Game of Coins

in #blog7 years ago (edited)

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One of the most common questions I get lately is this:

“What if the government was to come up with their own blockchain-based digital currency?”

And my answer - much to the surprise of most - is usually something like this:

“I don’t think that’s ever going to happen, but if it did, here’s what you should do: Find a comfortable chair, lean back, pop a cold one, and enjoy the show!”.

I mean, can you imagine politicians from all people, having their irresponsible spending and their dubious finances getting recorded and immortalized in an open-source ledger?

What are they gonna do without that secretive clock that is sheilding all sorts of conniving schemes from getting out to the public?

Their word wouldn’t be enough. Their oath wouldn’t be enough. Because at the end of the day...

The Blockchain Never Forgets

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The Pentagon or whatever governmental agency can no longer come out and say: “Oh we don’t remember where we misplaced that 1.3 Trillions dollars…”

They could try and claim they lost the paper (again)... But the blockchain never forgets.

How do you think that would made them feel to lose that ability to constantly and mysteriously mis-place the very funds they are sworn to protect.

And more importantly, how long until such a currency would become universally known as: Corruption Coin.

Can you see the stress that such thing would put on politicians? Removing them from the very thing they seek the most? The one thing they are universally known for?

Hijacking the treasury on a routine basis while pointing the finger at other people?

Might as well put them on a lie-detector too, while you at it.

So no, I don’t think they’re foolish enough to compete in creating a digital currency on the blockchain.

This would be the exact anti-thesis of how they operate.

Just think to what happens to all the back-room deals, all the lobbying, all the mismanagement of funds and human resources… All of that is going to be public domain.

You see, this isn’t pointing at the emperor from a distance and remarking his lack of clothes…

This is walking him down the street, around the crowd, butt naked… All while having a big woman ringing the bell and shouting: Shame, shame, shame!

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But let’s say for the sake of argument that they are foolish enough to compete with the rest of crypto-currencies and create some type of “Fed-coin” - or whatever they decide to call it - on the blockchain.

Let’s say they do it, then what would that mean? (Aside from it’s time to get the popcorn).

Jokes aside, the very first thing such a move from the Gov’t would do, is to immediately legitimize the rest of crypto-currencies.

All that built-in dogmatism, all that selective outrage, all those dog-whistle words would very quickly become ineffective.

The last shield protecting their monopoly would vanish, and for the first time they would lose the only advantage they have which would force them to compete.

And you know what happens historically when government services lose their enforced monopolies and have to prove their competence? They vanish.

Why? Because quite simply they cannot run businesses, they cannot generate profits, they never did. They are not qualified for these things.

They never were.

If they knew how to make money on their own, don’t you think they would’ve done it themselves?

Instead they get a job at the government, they keep raising people’s taxes, they keep raising the retirement age until after you die, and then when all fails… They get together in a room and script some new taxes out of thin air.

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They don’t know how to build companies, or run business or create job openings… And everything they touch goes to crap.

Ironically, they’re always just tell others what to do.

Even their audience loath them.

Go around the globe and start asking people what they think of their rulers, their politicians and see what happens.

“Liars, corrupt, untrustworthy...” That’s all you’re going to hear.

Everyone has these gene-deep certainty that their politicians will unquestionably fail them. Maybe ten thousands years of bad experience have unconsciously taught us something.

Now, give people a choice and see what happens?

Closing Thoughts

They want to create a digital currency on the blockchain?

Please, by all means. I cannot wait to see it!

How long do you think before they burn it to the ground with their usual incompetence?

How long do you think before they starting raising the fees dramatically to justify some bullshit story they previously made up.

And more importantly:

How long do you think it would take people to realize that just how fast their new currency is sinking and jump to a safer boat?

What will happen? Nobody knows, but I for one, I'm interested to watch a Game of Coins.

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Dont underestimate the power of government to shut down things they don't like. Your post assumes government would try to compete on a level playing field, and would end up losing since the playing field is level.

How is that working out for you in education? health care? etc.?

Government can still win, despite incompetence, if they use their power to ensure the playing field is not level.

Valid point @davebrewer. My question to you is where is the playing field for the government, actually the bankers through the gov't, to tilt?

Isnt that why decentralization is so exciting? Sure the US gov't can play their games, just like China is doing now. Is that stopping anything? I fail to see how these events have anything to do with clouding the future for cryptocurrencies. It is like water, dam it up and it will find a way elsewhere.

People are posting that their are stats showing that BTC exchange volume is picking up in Hong Kong, Japan, and even the US after the China move. The Chinese want to control that which by its nature is designed not to be controlled.

So while I agree with the force of gov't in spite of their incompetence, I think they are sunk on this one. Blockchain is something that has Dimon worried. When a guy like that is out on the big stage bashing it, he knows he is in trouble.

The Chinese are giving away a great advantage.
Eventually they'll realize that...and be angry.

The Chinese have historically allowed their obtuse outlook to skew what is best for them. They missed controlling international shipping because they preferred the splendor of the regattas, ships ill suited to sail the straits.

The same thing could be happening now. Although this time, I think they are aware of what is going on. I will be surprised if exchanges are closed at the end of October...I have a feeling they will be state owned by then...or soon after.

OR...perhaps they are messing with BitCoin for some other reason?

@everittdmickey lose for one is gain for others. Plus one and following you.

By end October China have political meeting after wich is expected a green light for china exchanges .Clif High talk about that in the last tree amigo intervew .

@davebrewer upvoted and following you.

That one glaring fact you mentioned would be the transparency they would face. No more hidden trillions!

No, their blockchain will be centralised and not transparent. They then plan to link all public open transparent block chains with theirs, and then tax the life out of you for all of your crypto holdings, meanwhile, their hidden trillions remain so.

Sneaky fuckers!

Thats why you do not be apart of it. If people do not like it they will not spend money on it. Its about educating people around us and using the open secure block chains we can trust. They will get outsated one or anouther from the tech because it will be more than just money in the coming years. It will voting, id tracking, ai will use it as point. A rich sick minded person today will no/smaller/smaller places to hide in the coming future.

EXACTLY! It's not just a way to track money. It's a way to track just about everything, from inventory, to services, to voting, to intelligence. Scary in one way, with what could be possible, and encouraging in another, with what could be possible.....

I do not find it as scary. I believe we are past the point of over control. There are to many people that know better amd are spreading the word than could possibly be oppressed.
This is just a change in social dynamics like facebook, cellphones, the internet has been. Just anouther step that has big inplications.

Haha yeah! No more hidden trillions ;)

This was a brilliant post. Thank-you. Clarity and truth. No more Pentagon Trillions Missing with Blockchain. That said...who the fuk in their right mind would really want to put their hard earned labor value in Government Crypto Currency anyways ? That would be like playing Russian Roulette after downing a Micky of Vodka ! ;-P

Love the title of this, brilliant. I'm really into titles right now as I'm beginning to realize how important they really are. They need to be clever and draw people in without being clickbait. It's an artform, and you clearly have a talent for it my friend.

As for the subject matter in this post, I am grabbing a seat next to you, the popcorn is on me :)

Haha yeah, bring in the popcorn!

I love great titles as well, btw :)

Hope you're doing well!

I got here just a week aho, and all I am learning here is gjving me sleepless nights, I have been browsing all over the internet to study some basic econimcs, to know how I am being duped, and why? Most of it is clear now, but I still have a lot to learn.

What an amazing comment! We all still have a lot to learn :)

I hope you're having a great week in steemit so far!

I'm loving steemit @the-alien.

Why? Greed....thats why instead of finding happiness they seek pleasure.
Ones helps and lifts up others, the other takes others down for you happiness.
A few rich screwing a massive amount of other life.

Well there would be one coin for the people........ and one coin for governments and higher ups so the people would never be able to check the coin that was for the governments and higher ups. Checks and balances they call it. Check to make sure that the poor people are still poor and balance it so that the rich never stop being rich.

But that's just the thing, if they have one coin for limited people it will never grow let alone compete :) So it's much better for them to stick with the digital money they use now which comes from key strokes from the Federal Reserve Buildings.

And if they train people to accept crypto-currencies, what's stopping people from using other coins that are far superior.. This is just like when the printing press came out, back then they could wage biblical wars on their populations, burn people to death, torture in public... Not even that stopped them.

Now there is no physical invention they can burn, they can't knock door to door to find out who's using the competition, and even if they knocked door to door, they wouldn't be able to find anything because it's all in the cloud :)

I don't know, I can be wrong but I don't see this is any different than any other civilization outgrowing the system they were born into.

Thanks for the engaging comment :)

I certainly do hope that we are able to grow into a better system. Definitely. I've only recently discovered your work but I have followed you and I'm always looking forward to your engaging and insightful posts.

Now that is a good response. I agree we are growing out of what we were born into. This is way for us to advance, with education we will all prosper rather than just have wealth and health for a limited few.

Doug Casey, who is one of the New York Times best-sellers, announced few months ago a new coin coming from the Federal Reserve as soon as next year. He called it "Fedcoin." But that's good: we would know where the money is going to.

Oh I didn't know that? He's in Aspen now, he was scheduled to speak there but I missed it. Thanks for letting us, know.

Well, I'm looking forward to watch Fedcoin and the all the factors that would emerge from that!

Thats one ico i would avoid haha

Federal bank, India is trying to make their own Block-chain.

Yeah I heard. Thanks for letting us know!

How is it looking? Are there some developments?

Indian govt has gone too religious af... They are about to name their cryptocurrency as "Laxmi" (Hindu Goddess of wealth). And this is a part of so-called "Digital India" campaign (Encouraging people to use digital mediums for financial transactions). I am damn sure that Indian politicians are not aware of what they are stepping into...

And what? Every federal bank make their own blockchain but i don't got any news about it. No results,

Try signing up for crypto compare email mailer. It gives me a update every morning on prices and the daily big news. I generally read all the big from that email as im awake before i read it online somewhere else.

I really love how you put this into words. And love the title too. I would love to see that show go down too. But for all the reasons you stated is why they likely won't get on board to create a coin on the block chain. I bet someone advising them is smart enough to know what goes on the block chain stays on the block chain and that would risk their "power"

I agree, they just wouldn't be able to handle it. 😀 😃 😄 😁 Although I do think the way governments operate have some unintended positive consequences sometimes too! LOL

You're right, I agree they know what they're risking. I doubt they'll actually do it.

In fact I wrote this because there's this narrative going on that if the Gov't would create their own digital on the blockchain it would wipe out all competition... Just to show this isn't as big of a threat as blockchain gloom-and-doomers some paint it to be.

By the way, thank you for the thoughtful comment!

It would be GREAT if governments converted to the BlockChain.

Yeah it would be for sure, however is it in their best interest? And would they do something aside from their own self-interest? That I'm not so sure :P

Always remember that governments are insane.

I like a person who thinks and @the-alien you fit my definition of of thinking man to a tee as the saying goes.
Accountability is a foreign concept to politicians and governments and block chain does exactly that , creates accountability.
It is important to note that we, the public , are the ones to hold them accountable and we have failed on our part to fulfill that duty.
Finally, as a collective , we are taking a stand and going at it in a way that is most threatening to them and their power, which is the money.
Keep up the great work , I will continue to support it.
Until next time,
@sultnpapper

I think it's time to start giving a WTF to the police for turning a blind eye all these years as well. It's easy to point a finger at our collective complacency because you're right, it's happening, but officers are literally paid to protect & investigate crimes & yet, they've done fuck all as we cower just trying to get by & stay off the streets & people are put in cages for victimless crimes while criminals rule the world.

Trillions disappear, the law is twisted & manipulated while average folks risk dying or getting beaten for broken tail lights & jay walking & harassed for speaking up.

I don't want to be complicit by looking the other way, but I also don't want to be dead. Changing the paradigm of the world is tricksy business when people risk loss of life or livelihood by going against the norms.

My complacency ended four years ago when a good friend was convicted and sentenced to prison for a crime he did not commit. Since then I spent a very large amount of my free time reading these so called laws.
This reply could be very lengthy if I tried to explain his situation , so I won't right now ,maybe I will write a piece on it and post it later.
For this forum I will suggest to anyone who happens to see this , read all can on jury nullification.
As a juror you have the responsibility to not only judge the facts of the case but the law of the case as well. Judges and magistrates will not tell the jurors this little known fact, but it is the truth.
The person can be guilty of the crime charged but if the jury deems the law unjust it is the jury's duty to find the person not guilty. Go to fija.org and start reading, that is a good place to start.
The police are policy enforcers, the politicians create policy so it is unrealistic of us to believe that the police will go after the people who create work for them. Each one of us can make a difference , jury duty is something most people try to avoid, we need to change that mindset and start using the power we have inside the court house for a starting point.
Don't get me wrong, I agree with you and your frustration with the system. I am just pointing out a place where we can be heard and make a difference. When juries start letting defendants go free on bs charges we can start making a difference.
My apologies to all for being off topic from the original topic but this is something I am very passionate about.

I agree .... and do you remember a guy named: George Carlin ? go to YouTube and search: George Carlin The Best 3 minutes of his career

Yeah exactly! I think a separation between state and money could do the public a lot of good.

You're right about accountability, although if all transactions are registered on the blockchain there would be pure transparency and nowhere to hide, no need for court orders, or diplomatic immunity or any titles, cause everything will be public domain.

Thank you for the nice words and the interesting comment as always!

I have to disagree with your assessment @the-alien. Governments are simply a front for those who are really in control and there is no doubt that plans for a one world currency have been in place for a long time now so it would make perfect sense to crash the existing fiat economy and by means of problem, reaction, solution, emerge on the other side as the saviours of humanity once again with their new digital currency system that just so happens to require you to have all of your transactions tracked and monitored at all times, with no hope of escape, no means for interacting with the smart grid of digitised everything unless you accept the impositions of the system. And if you don't agree, you don't have access. You don't exist.

Those who are in charge now are so because they have always remained one step ahead of the rest of us and there is no reason that I see to suggest anything is changing in this regard. It could be a path to freedom or a path to compounding our current position of enslavement. It is too early to tell!

Good post mate. Hope your day is going well!

You're right, it how it always have been, kings were fronts, preachers were fronts..

The good part is that there is no way in hell they can stop decentalized coins unless they shut off the internet. And then it's gonna be the biggest revolution of all, so they can't do it.

Even the most apathetic, non-caring teenager who spends all day playing Xbox will take it to the street if they take their internet away.

And they cannot shoot decentralized platform down, because there is no leader they can shoot down. They have to murder millions of people who's identity they ignore.

The more this decentralization movement grows the most impossible the task before.

This is just like the printing machine revolutionzing the world and states were much more powerful then, and they lost most of their power.

I think humanity faced far worse odds.

But.. I could be wrong, who knows?

Thank you for the great comment, and of course you can disagree with me anytime you want, that's what makes us free folks :)

Thank YOU for a great reply also mate and for your great attitude to disagreement of opinion.

This is just like the printing machine revolutionzing the world and states were much more powerful then, and they lost most of their power.

This is synchronistic since I just wrote a post a few hours before you pretty much arguing the opposite point of view and used this same example of the printing press to make a completely different argument. :)

Haha well then here's to free minds!

Great points yet that is why the hatchet job is starting to strengthen.

If this was something they could control, you wouldnt see Dimon out there publicly bashing it. Yes, we all know the political/corporate/media establishment is all owned by the bankers. They are the true ones in control. That said, decentralized currencies which are driven by the coding of the blockchain not attached to any country, I fail to see how they can stop it.

It bitcoin gets knocked off, something else will materialize.