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Leftists must finally take notice of – and buy stock in – bitcoins

by Ramin Mazaheri

Part 3 - Block chain – it’s going to change a lot of things, and I mean A LOT

What is bitcoin?

Well, that is not really the key question. Most people know it is a “crypto-currency”, an e-currency, a cyber-currency, etc.

The key question is: what makes this product special, right? The answer is: bitcoin is when “block chain” technology was unveiled.

Bitcoin” is just the main product name out there right now, but “block chain technology” is being described as a “foundational” technology. Like…the wheel, or the internet.

This link explains block chain technology from a purely scientific perspective. But if you don’t have 10 minutes or a fast internet connection…:

In a few sentences: It’s a decentralized ledger system. To give an example: you pay Visa, and Visa records the transaction on their ledger. Visa has the only copy – it is centralized. With block chain, you have a chain of thousands of computers all verifying your transaction and making that record public – there are thousands of permanent copies.

It is open, it is communal, it relies on consensus and it takes away the power of Visa by ending their monopoly over the information. Monopolies create opportunities for corruption, especially private monopolies, which have no government oversight to protect the People. Who does not already view banks and credit cards as havens of corruption?

People predict that block chain technology will revolutionize innumerable fields like, for example, music royalties, making it actually possible to earn a living at making music: 10 million computers will be monitoring all the world’s radio stations, and Lionel Ritchie’s “Dancing on the Ceiling” is played by 97.9 WLUP FM radio in Chicago. Then, 9.8 million computers will correctly register and confirm among each other that Lionel Ritchie’s “Dancing on the Ceiling” was just played, and thus Lionel is owed a royalty by 97.9 WLUP. The current system is: 97.9 FM WLUP tells the royalty companies they played “Dancing on the Ceiling”…and just trust them that they only played it once that day. Or it’s something not too far from that. The point is: no SINGLE computer is responsible for holding the information in block chain, and the permanent record is perpetually public…unless the entire world decides to ban the internet/stop using electricity.

This also has great potential for the way we vote: 10,000 computers will examine an electronic ballot and agree on its validity. If some hacker tries to force in 900,000 votes for Ramin Mazaheri, 98% of the computers will correctly realize that this is not a valid vote and signal that the system has been breached. While good governance certainly loses out in this particular scenario, at least democracy will be upheld.

But what appears clear is that there have been enough technological breakthroughs in computing to give rise to a revolutionary new process (block chain). It’s like Ford creating the assembly line…for publicly-monitored high-speed computing. Block chain is the technological/philosophical breakthrough, and applying that to the financial process and ending their current monopoly is what bitcoiners are investing in.

So bitcoins are not the big deal – block chain is. I would say that if you don’t see the big deal about block chain, then you don’t see why Bitcoin is different. So learn a bit more and think about it – you’ll see that by making everything permanently public, the public wins instead of the moneyed class.

Source, links:


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