Comment: Very disappointed in Peter

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Very disappointed in Peter

He just can't get his head around a couple of basic concepts that this is about so much more than tulip mania 2.0.

Bitcoin is a protocol, not the actual currency. It can be tweaked (with the approval of hundreds of thousands of coders) to fix any problems so his negatives, while 'possible' not proven, are temporary. This protocol has applications in many other forms. Contracts can be guaranteed and even validated by 3rd party arbitrators. This is huge for the online world by itself, but there's more. It brings in the potential for virtually anything that wants to be secured to do so. Think polling and voting.

Bitcoin being adopted by more and more people is lowering the demand for dollars. This, while still small now, adds pressure to take down the Fed and ECB, et. al. Since that increases dollar inflation, it becomes self reinforcing to support bitcoin. Basically, all fiat currencies can now be scrutinized in a new light that's never going to be favorable again. Their monopoly on money is fading and that's growing at an exponential rate. As with any exponential growth, few people recognize the implications until it's far too late. People may not be overtly aware of this but I think they're aware something like this is afoot.

Just like how it takes down the Fed, it also unceremoniously and unmercifully goes after the entire financial system. From small town banks to regional/central ones to stock trading firms to insurance companies to even lending and saving, they're all in the line of fire. Will all of these completely go away? I highly doubt it. Are any of them totally safe from their industry completely vanishing? I think that's a no also.

Should the world truly wake up to these facts and swap fiat for BTC, it wouldn't take 1 week and everyone in power would either lose it immediately or would lose their revenue stream that's maintaining their wealth. In trade for this, the productive people would be the beneficiary of that wealth transfer. However, at that point, it's just a matter of time and they'll lose power or turn to outright violence. This is because they only hold their power from violence or wealth they've earned from past violence. Either way, we win because we have the numbers.