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RE: ADSactly Tech News - Blockchain and the Potential it Holds to Change the World!

in #blockchain6 years ago

Cool, so as far as I understand the use of cryptocurrency will dispense of some big institutions like banks and a lot of bureaucracy, speeding up some interactions in societies. But the core mechanism of trading stays in place, which means profits will still be a thing, thus the grounds for monopolies and wealth gaps. And if miners just get rewarded bitcoins for just mining (doing abstract calculations with computers) , without actually doing anything related to production, science and arts , doesn't that eventually make them similar to the now established banks and financial institutions where they also just do abstract calculations but get rewarded? And if silly idea of 'intellectual property', which currently stifles progress (especially in tech and science), is made even more secure with crypotcurrency, wouldn't that mean even slower progress in tech and science in some instances? Surely in the small, personal-scale, individual cases he mentioned , bitcoin looks 'good'. But it also seems that it will enhance the control/domination of larger businesses, and create new big ones.

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