How Crypto Is Adapted For The Future
I bought my first Bitcoin in 2011 as I was enthralled by the concept of computers solving cryptographic proofs as a way to distribute credits for helping to secure the network. This was just like the talks from 2004 I attended on Hashcash where distributed nodes on a network were rewarded for processing transactions.
Faster forward to 2021, the world has changed, and I have changed with it. Bitcoin doesn’t work as a global reserve currency, there I said it. I am now shunned from the cult of Bitcoin.
The asset allocation aspects concentrate wealth in the very few early adopters. The deflationary coin creation schedule rewards psychological hoarding behavior. The inflationary aspect of appreciating prices creates uncertainty and fomo mania resulting in drastic boom and busts cycles. The environmental aspect of using way too much energy compared to newer solutions. The security aspect of using an old encryption algorithm that can be broken by quantum computing in the very near future. The governments of the world will not accept it. The central banks of the world will not accept it. It can’t keep society together like a government that has accountability and inherent power in its nature to provide basic services and enforce laws. Sorry folks, we can’t have a non taxable almost anonymous currency, this has to work for everyone.
Don’t get me wrong, it is an amazing invention from it’s creator Nakamoto, in the league of Turing and Babbage in the computer sciences. It just can’t work as the world’s reserve currency.
The future is the merging of the best that Bitcoin has to offer with the government to make a CBDC (central bank digital currency).
It’s time to take the best of 12 years of what we have learned, and merge that with responsible good governance at the state level. It’s immature and foolish to think society can be arranged by an invention that is as rigid and old as Bitcoin. We understand the technology and its implications 1000x better today.
Everyone needs a say in this modern world and a CBDC is how it delivers. Checks and balances, voting and governance can become a reality with real accountability. Politicians won’t be able to scam the system, companies won’t be able to issue false numbers. Truth will be reality. No more spin, no more lies.
Unbreakable math will be the core, a real truth will exist, numbers don’t lie, people do.
That’s the agreement of the CBDC, it’s not some dystopian authoritarian leadership that is monitoring every person and step. It’s accountability with a shared open governance that brings truth to an otherwise manipulated narrative world.
This is the world unifier, a system of truth. Too long people have been led to believe lies by the government, corporations and everyone else… it’s time to change that at the highest level of government and be adults and abandon this dream of Bitcoin being the basis, when now we can build a real open system where truth exists.
This is the promise of the CBDC that needs to be made a reality.