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The Machine Economy: An Essay on The Communication of Value in an Automated Economy
This History of Money: Communicating Value
Fiat Currency and Labor Economy
The Automated Economy and the Universal Basic Income.
The Machine Economy.
Alright, I am going to play the devils advocate.
I don't think we are anywhere near the dire projection you have towards automation in the work force.
There will always be machines helping people, just like computers. People said the sky was falling when they first came out.
originally posted by: projectvxn
a reply to: Mandroid7
Don't reduce this to an app on iTunes. This is an economic model for the next century, maybe more.
-At this point, bitcoins are less secure than an app on itunes.
I think you are overvaluing blockchain currency. And no, the kids speculating and trading bitcoin etc are not the policy makers in the country. It is like a mini alternative speculative stock market. It is not a realistic economic model.
-We will never wake up tomorrow and all the androids will be doing all our jobs. People need to produce and create things to be happy. People need to eat, so they will always be collecting new foods and trying new things.
You could end all jobs tomorrow, and people would get bored and start up businesses just for something to do.
You can't remove the human element from the equation
Blockchain ledgers, as explained and referenced in the essay, are cryptographically secured. All you see on the public ledgers today is transactions, not who is making them.
-There really is no such thing as cryptographically secured as we come into the quantum computer age.
Quantum resistance is also a concept being worked on by Block chain developers. But like the essay States, these are all nascent technologies, not mature ones.
-Well, they better hurry, because they are already here, and gullible people are putting real money into it.
Like the essay States and references, scaling is the issue. Even fractional reserve can't scale to include the trillions of transactions all of humanity's machines will make, let alone that of billions of humans. This is why several distributed networks and ledgers will have to be used. Again, this essay uses decentralization to as much potential as possible.
-I don't see how you will solve a transaction volume problem with a longer transaction time and an endless growing
Some of the mechanics of how an economy like this could work was conceptualized and referenced in the essay as well.
The only thing decentralized is the money transfer and your bank account, your whole premise is based off of bitcoin replacing a dollar to work. That just isn't going to happen, like I stated in my comment, it will have to be a gov.bitcoin
or they just won't let it happen, but they won't mind allowing trading for capital gains taxes. That is what we have now.
-You can do what you want obviously, I am going off the advise of people who are successful investors and say avoid it.
Doesn't mean I wouldn't day trade it, if I still did that, but people are deluded if they think the power structure will allow their currency to be replaced.
-These concepts are playing on peoples emotions. It's a big pyramid scheme, there is no value to me in bitcoin, I don't care if someone's computer is doing math, or running electricity.
It's worse than the tulip fiasco. You don't even get a flower, you just jump in and hope enough idiots buy the concept, then jump out with your profits when the value rises. Just like day trading.
It is a pretty scummy way to make money.
It is taking advantage of others and just like day trading, it is frowned upon in investment circles that have any class.
The unregulated markets are even worse.
Now everyone and their mom want to start their own coins and exchanges, further diluting the concept into the future.
No bueno in all directions.