Saturday, December 28, 2013
Utopia yearnings, defunct crypto cruelties. Dear Bitcoin this is a Dear John no matter how high you can fly.
I am disappointed to say I have been ignoring my usual pursuits. A new distraction caught my eye. It appeared to have potential and a new direction away from the cruelty I so often harp about. I have spent the last month learning all things Bitcoin. At first the voices resembled the steam escaping Dr. Thompson's mouth on a December morning when we began to speak of the peak's crest of 1967. After I spent enough time ruminating on the facts and the players I am convinced Bitcoin will never be able to offer the utopian society without centralized banking Satoshi quipped about in her genesis block.
It is my own personal degradation to have spent a couple hundred hours in the TrollBox, the most known chat-room on one of the most popular BTC exchanges. Hundreds of pathetic 19 year old web addicts representing "Anarcho-Capitalism" as the future of society without fault or even a ground for criticism, issue proclamations of their visions and chosen crypto coins. Their tongues are sharp and the vitriol becomes rabid when the moderators aren't looking. Out of all the dreamers in the TrollBox the An-caps arguments have the biggest wish-fullness, with some believing that Bitcoin will be the biggest wealth transfer in human history (from top and bottom to them), bigger than the 1.2 trillion dollar bank bail outs that followed after the market dropped in 2007. This section of the trollbox, sincerely believes BTC will change the world for the better, despite all of the issues the crypto market will face concerning consumption of electricity, offer the vehicle to overcome statism, world hunger, and all other social ills in one forward motion.
What these kids really believe is they have found their path to their millions for being able to sit in front of their computers sixteen hours a day. Very few even want to consider that Bitcoin which is still tied to the world's reserve currency could be anything less than a world changing moment in history transforming the means of fiance into their hands, and not into the financial class (who can still pour their billions into this newly formed market). These weed smoking libertarians think they see the end of the current historical emphasis on fiat money, but have trouble staying focused for more than an hour. Their are few long term investors. Instead their are thousand of "traders" looking to make money on the current volatility of the BTC market.
I might seem pessimistic in terms of the potential for crypto-currency but I like to think of myself as a realist when it comes to my acknowledgement of how firmly the powers that be have control the world's money supply. The times I have asked the chatters in trollbox what will stop the uber wealthy from buying up all of the Bitcoin market, I get answers of how P2P technology works and how it can be edited... More shortcuts away from thinking. How can a decentralized effort remain that if the usual hoarding of wealth occurs? These arguments are very similar to the invisible hand free market nonsense, naive (or power hungry) libertarians put in place when trying to argue in favor of unfettered capitalism. I really wish that there was some magic program/currency like BTC that could change the world like proponents of BTC claim, but at this time nothing changes in terms of modern means of production, so what can new currency offer, while most other human systems are set to remain the same?
Unless new other world institutions change in tandem, I only see tens of thousands of web-addicts holding their BTC lottery ticket tight in their hands, hoping this is their geteway away from being pinned to BestBuy, RadioShack and the cellular retailers for employment. Standing on a feather expecting to fly without ever evolving wings. Maybe BTC will make these dreamers wealthy or able to a pay a months rent without the punching of a time clock I don't know. I see an old dream wrapped in new technology, winners will be made, while the majority will stay losers, raising their fists over head and down to the key boards. A new failed trip, best regards.