| submitted by /u/mynt
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With it's decentralized ledger and world-wide access, Bitcoin is not only an interesting investment, but it is also undermining every financial & political system on earth that requires us to trust a central entity to keep a record, and to speak that record back to the public for proof or decision making. Here are the things we spoke about at our round table – they give me some hope for the future that didn't exist in a real way before bitcoin.
The need for real life banks is gone, they can exist for other useful/different reasons, but everyday large scale transactions and most daily personal banking needs, and generally financial security are all no longer bank dependent (nor credit card/website dependent).. Just this alone could really change a lot. If all the resources and money lost to huge salaries, "legal corruption", along with a now very archaic infrastructure (right down to air-conditioned skyscrapers) and untrained staff, were all translated into savings for the common user, the world market would be very different. The amounts of profit that banks make alone is staggering. At least in the billions per bank per year in 1st world countries. Then there is the fraud… Our personal estimates of 10s of trillions of dollars saved over short amounts of times (a few years) seemed almost conservative when taking everything into consideration.
War resistant money! Bitcoin means that people can flee their homeland, leave their home and everything they have, get to some other safe place, use an airport internet hotspot and access their entire life savings without interruption. Also, as a whole, the public money is safe, even if taken over completely, when the military takes over, when the religious wars are waged, no money will necessarily be at risk. We wondered, if wars could not be funded by robbing the country being invaded, could they be fully paid for by taking natural resources and land alone? We weren't sure, but it would take out a big bite. There were so many different little reasons we came up with around war, but I'll move on.
Voting. No need to dwell on this one, obviously voting and fraud is a big conversation these days. A blockchain based voting system is surely going to shed some light on the true opinions of the nation. We were not so sure if this would be a big deal or not, but we decided its best to be sure fraud is dealt with at this level of decision making. But also, since voting could potentially be in your hands, on a phone or device, maybe we vote together on some of the simpler decisions, it could deflate the pressure on higher levels of govt to make these decisions, maybe they could spend some time on important things etc… Why spend so much time discussing things in govt when we could know the exact sentiments of the entire country very quickly and cheaply. This blockchain tech doesn't exist yet so I'll leave it alone.
Immutable history. I mean, this is the first time there is the potential for human history to be recorded in a verifiable way. We could actually be able to all agree on what happened and how it happened because there is a decentralized ledger. If one pays close attention to how much merit and importance we put into history and how things went…With modern education there is a constant need to show you how to feel about the world, why we are the good ones & who is bad. The internet feeds this desire to new heights of addiction. A blockchain of events, not only financial but of all events could change our relationships worldwide.
I know some of these things are blockchain based ideas, I personally believe the bitcoin blockchain is capable of doing all of these things in some way, or at least the network could power & secure these types of tech. Being the one largest, most secure, immutable ledgers on earth with no central authority, there is a reason to continue on with Bitcoin as the main blockchain. These few things I mentioned above are just a small example of the earth-changing things that Bitcoin is capable of, we have only scratched the surface.
Peter Rizun (head BU dev):
"To have a fee market with no block size limit you need Bitcoin's inflation rate to be nonzero"
"I don't believe a fixed supply is a central property of Bitcoin."
Roger Ver has also said that he is okay with the risk of bitcoin becoming paypal 2.0
I think if this was more widely known there would be much less support.
Just minutes ago, house bill 436 passed the NH state house. It completely exempts virtual currencies from money transmitter regulations and leaves choices entirely in the hands of consumers rather than bureaucrats. This reverses the regulation that temporarily caused Poloneix and other exchanges to cease NH operations.
While states like Hawaii are pulling bullshit that might as well make Bitcoin illegal, we're working on doing the opposite here in NH.
If you support this effort, these people did the most work. I'm sure they'd love a thank you or a donation:
- Keith Ammon (bill sponsor and actually trades crypto! defended bill on the floor)
- Barbara Biggie (bill sponsor)
- John Hunt (got the bill out of committee, defended it on floor, makes amazing arguments about how the state should regulate beanie babies if it's going to regulate crypto trading 🙂 )
- Chamber of Digital Commerce – Helped me learn how to testify to politicians and sent in some big guns in support
You can also let Governor Sununu know he should sign it.
I also got to participate in this process as the governor-appointed expert on cryptocurrencies. It was really great to get to give back and help fight some of the misconceptions out there. More on the LBRY blog.
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