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When the idea of a working digital currency like bitcoin was introduced, many of its early adopters disliked the current bureaucratic system, with a cartel of bankers pulling the world’s monetary strings. Over time, however, something weird has happened and the idea of permissionless innovation perverted into people literally asking nation states for permission, begging for ETFs, and creating a settlement layer for the ‘new 1%.’
Bitcoin Changed Everything — But Some People Want to Pervert the Original Goals
Over the last two decades, there’s been a growing faction of anarchists, libertarians, and freedom fighters aiming to change the world. They have become fed up with the sociopaths leading the world into never-ending conflicts and are tired of the central banks printing massive amounts of fiat, devaluing currencies, and causing hyperinflation.
Then, after the 2008 economic crisis, a technological innovation called Bitcoin was born, allowing users a medium of exchange that couldn’t be censored. For the first time ever, a software-derived currency gained value, even though it wasn’t backed by a single individual, corporation or nation-state.
Back in the early days, on Bitcointalk.org and developer IRC channels, Satoshi and other developers discussed many ideas that revolved around removing central authorities. On Feb. 11, 2009, Satoshi posted to the Foundation for Peer to Peer Alternatives (P2P Foundation) introducing his software to the world. Within that specific post, the software’s creator explained that most commerce now relies on third parties and financial institutions that ultimately can’t be trusted.
“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve,” Satoshi explained. “We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.”
From this point on, not only did Satoshi’s idea changed the entire way people had thought about money, but the entire concept of trusting a third party was turned upside down for those who listened. During Bitcoin’s infancy, there were no discussions of exchange-traded funds (ETF) backed by corporate entities like Cboe and Vaneck. Network fees were a penny or less for the network’s first few years and at that time anyone could send micro-transactions across the globe. But since then, BTC fees have fluctuated wildly, effectively censoring people in developing nations, from time to time, who can’t afford higher fees. This makes the network undesirable for remittances.
Long ago, no one cared about Wall Street deals from Bakkt and institutional money flocking towards bitcoin. Satoshi talked about privacy, Tor and I2P integration back then — not shaking hands with the devil. Most people talked about using bitcoin to remove central authorities in banking, content publishing, music, tipping, domain services using .bit, and literally anywhere they could think of on the open web.
Taboo Talks of Darknets, Avoiding Taxes, and Even Remittances Has Been Replaced With the Need for Status Quo Acceptance
For a while now, these ideas have since been silenced by loud discussions of futures markets, politicians accepting bitcoin, and Wall Street thieves swapping BTC paper notes. Talking about things like darknet markets and the Silk Road is deemed ‘too taboo’ for the masses hoping and praying for elected officials to define bitcoin as ‘money.’
The malaise started in 2015 when blockchain hype jumped into light speed and more people began begging the state for cryptocurrency acceptance. Can you believe people ask permission from bureaucrats to use a permissionless currency? Instead of donating funds to Wikileaks, Antiwar, and other activists on the front lines, people now clap feverishly when they hear Goldman Sachs is contemplating a trading desk.
We have not yet realized that institutional money does not equate to mass adoption. For some odd reason, many people believe that once big money players jump in on bitcoin, the demand will skyrocket. They grow excited any time a financial incumbent enters the ‘blockchain space’, thinking that this lead to a significant network effect. These individuals seem to forget how small the financial elite is within this world, and they are forgetting or ignoring the massive amounts of people who could use a hard currency without a third party. One would think that mass adoption begins with the people who need it the most — the unbanked. Some people will recall that at one time the remittance industry was regarded as a prime sector for bitcoin to dominate, but nowadays cross-border payments are a distant memory.
There are certain thought leaders who are pushing a new agenda for Bitcoin technology. Many of these clowns disingenuously imply that the unbanked will be able to use bitcoin despite its high fees. Developers using sophistry act like meritocracy has elevated them to their positions. In fact, they’ve created a disgusting technocracy applauded by those prone to confirmation bias and circular logic.
Thankfully, they don’t seem to have anticipated the blowback they’ve instigated. The cult of Bitcoin personalities is slowly losing power but it will take time to dissipate. Over the past year, after 2017’s absurd comments about high fees being good for settlement, these individuals have started to promote using fiat over bitcoin.
People should start looking at the early days of Bitcoin again. They should re-read old forum posts and discussions concerning how it was once the goal to remove the world’s money from the state and central banks. Back then people followed a philosophy that aimed for consistent freedom, but the get-rich mentality and permission-seeking mindset has proven pernicious.
As John Lennon once said, it’s easy to become the status quo when you are entrenched in trying to replace them. Bitcoin deserves better.
What do you think about the original philosophy of the early adopters and cypherpunks being replaced by visions of joining the status quo? Let us know what you think about this subject in the comment section below.
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The post Bitcoin Intentions: Are We Aiming to Replace the Status Quo or Become Them? appeared first on Bitcoin News.
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The popular Binance exchange has decide to replace its token listing fees with donations. The move follows a recent wave of strong criticism against cryptocurrency exchanges for the supposedly excessive fees they charge projects.
Donations Instead of Fees
The Binance exchange has announced today a major change to its token listing fee policy. The team revealed that: “Starting immediately, and going forward, we will make all listing fees transparent and donate 100% of them to charity.”
According to the new policy, leaders of any project will be able to determine their desired fees (donations) themselves. Binance’s charity initiative will then disclose those sums to the public. The company claims it will not dictate any minimum viable donation fees. “A large donation does not guarantee or in any way influence the outcome of our listing review process,” added Binance CEO Changpeng Zhao.
400 BTC per Listing?
This move can be seen as part of Binance’s recent drive to push crypto adoption into the philanthropy scene. Back in July of this year the company launched the “Blockchain for Charity” foundation, led by United Nations Goodwill Ambassador Helen Hai in partnership with the president of Malta, with the stated aim of helping the U.N. narrow down its Sustainable Development Goals funding gap.
The change can also be seen as a response by Binance to a wave of strong criticism hitting all popular cryptocurrency exchanges this year for the supposedly excessive fees they charge projects, which desperately need such platforms to reach more investors. This issue has been on the mind of the Binance leadership for a while now and Changpeng Zhao has addressed it before. Back in August we reported that the CEO publicly denounced as a liar a project founder who claimed Binance demanded 400 BTC to list a token.
How should exchanges decide which tokens to list? Is it legitimate to charge a fee? Share your thoughts in the comments section below.
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An eastern South Korean province plans to issue its own cryptocurrency to replace the local currencies of its nine cities, according to local media. An exchange will be established for the new crypto. The coins can be used for payments within the province and merchants can accept them using smartphone QR codes.
Korean Province to Issue Own Crypto
The South Korean province of Gyeongsangbuk-do has revealed that the effort to replace local currencies with a cryptocurrency has begun, Joongang Ilbo reported this week.
Also known as Gyeongbuk, the eastern South Korean province has been attempting to replace city-issued gift certificates with a cryptocurrency. Currently, nine cities of Gyeongsangbuk-do separately issue their own gift certificates, which are local currencies that can be used in selected areas of the province, the publication explained.
According to Naver, 60 municipalities nationwide, including nine cities in Gyeongsangbuk-do, currently use gift certificates as local currencies aimed at revitalizing local economies and preventing capital flight.
Pohang, one of the largest cities in the province with over half a million inhabitants, is the nation’s largest issuer of these gift certificates, according to Kyongbuk daily newspaper. In May, the news outlet reported that the city had sold 100 billion won (~US$ 90 million) worth of the Pohang gift certificates since January last year.
According to Joongang Ilbo, the province’s Science and Technology Policy Department announced on August 27:
10 banks, mobile communication companies, a university research team and government officials of Gyeongsangbuk-do will gather for the first time for the issuance of the cryptocurrency.
The tentative name of the cryptocurrency that Gyeongsangbuk-do is planning to issue is Gyeongbuk coin, the publication noted, adding that the first of the 100 billion won (~$ 90 million) annual issuance is expected in the first half of next year.
The province plans to create an exchange where Gyeongbuk coins can be purchased and sold. The coins can be used for payments and merchants can accept them using smartphone QR codes, the news outlet detailed.
Chung Sung-hyun, head of the province’s Science and Technology Policy Department, was quoted saying:
There are still many issues to be resolved…[such as] notifying merchants of the way they can use [the] coins, creating separate programs and issuing [the] coins (cryptocurrencies).
Gyeongsangbuk-do recently sent a benchmarking team to the canton of Zug in Switzerland, which is home to many crypto startups such as Shapeshift, Xapo, and the Ethereum Foundation. The team, consisting of 10 members including some outside experts, met with a number of government officials and local businesses.
Following a series of meetings, a Gyeongsangbuk-do official was quoted by Sedaily saying “I think we can utilize the experience gained through benchmarking by making the identity cards for 5,000 Gyeongbuk provincial government employees like Zug as blockchain-based digital ID cards.”
What do you think of this Korean province planning to replace local currencies with its own crypto? Let us know in the comments section below.
Images courtesy of Shutterstock, Gyeonggi News Communication, Wikipedia, and Yonhap News Agency.
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