Why Bitcoin Is Poised To Change Society Much More Than The ...

Why Bitcoin Is Poised To Change Society Much More Than The Internet Did

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Falkvinge: "Why Bitcoin Is Poised To Change Society Much More Than The Internet Did"

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Why Bitcoin is poised to change society much more than the Internet did -Rick Falkvinge.

Why Bitcoin is poised to change society much more than the Internet did -Rick Falkvinge. submitted by damian2000 to Cyberpunk [link] [comments]

Why Bitcoin Is Poised To Change Society Much More Than The Internet Did

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Why Bitcoin Is Poised To Change Society Much More Than The Internet Did

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Why Bitcoin Is Poised To Change Society Much More Than The Internet Did

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This seat is occupied.

I’ve been in the ETH community since the very beginning. Hell, since before there even was a community. Pre pre-sale. I was around for the rise and fall of Mt.Gox, Bitcoinica, Havelock Investments, BTCT, Trenton Shavers, and the origination of ‘HODL’. I quit a lucrative job in late 2013 to work at a bitcoin startup, and in 2015 I made a personal transition from BTC to ETH and have been here since. I’m as much of a True Believer as you’re likely to find.
I’m writing this to share my view on where I see this space going and why, like the title alludes, I refuse to give up my seat on this rocket.
After my "lightbulb moment" with the blockchain, I had a simple thesis: given what I saw as the foundations of the technology, it seemed likely that this experiment was going to have a binary outcome: either it was foundational, earth-shaking tech worth untold sums, or it was mostly nonsense. And I resolved to seeing one of those two ends. I think the curious child in me wanted to see what happened when the ignition button was pushed. Whether that resulted in a detonation on the launchpad or a liftoff into orbit. Whatever was going to happen, I’d be there.
So that’s what I’ve done. And will continue to do. That’s not to say I haven’t taken profits, I have - but mostly to salvage some semblance of responsibility as I saw the portion of my net worth held in magic internet money grow. Not because I lost confidence in the technology or its potential. Broadly speaking though, I don't believe we're close to seeing the complete fallout from pushing that button. The reaction is still in-progress and will take years to complete.
As I’ve watched this industry grow, and contract, it remains clear that the genie isn’t going back in the bottle. Crypto truly is a brain virus. Once educated, people understand the value of a scarce, programmable, permissionless, non-sovereign asset and I submit society won’t stop seeing value in this. Now, I believe there's ample evidence to suggest that speculative markets move in cycles. And having been through the peaks and valleys of previous crypto cycles, I am confident we’re in a valley. I’m also confident there will be a future peak. The market is utterly manic, for better or worse.
So I see that a 2017 Ethereum — when app/protocol composability was pure theory, there were no DeFi products whatsoever, enterprise interest was cursory, and the largest, most public demonstration of the tech was collectible digital cats — had people tripping over themselves trying to buy at prices almost 10x higher than they are today. I can’t help but think: if the 2017 fundamentals provided enough of a platform to support the speculative rise we saw to peak prices, what will it look like when the price gets out ahead of current fundamentals? Where we’re in the midst of a Cambrian Explosion of composable apps/protocols, a serious (and growing) portion of total supply locked in DeFi, PoS right around the corner poised to gobble up even more supply, more money legos, more devs, more mindshare. We are in an entirely different realm where fundamentals are concerned.
Crypto peaked in 2017 at shy of $1T. If you don’t think the story so far points to crypto being a multi-trillion dollar asset class in the future, I’m not sure what story you’ve been reading. In comparison, the Dotcom bubble brought peak valuations to $6-7T (inflation adjusted.) This all in a silo’d market where the primary participants were those with access to US equities and early stage investment opportunities. Crypto is global. It’s unrestricted and has no minimums. And it has multiple narratives, which are ultimately additive, that all command their own monetary premium. The SoV aspect is independent from the need to pay for contract execution, yet both work in concert driving demand.
Unless the genie does retreat back into the bottle, I believe we will see prices move out in front of fundamentals yet again. Just like in 2011, 2013, and 2017. Thoughtful people are understandably reluctant to throw-in with what seem like pipe dream valuations. They sound too good to be true. Naive, even. I’ll be the first to admit, talking about returns using an ‘x’ instead of a ‘%’ should always be met with skepticism. But there are two factors at play which I feel are under-appreciated that can (and will) legitimately drive returns of those magnitudes:
Liquidity and reflexivity.
In comparison to other financial markets, crypto markets are extremely illiquid. Not necessarily for retail investors who can move a few hundred thousand around with minimal price slippage, but for the sovereign wealth funds, endowments, pension funds — aka Institutional Money™, it’s a different story. A lot of people talk about how crypto will only rise once institutional money arrives. The reality is that crypto needs to grow in order for institutional money to arrive. This transition from illiquid to liquid is a one-way street and will continue to be responsible for profound price moves as illiquidity is the primary reason crypto prices move as intensely as they do. Sellers are always trying to get the most value for their assets, so if you want Asset X right this minute, you’re going to pay out the nose for it if there isn't sufficient supply when you want it. And having that short time preference leads me to...
Reflexivity, which is especially pronounced in this industry because the two driving components, sentiment and trading based on that sentiment, now both move instantaneously. It’s like this cartoon, but everything moves at the speed of light. Once sentiment changes (which will inevitably happen if you believe in market cycles), the air will get sucked out of the room at a blistering pace. This is where FOMO really ramps up and it grips everyone from fund managers to middle-schoolers. Global fund managers to global middle-schoolers. The result is light-speed FOMO mixed with light-speed trading of an illiquid underlying asset, aka the perfect recipe for face-melting price moves.
Long story short, I think crypto is a gift to this generation. Do with this gift what you will. But when the music stops and the sentiment shifts, I hope you've found your seat. They'll go in a hurry.
submitted by Naviers_Stoked to ethfinance [link] [comments]

Bitcoin and The Road to Serfdom

In what has been a long time coming, we are happy to finally release our long form piece: "Bitcoin and The Road to Serfdom". This piece examines economic planning with respect to Bitcoin and how the BTC network was co-opted under the mask of this planning.
The paper cites Friedrich Hayek's groundbreaking work and explores what challenges Bitcoin Cash will face so as to keep the system economically in tact.
You can read the essay on our website for free
You can also catch it on Yours
Thanks for reading it and let us know what you think! Below is the introduction:
”I don't believe we shall ever have a good money again before we take the thing out of the hands of government. That is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't.”
Friedrich Hayek [1]
Prior to the official declaration of World War II and the wide scale rise of Nazi ideology, Germany stood as an example of the progress that could be made when the radical economic planning traditionally used in wartime could be repurposed in peacetime. Across Europe, politicians and economists were envisioning a post-capitalism and post-war world where economic planning could be used to build a better life for all. As World War II neared, however, fewer people pointed to Germany as a success of the economic planners. World War II is declared, and the machinations of the State are used globally to engineer the war effort.
It is 1944, and World War II is coming to a close. There is (again) fierce debate across the continent on how to rebuild each country when peacetime returns. Friedrich Hayek becomes the first to propose the idea that any model of economic planning, like the one used by Germany after WWI, would inevitably lead to fascism and the restriction of individual freedom. The first page of Hayek's The Road to Serfdom reads, "To the socialists of all parties." Foreseeing the danger in his "liberal" peers’ call for the State to utilize the economy for "peaceful" purposes, Hayek’s piece reads as a final warning that when World War II inevitably ends, intellectuals need to be well-equipped to preserve the market forces that allowed free trade and enterprise to flourish and to not succumb to the temptation of a centrally planned society.
When Bitcoin was first created, libertarians were some of the first to evangelize the currency to their peers. Capitalists of all kinds viewed it as a revolutionary tool to free individuals from the shackles of State-backed currency and to allow global peer-to-peer trade. The desire to create a decentralized and free economy is rooted in the message attached to the Bitcoin Genesis block: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." These were the first of Satoshi Nakamoto's words to be recorded on the Bitcoin blockchain. This message will be written within Bitcoin’s immutable database for the entirety of the currency's existence. Why Satoshi included this reference in the genesis block is a subject of much debate, but examining the referenced article [2] itself, it becomes clear it has a deeper nuance than is often touted. Most agree that this message, and therefore the creation of Bitcoin, is linked directly to the widescale criticism of the "bailouts" of America’s largest financial institutions following the 2008 market crash. But this interpretation ignores the content of the article Satoshi was referencing. A closer look reveals that the article was not about a bailout, per se, but something much more nefarious: "The Chancellor will decide within weeks whether to pump billions more into the economy as evidence mounts that the £37 billion part-nationalisation last year has failed to keep credit flowing. Options include cash injections, offering banks cheaper state guarantees to raise money privately or buying up 'toxic assets', The Times has learnt." You see, at the time of the article's writing, the bailout had already occurred. The article reveals that the government was poised to go a step further by buying up the toxic bank assets as part of a nationalization effort! In this scenario, according to the Times, "a 'bad bank' would be created to dispose of bad debts. The Treasury would take bad loans off the hands of troubled banks, perhaps swapping them for government bonds. The toxic assets, blamed for poisoning the financial system, would be parked in a state vehicle or 'bad bank' that would manage them and attempt to dispose of them while 'detoxifying' the main-stream banking system." The article outlines a much more nightmarish scenario than bank bailouts, one that would effectively remove any element of private enterprise from banking and use the State to seize the bank's assets. Like Hayek, Satoshi clearly had an appreciation for the necessity to move away from government-controlled money. This appreciation led Satoshi to publish his whitepaper that defines Bitcoin quite clearly in its own title: "Bitcoin: A peer to peer electronic cash system." In the years since, this ethos has disappeared from the BTC community and, unfortunately, the fish rots from the head. In this piece, I will outline, with the help of Hayek's words in The Road to Serfdom, how Bitcoin (BTC) has been overtaken by the Central Planners Hayek warned us about.
When I first sat down to write this piece, I titled it "BTC: The Road to Serfdom." Since then, I have noticed a rise of those in the Bitcoin Cash community that believe Bitcoin is a flawed system from which users must be protected by the "safeguards" and "fixes" introduced by software developers. Bitcoin, as it was designed, is an inherently capitalist system which, when economic changes are introduced, suffers from the unintended consequences all economic planning leads to. As a result, I feel compelled to address this piece to a broader audience and outline the current state of planning in the Bitcoin Cash world as well. I hope this piece serves as a wakeup call to those in the BTC community, as well as a warning to those in the Bitcoin Cash community: In the face of all economic planning, we must resist.
Bitcoin and The Road to Serfdom
To the socialists of all chains.
submitted by The_BCH_Boys to btc [link] [comments]

[Table] IAmA: I am Tim Berners-Lee. I invented the WWW 25 years ago and I am concerned and excited about its future. AMA

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-03-12
Link to submission (Has self-text)
Questions Answers
What was one of the things you never thought the internet would be used for, but has actually become one of the main reasons people use the internet? Kittens.
Edward Snowden- Hero or Villain? Because he ✓ had no other alternative ✓ engaged as a journalist / with a journalist to be careful of how what was released, and ✓ provided an important net overall benefit to the world, I think he should be protected, and we should have ways of protecting people like him. Because we can try to design perfect systems of government, and they will never be perfect, and when they fail, then the whistleblower may be all that saves society.
Did you ever think that the internet would get this big? Yes, I more or less had it nailed down when it comes to the growth curve. I didn't get it completely right --- 25 years ago I was predicting Id be asked to do an AMA on reddit next wek, but it turned out to be this week. Well, we all make mistakes.
(no of course not)
Do you think in the (not too distant) future we'll look back and think ourselves lucky to have witnessed a neutral, free, and uncensored world wide web? I think it is up to us. I'm not guessing, I'm hoping. Yes, I can imagine that all to easily. If ordinary web users are not sufficiently aware of threats and get involved and if necessary take to the streets like for SOPA and PIPA and ACTA. On balance? I am optimistic.
Tim, What other names did you consider other than the world wide web? Mine of Information, The Information Mine, The Mesh.
None had quite the right ring. I liked WWW partly because I could start global variable names with a W and not have them clash with other peoples' (in a C world) ...in fact I used HT for them)
Tim Berners-Lee just left a parenthesis unclosed... Guilty (well, unopened, actually. Here is an extra one to make up.
A lot of people think that your calls for an open web are a bit hypocritical considering your support for the HTML5 DRM spec. What would you tell them? I would suggest to them the DRM question is not that simplistic. People want to watch big movies. DRM is a pain in many ways, but if you have used Netflix or bought a DVD or a bluray, then DRM is part of your life. I agree DRM is a pain in many ways, and should only be used for very "high value" streams. I also would point out that Copyright, DMCA aand CFAA in the US are seriously broken, and need fixing separate from the DRM question. Actually I would get involved with a very long complicated discussion, as I have already with many people. Not sure we have space here. Other points include the the browsers have putt DRM in -- they have to to keep market share -- irrelevant of whether the HTML specs make the connection to the web more standard.
Link to w3cmemes.tumblr.com
What web browser do you use? My default browser at the moment is Firefox. I also use Safari, Opera and Chrome each a reasonable amount. Firefox has the Tabulator plugin which does neat things with linked data. If I am running a latest version of that (I check it straight out of github) which can be unstable, I'll use one of the others for things which need to be stable. Joe Presbrey ported the plugin to Chrome too BTW
How do you feel about the supposed dark side of the internet, such as the black markets? (Silk Road etc.) Complicated question. I am not a great expert on them. Simple answers include of course that illegal things are crimes on or off the web. But anonymity is tricky. We have a right to be anonymous as a whistle-blower or under an oppressive regime but not when we are bullying someone? How can we build technical/social/judicial systems for determining which right is more important in any given case? Relates to tor...
What was your first computer? I got a M6800 evaluation kit in 1976, and built a bunch of 3U high cards, put them in a rack with a car battery in the bottom of the crate as UPS. All hand-soldered on veroboard, and programmed in hex. 7E XX XX was a long jump, and 20 XX a relative jump IIRC. The display was an old TV and some logic and a bunch of discarded calculator buttons lovingly relabeled with transfer letters. Those were the days...
Is it true that error 404 came to be as a result of there not being a room 404 in the office you were working at? No. Nonsense.
Why does no one mention Robert Cailliau anymore when it comes to the www? Didn't both of you invent it? Robert didn't invent it. I invented it by myself, and coded it up on a NeXT, but Robert was the first convert to it, and a massive supporter. He got resources together at CERN, helped find students, gave talks. He also later wrote some code for a Mac browser called "Samba". He also put a lot of energy into persuading the CERN directorate that CERN should declare that it would not charge royalties for the WWW, which it did April 1993.
Do you ever look at the stuff on the web now and feel like Robert Oppenheimer? No, not really. The web is a -- primarily neutral -- tool for humanity. When you look at humanity you see the good and the bad, the wonderful and the awful. A powerful tool can be used for good or ill. Things which are really bad are illegal on the web as they are off it. On balance, communication is good think I think: much of the badness comes from misunderstanding.
Where do you think the web will end up in the next 25 years? It is up to us. It is an artificial creation, as are our laws, and our constitutions ... we can chose how they work. We can make new ones. Our choice.
Have you learned to spell referrer yet ? No, my speling is still terible. Hopefully not to much or it will get into header field names without some review at this stage!
Who was your role model as a kid? My parents, who met building the first computer commercialized in the UK - the Ferranti Mk 1, and some of the people they worked with, my math teacher Frank Grundy, chem teacher Daffy...
'Math'? You're letting the side down, TBL. S/math/maths/g
While the web has advanced a lot in the last 25 years, a lot of the user-facing machinery remains the same. My web browser, for example, is faster and has some different functionality, but it still feels very much like Netscape Navigator did in 1994. Do you have any ideas about how interface for the web could change in a real, transformational way? I think that is a really good question. I don't have the answer off the top of my head. Also think when your vision can be completely surrounded with pixels so small you can't see them, a very powerful interface -- how cna we use that -- and to be creative together, not just watch? Inter-creativity I called it early on. Still don't have it.
Something I've been wondering for a while: did the name "World Wide Web" have anything to do with the "WorldWeb" in Dan Simmons' 1989 novel "Hyperion"? (the timing is a funny coincidence if not) No, didn't read that
Did you ever post a picture of your cat? Dog: Yes, Cat: No.
Given your work at the World Wide Web Consortium and support of Internet decentralization, what are your thoughts on the W3C Web Payments Community Group and their effort to standardize web payments using Bitcoin and other digital currencies(Link to spectrum.ieee.org What impact, if any, do you think digital currencies might have on how value is sent over the Internet? I think that it is important to have lots of different ways getting money to creative people on the net. So if we can have micropayment user interfaces which make it easy for me to pay people for stuff they write, play, perform, etc, in small amounts, then I hope that could be a way allowing people to actually make a serious business out of it. Flattr I found an interesting move in that direction.
What are your thoughts on the increased surveillance on internet based mediums like GCHQ's monitoring of all the Yahoo video chats. Do you personally think it should be controlled, non existent or fine the way it is now? I think that some monitoring of the net by government agencies is going to be needed to fight crime. We need to invent a new system of checks and balances with unprecedented power to be able to investigate and hold the agencies which do it accountable to the public.
Do you still have an interest in trainspotting? Still like trains, travel on them when I can and when in a country which has gotten its train act together.
I dont really have anything to ask, i'd just want to thank you. Alright.. maybe one question. What site do visit on a daily basis? W3.org Since the beginning W3C has worked in the web. "If it isn't on the web it doesn't exist" when it comes to discussing things in meetings etc.
An Internet Bill of Rights feels like a nice concept, but even with the right intentions, it also feels like it centralizes power. And the goal of the Web today is to decentralize power. Can you explain how the two might balance? Funny - I don't see how a bill of rights (like the right to connect with whoever you want to) centralizes power. I think is lays the basis for steering laws, and governments are rather centralized things, but rights constrain governments for the benefit of individuals.
How do you see Edward Snowden? (see below)
Mr. Berners-Lee, the first picture on the WWW is a group of women from CERN at what appears to be a party. Is there a story behind them? Actually it was a lot of cheek (which he has a lot of) for Silvano to suggest that was the first picture on the web. There is no evidence to that effect, apart from that he has got away with it so far. The original NeXT browser would allow you to link HTML files to all kinds of things, movies, images, sounds. (Cool machine, the NeXT) . So people may very early on have put all kinds of things up. I tended to use HTML with talks, with links to diagrams as (typically) postscript. Les Horribles Cernettes were a band where Silvano played and did AV, and the girls in question sang. Silvano is and was a very creative individual in many ways, music, movies, code. etc... and a great spirit (whether or not it really was the first photo!)
You talked recently about having a "Magna Carta" of sorts for the web. How do you envision that sort of system working? Well, what do you think? Crowdsource a bill of rights at the very high level -- values level -- globally, non-nationally, in the first half of this year, and then in the second half of the year in each country make a list of the changes to the national system which will be necessary to implement it? That is plan A I think. See webwewant.org
How did you feel being shown off so elaborately during the London Olympics? That show was a lot of fun. Danny Boyle is really nice, working with 15,000 other volunteers was amazing, also being able to be in the stadium and meet other people backstage. Like a massive amateur musical. Just pulled together at the last minute. And I liked it that it was poking fun on the weather and not skipping the downsides of things like the industrial evolution, not all upbeat.
Hi Tim we began a campaign last year to establish a Universal Declaration of Digital Rights (www.uddr.org) as a natural extension of the Universal Declaration of Human Rights in the digital age. We have a detailed plan on how to achieve this and are poised to kick it off presently. Is this something you would be interested in supporting and if so how can we work with you on this? Cool -- that is very much in line with what we want people to do with the webwewant.org campaign and webat25.org .. all these things should coordinate and join forces, it seems.
What is the thing your most proud of about the world wide web? The wonderful global collaborative spirit of all the people who turned up to help build it and build things on it.
ISO-8601 for easy sorting! My mother taught me that order. She picked it up when she was an astronomer I think. It is only logical.
In fact be W3C standards compliant its YYY-MM-DD.
[In fact I tweaked the rdflib.js turtle parser to parse naked dates in that format to date objects just like numeric literals: it is so handy in inputting random data. [Link to github.com would like to see it in JSON too]]
Google scholar I think is a move in the right direction. We have JSTOR etc now but I dislike due to costs to read, not super awesome interface, not inclusive of all/many good published relevant articles, etc. I think lots of room for improvement. JSTOR is fine for you if someone else -- your University -- pays your subscription. Not if you are an independent scholar, school kid, or bright excited online poor person.
Last updated: 2014-03-16 15:07 UTC
This post was generated by a robot! Send all complaints to epsy.
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This Mega-Bank is Preparing to Launch its Own Bitcoin Competitor Keiser: Bitcoin 100K In 2019 And Ripple / XRP Poised To Change The World What Does Bitcoin Need to Succeed as a Currency? [POLICYbrief] Bitcoin 101: What is Bitcoin? How does it work? Will it change society? (Crypto with Antranik) Is Bitcoin the Answer for Dysfunctional Financial Systems in the Region?

BitCoin Poised to Change Society. Bitcoin. There is a bitcoin craze at the moment, with prices of bitcoin skyrocketing. Bitcoin is still far from ready for prime time, but as it matures, it will change society’s fundamental operations much more than the Internet did. The net, after all, only allowed people to talk and shop more efficiently. By comparison, bitcoin eradicates the government ... There is a bitcoin craze at the moment, with prices of bitcoin skyrocketing. Bitcoin is still far from ready for prime time, but as it matures, it will change society’s fundamental operations much more than the Internet did. The net, after all, only allowed people to talk and shop more efficiently. By comparison, bitcoin eradicates the government’s ability to operate. Why Bitcoin Is Poised To Change Society Much More Than The Internet Did - Falkvinge on Infopolicy. There is a bitcoin craze at the moment, with prices of bitcoin skyrocketing. Bitcoin is still far from ready for prime time, but as it matures, it will change society’s fundamental operations much more than the Internet did.… There is a bitcoin craze at the moment, with prices of bitcoin skyrocketing. Bitcoin is still far from ready for prime time, but as it matures, it will change society’s fundamental operations much more than the Internet did. Why Bitcoin Is Poised To Change Society Much More Than The Internet Did. Leave a reply. Swarm Economy: There is a bitcoin craze at the moment, with prices of bitcoin skyrocketing. Bitcoin is still far from ready for prime time, but as it matures, it will change society’s fundamental operations much more than the Internet did. The net, after all, only allowed people to talk and shop more ...

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This Mega-Bank is Preparing to Launch its Own Bitcoin Competitor

How can a cryptocurrency like Bitcoin succeed in a society based on regulated fiat money? In this episode of POLICYbrief, Professor John O. McGinnis, Northwestern University Pritzker School of Law ... This talk is about why bitcoin matters and how it manages to be so valuable. The purpose of this talk is to give you a foundational understanding of why it works and will how it will affect our ... Bitcoin is poised to change society Ricardo Ferrer Rivero TEDxIngolstadt - Duration: 12:46. TEDx Talks 3,948 views. 12:46 "Bitcoin technology is the future of money" - Michael Chobanyan - ... Slayer of Empires: How Bitcoin Could Become Far Bigger Than You Think – Paul Rosenberg - Duration: 38:39. BitcoinInvestor.com 12,679 views Lecture by Nathaniel Popper, New York Times reporter and author of the recent book Digital Gold. Comments by Guillermo Calvo, Professor of Economics and International and Public Affairs and ...