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RE: STEEM And The Internet Of Money: Why EVERYONE Will End Up With More Money Than They Can Spend
So you make some good points here, but I do have a relevant question that has been bothering me. What is to stop the people who have money now from just buying into these new systems and gaining an equivalent amount of power there. For the most part these people and corps didn’t get rich by being stupid. What’s to stop new system, same old power brokers?
Power over what? The blockchain which is the Internet? How can they do that?
That is the point. If they want to buy up bitcoin and try to control that, they can...perhaps. But how are they going to buy up every currency created? When a teenager can log on, download the open source code, and create a new currency in an afternoon, the expansion is too great for even the money to catch up.
As I wrote the other day, I dont care how much money Wall Street pumps into cryptocurrencies, there is no bubble...and there will never be a bubble. If they run the marketcap up to $6T next year, that is a 6 fold increase. Blockchain is going to have a 1,000 fold increase in 2018....Wall Street is still lagging way behind.
Add in DAOs and you find that there is no power to broker...the software has it.
I was thinking about just buying up a large chunk of currencies. For example getting lots of steem means you can get even more steem. Sometimes it feels like today the rich just keep getting richer and expanding into crypto only makes sense. Still you made some very good points and have given me more food for thought.
@rantar - at the highest levels of political control, to buy into a system of limited money is akin to placing themselves in a straight jacket. Sure they will be rich, but they will no longer be able to print up their own money whenever they want which will force accountability. As Stefan says in this video, if Bush 43 had to go to each of us and ask for $75K from each American stating the reason that "Saddam is a bad guy" as the reason why we must do it, the war would never have happened. Unlimited money allows the state to pass off debt onto future generations and amass incredible power. Bitcoin and most other cryptos would place state power in check...
True, one of the beauties of the blockchain is nothing is hidden. People will be accountable and you won't be able to make something out of nothing. Thanks for showing me that way to think.