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If You Love Bitcoin, Promote Good Altcoins

Altcoins

Bitcoin spawns strong emotions in people, once they wrap their minds around it. And for good reason, of course: Bitcoin is the future, being born in our midst.

One of the ways this goes off the rails, however, is when people think about Bitcoin in the old way. In particular, they think of the crypto-economy as if it were a zero-sum game. They fear the altcoins (Litecoin, Ethereum and the rest) as competitors… that if the altcoins do well, they’ll steal Bitcoin’s thunder.

If you’re ever tempted to think that way, please reject it and leave it behind. That’s the past struggling against the future, right inside your head.

What we are building is not a monument to Bitcoin and Satoshi, but a new economy… a better, freer, less criminal economy. And please understand, Bitcoin alone cannot do the job. Bitcoin isn’t magic; it’s a tool.

Consider this:

The value of all BTC in existence is $66 billion or so. That’s tiny compared to any major currency. Also consider that the Visa system handles tens of thousands of transactions per second. Bitcoin itself is never going to do that – it’s not that kind of system. Other cryptocurrencies will have to be built for that purpose… or, more likely, they’ll solve that problem in new ways.

What is required is to build a new crypto-economy around Bitcoin. That is where we should be headed, and it will be very good for Bitcoin, which will end up as the central settlement currency between all the new, more specialized cryptocurrencies.

And so, if we want Bitcoin to thrive… and, more importantly, if we want the crypto-economy to thrive… we should be promoting quality altcoins.

Yes, some of the altcoins are plainly scams. Some people will be burned by them. But the good ones are not only good, but necessary.

Check out the currencies you’ll help; make sure they are honest and properly managed. Find the best one or two you can and get involved if possible. (That’s how you’ll really know if they’re good or not.) After that, get busy putting them into the world.

Yes, make money on them if you can, but don’t ever let yourself get dragged into a money-primary mindset. That’s the old world re-asserting itself, with its scarcity-centric mentality. That’s what cryptocurrencies are leading us away from.

So…

Start thinking the new way and start ditching the old way. Scarcity is dying, and one currency need not dominate all others.

If you love Bitcoin, start building a righteous, futuristic economy around it.

* * * * *

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Paul Rosenberg
www.freemansperspective.com

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  • http://groups.yahoo.com/neo/groups/political_reading_room/ disqus_3BrONUAJno

    I’m sure there is a lot I don’t understand about cryptocurrency, but I’ve having particular difficulty seeing how it would be an improvement over conventional currency if one has to always have a copy of the blockchain handy to authenticate it. It is difficult enough for me to check my email that I can’t fathom making transactions in a post-Carrington Event world without tangible currency.

    • Paul Rosenberg

      The Carrington Event was a LONG time ago. And in the very unlikely event that something like it did recur, there are literally a millions people who know how to rebuild electrical power systems… in the US alone. It would an inconvenience, but short lived.

      And, by the way, one thing that would be VERY sure to survive is Bitcoin, with it’s massively duplicated and indelible ledger.

      • http://groups.yahoo.com/neo/groups/political_reading_room/ disqus_3BrONUAJno

        The only electrical system that existed in 1859 was telegraph, and it used railroad tracks for the majority of its circuit. It would take way more current than even the Carrington Event produced to damage railroad tracks. The damage occurred in the telegraphy offices. How would Bitcoin’s ledger work in the absence of a computer?

        • Peter

          Sorry but you are missing the whole point. You can produce cryptocurrencies, you can pay directly without middle man, you are independent from the banks. With cryptocurrencies you are the bank.

          You ask what will happen to bitcoin if there will be no electricity. If that happen you will have more serious problems than not working bitcoin.

          • http://groups.yahoo.com/neo/groups/political_reading_room/ disqus_3BrONUAJno

            If you are the bank, you don’t need currency of any kind. You can just move numbers around between accounts like the central banks do. I probably won’t notice if the electricity goes off, as I haven’t since 1985, when I went off the grid. I’m my own power company.

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