ZeroHedge post: “Bitcoin’s ‘Message’ & Tax Reform’s ‘Hidden Agenda'”

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My comments:

– It seems that banks are starting to jump ships from FIAT to bitcoins (read: cryptos), big time. This is compatible with the idea that FIAT is losing its value rapidly.

– Crypto-currencies do not have value per se compared to rare metals. That is why we must be careful at not relying too much on them. This is why the BRICS are accumulating gold, not bitcoins it seems. However crypto-currencies can help Humanity tremendously in making the transition from a money-based system to a non-money-based system, I believe.

– We will soon see a massive financial crisis/meltdown of the FIAT money system which will cause some disruption but we will shift very quickly to a much sounder system, one based on gold and cryptos.

– Relying on pensions that use funds that give a few percents of annual interest per year for when you retire in the future is illusory now because the current FIAT system must use negative interests in order to sustain itself.

– Bitcoin’s proof of work system is very wasteful. In the end, it will be spending too much energy for the work it performs though I think it will still be useful. There should be other much more efficient systems in terms of energy consumption. Litecoin will face the same issue at the end. This kind of issue is being solved by the Proof of Stake consensus, which uses the stake that the node owns inside the network to secure it although some adjustment have to be made in order to make it properly. Some examples of Proof of Stake assets that are very promising: Peercoin, Tezos, EOS, NEO, Bitshares, Ethereum (from June 2018 it seems), NEM, NuShares, PoSW, PIVX, Stealthcoin, ARK, Teslacoin, and many others.

Proof of Stake will co-exist with Proof of Work in 2018 with the same importance I believe.

Author: uploada

Ascending my way.

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