What will happen if Bitcoin Dies

Hey,

With all the recent debate about how bitcoin is fake money and the amount of press Nouriel Roubini has gotten over the past week or so. It made me think what my biggest reason why I like bitcoin and why I think its the future.

Its truly is a language if you think about it. Its speaks value and it’s best to have it as universal.

I had no issue with the barter system as if was fair and mutually agreed. It was a perfect method with a logistic nightmare. Imagine carrying a cow meat to buy shoe over at the next town. Finding the guy who wants a cow and has a shoe to sell. Perfect system but which was not scalable and wasn’t flexible. So what was it perfect in? Value! The value was intact.

Then came coin in metal like copper, bronze, silver and Gold. This finite resource was the language what was needed.

It was original in nature and by original I mean it was finite. It was limited by nature, therefore had a value that made it more desirable.

As time when on the value of gold went up and there was limited people but limited human growth potential.

To make things more convenient people use to store their gold with banks and get a gold receipt. This is the cash start to take birth.

Kings and government wanted the gold because they knew its value even then and foolish people got the receipt of the gold kept in the treasury as notes. It’s so easy to fool people sometime, just say any unjust thing a law and people think its right and just as long as its convenient.

To me moving away for the Gold standard was the moment in which we starting living in a world of manipulation at our own cost.

Imagine if you can make a mistake and go back in time and correct it but as the side effect, the people around you will age faster. That what paper money backed with no asset did. At present US dollar is a promise like many other currencies. The more its messed around with, the more its values fall and more the normal people suffer

Bitcoin is finite, its immutable, it’s universal and its open for audit.

Tell me one money which is the same!

Bitcoin is not a money, it’s the idea of the money with comes from the history of gold. In ancient to recent time, all country value gold the same way. The price of gold is more or less the same around the world. But we have the same issue. The logistics issue with barter had. It’s not convenient to carry it around.

I don’t say Bitcoin doesn’t have its issue. I am not a supporter of POW due to its huge energy cost. I believe these are the issue the world is hard at work to solve with the solutions like lighting network, etc

Also, people are worried that China controls most of the mining and can damage US citizen. My question is who is stopping you from mining in the US or any other place. It’s a supply and demand thing. Anyone can start mining, there is no code in Bitcoin that says it has to be mined in China. BTW why will Chinese private investor do that, it’s like saying, China will stop all shipment from China to the US to hurt the US and if it does happen you can be sure it will cause an issue for sure. It won’t happen cause it doesn’t make sense just like Chinese miner doing something to the mining operation. At wrong you will have created a hard fork, so what its happened before anyways. It won’t kill Bitcoin.

I believe in the idea of bitcoin. There is a need for a solution which bitcoin fulfils for now. If for some technical reason it fails, the idea of bitcoin will never die. There are enough scalable and similar idea to take its place.

Every bitcoin user was a naysayer at first. The amount of people buying into bitcoin is more than the people abandoning it. Its only a matter to time and working at the issue of speed and scale before it becomes the new language of value.

So to me bitcoin is a means of freedom and not the freedom itself. If not bitcoin but the thought has been planted. As long as the thought lives some or the other coin will become the next bitcoin.

Regards,

P.S: sorry for any spelling and grammar mistakes. I have this problem where I think the word right in the mind but type it wrong sometimes :-)

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