- March 5th, 2013
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Bitcoin – Is it the Future of Currency?
Quietly, in early January 2009, an open-source software package called “Bitcoin” was released by a pseudonymous software developer named “Satoshi Nakamoto.” Seemingly straight out of a William Gibson cypher-punk novel – Bitcoin may just be the technology which undoes the upside down western system of corporate controlled capitalism. Imagine a world economy devoid of banksters and criminal usury - a world where all the transactions are public – no secrets!
Ability to Re-Claim Hoarded Resources – Is Bitcoin’s true revolutionary power yet to be developed?
Were the economy to switch to Bitcoin, its spawn Litecoin, or something else similar, one can imagine the platform eventually evolving to include anti-hoarding measures. The software could include technology such as generational timeouts, or “deadman’s switches” – if the coin hasn’t been circulated in so many decades/years/months/weeks/etc., it could be reclaimed by the network for re-mining. For all the arguing that supply-siders make about giving their Randian “job-creators” yet more of the pie (and thereby increasing their hoarding), true economic stimulus occurs only when hoarding is discouraged (or even outright eliminated via similar technology) and exchanges occur. Were anti-hoarding technologies to be implemented, the reclaiming of unspent coin would foster prosperity, as it fights the seemingly innate nature of humans to hoard, even to a level which is clearly detrimental to their fellow citizens, and ultimately to the hoarder themselves. The lizard-brained, regressive notion of hoarding is ultimately counter-productive – as we’re currently witnessing in 2008-2013 and the worldwide economic crises. As the 2 ends of the spectrum are actually inter-related, as more and more of the world enters poverty, the rich are gaining and even greater share of the pie. The silver-lining may be that because the level of inequality is completely non-sustainable, it will eventually collapse as the system breaks down around the top-heavyness.
Witness the disparity - the 1% in America are sucking up more and more of the economy. If only cash had an expiration date on it – well that’s of course impossible – but not so with the digital currencies. This likely won’t happen for another generation or so – but Bitcoin & Litecoin will be mined until 2140, what the technologies evolve into is up to the community. It’s possible that over time, humanity will realize that a more equitable distribution of resources is desired and will lead to greater prosperity for everyone. If a technology evolves to the point where it can prevent the primitive human notion of hoarding, it conversely then promotes commerce and exchange – the very definition of an economy. One can hope, that as with life, anything which creates greater prosperity along with greater efficiency will likely become adopted, over time.
More information on Bitcoin, including links to exchanges, mining information, forums, wallets and more, available here.