"The was supposed to replace the industry. Instead, it has replicated it.

Nakamoto wanted to create a system for that would circumvent governments, bankers, and corporations. Instead, Bitcoin is now a get-rich-quick scheme that retains none of the exciting, anarchist features it proposed and has created a secondary with financial shenanigans that mirror the ones that led to the global financial crisis."


@mayel that speaks volumes about how important it is to get rid of the capitalist mindset BEFORE trying to develop anything that's supposed to circumvent the system. Proof of work is an inherently capitalist and extractive mechanism as it completely disregards externalities (ie. energy waste and pollution). And as capitalism taught us, all extractive mechanisms work best when centralized...

@Antanicus Satoshi might not have foreseen how unsustainable it would end up. Regardless, I think the beauty of is how prone it is to evolution (incl. forking, not just code but concepts), and that on the edges of the get-rich-quick crypto world, we may actually be able to develop some non-capitalist economical solutions (which also involves changing our mindsets about money, incrementally if necessary)

@mayel I disagree. What happened to BitCoin isn't an unfortunate accident of history, but the inevitable consequence of anarchy. And you can't have a functional economy without *some* amount of mutual trust between participants. Tech can't replace trust. *Law* can't replace trust.

Have some popcorn and watch the Lost Boys in Neverland discover to their dismay why grown-ups follow all those boring rules.

Bitcoin is a victim of its own success. You can't expect a system, where every single user must have a complete copy of the global state, to scale. Increasing block sizes to 4 or 8 MiB or whatever won't really fix that. Plus the speculation bubble ruins things, as the article points out

@mayel I can't really disagree, but I think this says a lot about the nature of money. (I don't think it's a bitcoin-specific issue.)

on balance, it did liberate a few people from their local financial horrorshows a number of times.

@mayel if i had an satoshi when somebody thinks what Nakamoto wanted I'd be as rich as Nakamotot

@mayel A fox can loose his hair but not his tricks.
The whole Google/Silicon Valley business is fooling us (and themselves) with the idea that technology makes us better human beings. Tech makes the world different but not better.

@mayel Absorb and assimilate, the system always does that with things that can run out of its control.

@mayel imho the financial system cannot be "fixed" just using software, no matter how smart or innovative. Technology must support behavioural change...

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