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RE: Get Ready for a World Currency
Good stuff. That certainly took concentration to understand and I am grateful for the effort you made to make it concise despite its intricacies. Upvoted/Resteemed. While I was reading I was thinking that many readers would like a recommendation at the end of some kind, but this was good for informational rather than advice purposes. Thanks for this thoughtful post.
Thank you. I am delighted that others got enough value out of it to leave me such feedback. So I guess the past few years of my life wasn’t totally useless/wasted.
My recommendation is that the people who are awake avail of and improve decentralized paradigms. The Internet is composed of decentralized protocols such as BGP and TCP/IP. I recommend reading the free intro for The Starfish and The Spider. Having native American ancestry and having spent some time roaming in the wide-open solace of the western states of the USA (including West Texas), the story of the Apache appealed to me. I also admired how on Geronimo’s deathbed the very old man had the gall and strength to say he should have never surrendered and said it was better to be hungry and free than to be a slave in a circus of the USG. Ah that is me! (although being gravely ill or delirious from thirst can be torture)
As for more specific suggestions, I have to leave some work for other people to brainstorm and blog about (and I’m only one guy already overloaded with tasks). I think the successful are those who can motivate others to get involved and build on. Tim Berners-Lee and Linus Torvalds are for me examples to emulate.
Also encourage anyone who wants to try to summarize, rewrite with better prose, and split into a series of blogs. I hereby disclaim copyright and everyone has my permission to copy anything they want from my blogs. A (even non-conspicuous) link back would be appreciated.
I also thought we might get into brainstorming about recommendations in the comments.
Heh. Ted's video was entertaining. He could be right :)
Hopefully readers are aware that Ted Nelson created the term hypertext, which is the concept of the links and web browser we have on the Internet.
I like toast 🍞
Another recommendation is to think about correct models that motivate the correct ideology. See my comment reply under @blockchainttmft’s comment.
It may be interesting as a concept, but bitcoin is the new phoenix right now. Up by 40% this week. Gold and silver barely did 2% and 3%, and that's a lot from them.
https://steemit.com/main/@az-charts/recap-what-happened-this-week-in-the-markets-steem-price-bitcoin-price-analysis-in-all-markets
The economist is a leftist/globalist rag. 'They' want a global currency but only one 'they' can tax and control.
Yes, which is why global cryptocurrency is a good thing. It keeps globalists from being able to control it.
But only if the global cryptocurrency is truly decentralized in terms of not having a winner-take-all power vacuum control over the consensus algorithm. No such cryptocurrency yet exists afaik (although I’m working on it).
Afaics, Bitcoin is not and never will be truly decentralized. It is controlled by the whales by proof-of-stake (not proof-of-work!). I explained this in my latest blog: The Real Bitcoin: which Bitcoin fork will win?
If one can argue that the largest whale does not eventually accrue 51% (and then 100%) of all BTC, then they could posit that Bitcoin is decentralized because the whales prevent each other from defecting because (as I explained in the blog post linked above) all forks will be sold by all whales.
However, I have explained in detail elsewhere that it appears the largest whale can accumulate BTC faster than the smaller whales can, for various reasons. Thus it is a winner-take-all power vacuum. The detailed debate/discussion on this should probably take place in a dedicated blog post or forum thread.
Identities are Sybil attackable in proof-of-work (which is desirable is some others respects), so we will never know if Bitcoin is centralized until it is successfully forked because due to the game theory it can’t be successfully forked otherwise, where by “successful” we mean the new fork has a higher proof-of-work difficulty than the legacy chain.