Even if I am a proponent of Bitcoin, this bothers me. When Satoshi Nakamoto envisioned bitcoin as a payment protocol for everyone, one computer one vote, he was definitely unable to see how capitalism and the already accumulated money will also accumulate Bitcoin. I personally don’t identify myself as a capitalist, I actually dislike capitalism on many grounds, but at the same time, I know why and how it works, it’s not that there are many alternatives in the world. I understand Marxist, communist and socialist ideas but I fail to see how it can propel creativity and drive to move forward and change. It’s like a tradeoff and that’s why I probably like social democracy where they envision a balance of both. But with imperfection. Money is power and powerful always concentrate power and money for their own gains. Equal opportunity ought to be established but equal outcome we can never guarantee. The tension is always there. The concentration of Bitcoin in few places or few hands or few organizations go against the spirit of Bitcoin, as by protocol it is decentralized. But the fact is it is centralized in the big hands and this is the only reason I have against Bitcoin. And maybe that’s why I don’t believe completely that Bitcoin will be a currency for the future. I view it as a digital asset like digital gold which will be used as a store of value. But Bitcoin has shown us how money or value system or payment system can be created without a central money-making machine. I do believe that Bitcoin is better than government currency. I am against the spirit of nationalism and I think the national borders won’t make sense after few millennia and we will appreciate a global currency like Bitcoin. So, ultimately I want to say, Bitcoin will be there. But probably there will be a better currency which can surpass Bitcoin and which will probably not centralized. But then again that is Marxist, libertarian or anarchyst part of my brain talking. As I can see how capitalism is reigning in our world by the power, for the power, with the powerful, who knows Bitcoin might be the winner. Anyway, just some thoughts. I am not an astrologer who predicts future. I speculate and I miss.
The ethereum founder Vitalik Buterin also doesn’t believe in proof of work anymore. So, there are smart people who are already thinking about better solution already. That’s always our best bet for survival. Isn’t it? We need an einstein, we need a Nicola Tesla, we need few scientists, we need probably a work and innovation machine like Elon musk as most of us are just fooling around. Well, it’s too much for one little brain sometimes.