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Thread: Bitcoin, the war on cash, Clif High, and the NSA's long range plans

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    Avalon Member Satori's Avatar
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    Default Re: Bitcoin, the war on cash, Clif High, and the NSA's long range plans

    I could be proved wrong and eat my words, but this Distributed Ledger Technology, in whatever form, strikes me as more smoke and mirrors and a variation of a Ponzi scheme. Those who get in on the ground floor, i.e, the insiders and special interests, "make bank", while those who come along later lose, or make little, if anything at all.

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    United States Administrator Paul's Avatar
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    Default Re: Bitcoin, the war on cash, Clif High, and the NSA's long range plans

    Quote Posted by Satori (here)
    I could be proved wrong and eat my words, but this Distributed Ledger Technology, in whatever form, strikes me as more smoke and mirrors and a variation of a Ponzi scheme. Those who get in on the ground floor, i.e, the insiders and special interests, "make bank", while those who come along later lose, or make little, if anything at all.
    Distributed Ledger Technology (DLT) is a different way to implement a database. Rather than having one "master copy" that is controlled and protected by a "trusted" agent (such as your bank or your county real estate assessor's office), instead the database (at least key parts) is/are visible and shared and updated by multiple parties, at arm's length.

    DLT is essentially the migration to the Internet of databases, making them distributed even in their updates, just as the Web was the migration to the Internet of information sharing.

    Whether or not DLT is used for Ponzi schemes is the same sort of question as whether or not an SQL database is used to implement the record tracking of a Ponzi scheme. Both can be so used. Both have been or will be so used. Not all uses of either DLT or SQL are Ponzi schemes, however.

    My above argument is a variant of the "Guns don't kill people. People kill people."

    Databases don't defraud people. People defraud people. It matters not to that calculus whether that database is centralized (such as SQL) or distributed (such as DLT).
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    Satori (28th November 2018)

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    United States Administrator Paul's Avatar
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    Default Re: Bitcoin, the war on cash, Clif High, and the NSA's long range plans

    On the other hand, the current method of implementing crypto-currencies is pretty much exactly as you described, Satori.

    The implementers "make bank", and reap the rewards. This is not a long term stable basis for a monetary system. Rather, as you suggest, I agree that it's another variant of Ponzi schemes.

    I expect that future use of DLT technology will be for transacting central bank issued currencies, which currencies will hold as much value, for as long, as currently issued central bank issued currencies do (typically between 1 and 100 years, give or take, minus ongoing inflation.)
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    Satori (28th November 2018)

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    Default Re: Bitcoin, the war on cash, Clif High, and the NSA's long range plans

    Joe Rogan & Dr. Ben Goertzel on Blockchain https://www.youtube.com/watch?v=cshgMRGcc3s


    Thanks paul guys in this thread for opening my eyes and right now i'm focus more behind the technology DLT, how it apply to other things...

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    Paul (10th December 2018)

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