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Bitcoins - (r)evolution

Discussion in 'BlackHat Lounge' started by lancis, Mar 28, 2013.

  1. lancis

    lancis Elite Member

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    In the light of latest events, have been sitting and pondering how the future of digital currency will look like. I'm not an oracle, or anything alike, but it seemed weird that people are ready to accumulate a gigabytes of blockchain garbage AND waste a tons of computer power on solving problems that add no value to the real world.

    Possibly, if Satoshi Nakamoto (the pseudonymous person or group of people who designed the original bitcoin protocol) took a one step further, bitcoin would be much more widespread today AND backed up by something more substantial than human beliefs - human knowledge.

    There are quite a lot of institutions that use super computers to solve non-trivial problems. You probably heard about SETI@home, which uses P2P network to search for Extraterrestrial Intelligence. NASA needs a lot of computer power to track the garbage around Earth orbit, and asteroids. There are many more, including mathematicians in various institutions. These people would be happy to get access to Bitcoin mining network, and they have money to pay.

    I guess you get the idea, instead accumulating blockchains, we could accumulate useful information (which also has a limit). The mining pools could process real world problems and get paid for their work. Such a network is much harder to shutdown, once lifted from the ground. Because shutting it down will be equal to burning down the Ancient Library of Alexandria.

    Thoughts? Criticism? Shall I start to implement the protocol? :)
     
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  2. zebrahat

    zebrahat Elite Member

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    The revolution is in disconnecting knowledge, money, communication and other basic resources from centralized controllers, who have through history created false scarcities of these in order to contain freedom, privacy, and the growth of sources of wealth and power other than their own. Be it through Bitcoin, torrents, Tribler or other peer networks, a decentralized path to progress on several fronts is now available to the mass public. Freedom has become Skynet--it's live, and nobody can stop the signal.

    As of right now, BTC is like a slow-motion Lotto jackpot given its current growth curve and several future projections. (Bold prediction: if you mine or buy just 3 BTC this year, valued at $100 per Bitcoin, that $300 today will be worth $3 million+ in 5-10 years time.) It won't be long before another group of programmers, sensing the BTC boat has already sailed, use the exact same open source software code to create a NEXTcoin, or other successor e-currency. How will the feds possibly be able to stop that many signals?

    Soon the world may be free of the nation-state bureaucrats and private central banksters who hoard all the money, or foment economic collapses and wars to keep entire peoples poor, undeveloped or destabilized, and thus controlled. That will be the end of the nation-state, as people will have shown through these networks that freedom is a self-organizing concept, and can run affairs mostly without traditional monopolizing entities like civil government. If the knowledge and wealth explosion, is the only outcome Bitcoin et al produces, its concept will ultimately replace the state and the banks, and that will be a very good thing.
     
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  3. WorkHardL0veLife

    WorkHardL0veLife Regular Member

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    Do you really think BTC could be worth that much in 5-10 years time 0_o

    Well stated by the way!
     
  4. ReALeST

    ReALeST Power Member

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    Whether bitcoin exists or not i honestly just think its going to be the same crap.Industry is getting automated everyday and people are being phased out.The whole system will soon collapse because sooner or later machines will simply replace every single workman!Also, tech like 3D printing are just a death warrant to the current system!I believe in the next 50 years or so it will get better and ppl will b able to print things in the atomic scale...i think its called nano fabrication..ppl will b abel to print anything they want..food clothing..u name it!Anyway the sooner we realise that resources are what realy matters the faster we will solve all human problems and advance as a civilisation not as nations with false boundaries but as human beings!
     
  5. almir

    almir Power Member

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    Holy shit, it's 89$ today. it was 70$ yesterday.

    I thought about buying 10-15 when it was at 60$ week ago but it's pain in the ass to acquire any of currency needed to buy it. Wish it could be done with good old paypal.
     
  6. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    Only the market can say. If you really think you 're adding something other think will be valuable, sure. That 's your risk though, is your addition valuable to others (competing with btc)?