As I write this it dawns on me that this subject is perhaps old news. It dawns on me that it has probably being covered a million times and it is the reason for the rise of other Cryptos besides Bitcoin, but if that is the case I am open to constructive criticism and more than willing to learn something new in this journey.
So BlockChain is the New Mana, the New Holy Grail of Peer to Peer Banking if you will; it is revolutionary and we are completely taken by it. We find ourselves very Optimistic and I must say rightfully so, right now with very few exceptions sometimes we fill as if it could do no wrong.
But as I weigh the pros and cons of it all I am constantly left wondering if we are running from the snake into the mouth of the lion? I mean, think of the very beginnings of BlockChain when Bitcoin hit the Scene. At that point mining was all the rage, and not to oversimplify things but it was a time when just about anyone could be a miner and because of it the system made sense. Here was a truly random survival of the luckiest/fittest/but really lucky trusted third party who was truly blind and had no direct vested interest in the content of any transaction save the need to log it and move on to the next. But this quickly became a Big Boys game, as more and more companies set up their own mining operations and suddenly the little guy was left out of the race.
In the case of Bitcoin I am willing to say that although in my opinion it will become the bench mark for all others to come, and it will probably become the gold standard of cryptos as in, you will have to own it in order to acquire others and it will be what the New age Banks called Exchanges will use to issue the others as legal tender. It has a huge problem approaching fast, you see; and I truly believe all of you do see it. Bitcoin will soon reach the point where the reward for mining will become much less than the present day number of coins, it may be that the reward will become a sliver of the value of each transaction as it is in todays Banking system "without the sliver part" that is. So it may be assumed that mining will be consolidated under singularly large roofs, brining large volumes of transactions within one organizations reach. So correct me if I'm wrong but won't we be back at square one? could these organizations then be encouraged to prioritize or even "freeze" meaning not enter certain transactions into the log? Won't Uncle Sham( Uncle Sam to some) in my case and Big Brother be back at it with their ridiculous sanctions?
I know that there are some of you who've already seen this coming and that's probably why you're here, but as I dream of a future where I am free to use my hard earned money any way I want. And to equally as I read here before "choose where I pay taxes" and what causes I support. I don't want to get all excited and go all in on a system that is eventually going to lead me to more of the same. A system where my piggy bank is essentially behind bars and someone else is enjoying the bacon.
I welcome all your thoughts and would love to hear of the plans and solutions already in the works. Be brutal if you have to, I'd rather take a beating today then lament it tomorrow.!!
@jerrybanfield I know you probably covered this already so chime in please, and any other Novices who saw this and already saw the alternatives.
Well written
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