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Mayel - ghost account

"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."

theoutline.com/post/2592/bitco

theoutline.comBitcoin is none of the things it was supposed to beThe cryptocurrency was supposed to replace the finance industry. Instead, it has replicated it.
Dec 09, 2017, 12:20 PM·Public
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Antanicus

@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...

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Mayel - ghost account

@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)

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Tomas SA2TMS
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
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a variety of corvid

@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.

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Klaske Wijkstra 🌻

@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.

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

@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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