, he argues, would never hack into bitcoin because by doing so they would then have to reveal how they broke the encryption. Hacking bitcoin would be unsafe on a national security level, and so for now bitcoin remains safe from any governmental interference."
    There is also a group that already believe that BTC blockchain should be now upgraded to a higher level of RSA to protect from the capabilities of quantum computers....our own advocates are worried.
    Not sure how you can think can never happen.
  4. I get what you are trying to say but I think that you are mistaken. There are 2 ways to do exactly what I said that you probably have already participated in. If you didn't, millions have. (a)You can always create more value with crypto by dividing it. If there is only $10 in the whole world but the bank demands $11, make a BTC worth a bit more. Divide it up. You lose the spending power of BTC while the banks receive more buying power. In Fiat they don't need to divide as they just print but dividing will achieve a similar effect. BTC changes value every day. At one point 10,000 BTC bought 2 pizzas. That means that if all 21 million BTC would have been available we could have collectively bought 4200 pizzas, that would be the currency limit. What is that? Market cap of $45,000? Useless. Now that it is worth more there is more spending power. Spend it on pizzas or interest, it is still spending. Divide as necessary so people lending get more spending power and same as printing more.
    (b) what do you think spurred all the altcoins, ethereum platform, etc. The desire to instantly create more cryptocurrency. Pay your interest to the bank in ETH...or wait for InterestCoin (INT) to come out. A new coin designed for the little guys to pay the interest on their BTC loans. Holy cow...can I patent that idea?
  5. I guess my view of speculation differs from yours. I have invested in Sia (Siacoin) because I believe that a decentralized storage of files will kick the crap out of Dropbox...and I will make some money. Might take years but I am still speculating. I consider it investing...all investing is speculation. The amount of time you leave your money in an investment shouldn't be grounds to look down on someone in my view. It's their choice. Without people investing/speculating that BTC will make them money how do you build them up? This one boils down to a difference of opinions on investing.
    I don't like pumping and dumping if that is what you are referring to...I think that is hurting the movement more than helping but I've dumped when I realized someone was doing it with a coin I had. Guess I'm part of that problem too.
    Your turn.

such a bad time to be drunk... shit... I will read this again tomorrow when I will be sober. I really fucking enjoy this! I tried to read everything but I can focus...fucking alcohol...

But from what I can say, you have some really good points there and I might need some time to process them deeply and answer. If I forget, I loose, but oh boy... I can't wait to disagree with you in the future.

THANK YOU!

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by procyon21 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.

Coin Marketplace

STEEM 0.17
TRX 0.15
JST 0.028
BTC 56430.09
ETH 2323.65
USDT 1.00
SBD 2.35