Hello everyone, my first post on here
Seeing as though Bitcoin has been in the news more and more lately I thought I would share my opinions on it
I will start with a disclaimer, I having nothing against Bitcoin or an "axe to grind", I work in IT so am reasonably familiar with the technology behind it and technology in general
I don't want to make this into a essay, so I will try keep it short, and to the fundamental problem I have with Bitcoin, cryptocurrencies, or any currency that is mined using computers
Non technical explanation
Let's imagine me, Richie and Bob down the road are interested in a new Cryptocurrency, let's call it XYZcoin, we all start "mining" (cryptocurrencies are mined by computer processing) using identical computers, but Richie and Bob decide to team up together, so whenever I mine 1, Richie and Bob have mined 2 together. We end up with the same problem, monopolization. So in future they have control over XYZcoin by having the largest stake in it.
Technical explanation
Large corporations or the powers that be have basically infinite resources, either by buying cryptocurrencies with an unlimited supply of fiat currency, or by access to computing power through huge computing facilities, google cloud gpu etc, or their own facilities, or technologies that we don't even have yet, like Quantum Computing
Mainstream media coverage
In my opinion if any technology was a real threat to the current system, it would not be mentioned on mainstream media, or financial channels, and if a technology was really revolutionary the powers that be would take it over (like the internet has been monopolized by a few corporations). So I think there is a long term agenda by mentioning this kind of technology, Bitcoin is being used as propaganda, showing a few people getting rich from it, presenting it as being "anti-establishment", all great ways to manipulate perception
Any thought welcome, cheers
Seeing as though Bitcoin has been in the news more and more lately I thought I would share my opinions on it
I will start with a disclaimer, I having nothing against Bitcoin or an "axe to grind", I work in IT so am reasonably familiar with the technology behind it and technology in general
I don't want to make this into a essay, so I will try keep it short, and to the fundamental problem I have with Bitcoin, cryptocurrencies, or any currency that is mined using computers
Non technical explanation
Let's imagine me, Richie and Bob down the road are interested in a new Cryptocurrency, let's call it XYZcoin, we all start "mining" (cryptocurrencies are mined by computer processing) using identical computers, but Richie and Bob decide to team up together, so whenever I mine 1, Richie and Bob have mined 2 together. We end up with the same problem, monopolization. So in future they have control over XYZcoin by having the largest stake in it.
Technical explanation
Large corporations or the powers that be have basically infinite resources, either by buying cryptocurrencies with an unlimited supply of fiat currency, or by access to computing power through huge computing facilities, google cloud gpu etc, or their own facilities, or technologies that we don't even have yet, like Quantum Computing
Mainstream media coverage
In my opinion if any technology was a real threat to the current system, it would not be mentioned on mainstream media, or financial channels, and if a technology was really revolutionary the powers that be would take it over (like the internet has been monopolized by a few corporations). So I think there is a long term agenda by mentioning this kind of technology, Bitcoin is being used as propaganda, showing a few people getting rich from it, presenting it as being "anti-establishment", all great ways to manipulate perception
Any thought welcome, cheers