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RE: Crypto Tips Unplugged: How Bitcoin Can FAIL

in #bitcoin6 years ago

Some of what you say is correct but lot of it is not. First of all no banks or no government purposefully create a failed system. You touched upon a lot of structural changes to American and infact world economy. Hard to explain this in few words,
Technology innovation (anything improving people's life and not necessarily "Information Technology" happens in a place where you could get educated ,free wheeling people who can collaborate. This in 20th century and so far have been America. The economy boomed and a basic quality of life was achieved (progress). The next step for economy to continue generate the income and job to support the exiting population and any future projections. So the only way it could be done is by copying/selling this technology to other parts of the world and it happened and thats why manufacturing left this country but doing so it impacted "quality of life" for many people at the expense of the top who become more richer.
The next step really was more productivity improvement through IT and Automation and AI and is happening since 1995. This is similar to manufacturing where it will create far less jobs than the economy needs but create far more wealth to fewer people. The 2008 economic crisis is offshoot of the same where share holder wealth was trying to be created via financial engineering, it failed. As far as government bail out, pls remember if they haven't done so we would still be in recession and far more people would have lost jobs
Every crisis brings a new opportunity and bitcoin especially the block chain technology is doing the same. But the " economic system promised by bitcoin cannot happen" Since its an utopian view to have such a system in place unless there is one country and world is border less" .Until that happens its better to work with regulators of each region to provide a system thats functional and slowly migrate to a seamless and border-less world(hope) ..
One thing we cannot under estimate is human stupidity .. we are faced with a future that faces existential crisis due to climate change, AI /automation induced job losses and economic crisis and which would trigger wars/nuclear fallout and as such. One thing history has taught us is humans will find a way to figure this out...