Old wealth was traditionally last century controlled by the people who found oil. This century new wealth is with tech people. This is stepping up with people who found bitcoin, with people who can code computers and understand cryptocurrency. In a way, bitcoin and cryptocurrency is a continuation of the tech boom. The knowledge well and the wealth influence becoming more monetised. This is only the beginning and can bring a big cultural change in the world.
We should take some time to consider not only how bitcoin change the way this new wealth is stored, but the cultural impact on a society which could be ceding a significant amount of control to a new type of person. The young computer magicians rather than the landowners and frontier tycoons. Even though our countries are mostly democratic, wealth and tax collection have a big influence and this combination should have a large impact on the governments of the future.
As we have discussed briefly in previous posts, bitcoin cannot be taken by force. As first the difference here can seem subtle but it is important. Governments will have to collect tax from people who want to pay it rather than those who just feel implicated. They will not be able to easily force and confiscate payment so they will have to become more appealing. We will feel happy to provide funds for the common good.
I look forward to more solar panels and space travel, less pollution and war.
We should take some time to consider not only how bitcoin change the way this new wealth is stored, but the cultural impact on a society which could be ceding a significant amount of control to a new type of person. The young computer magicians rather than the landowners and frontier tycoons. Even though our countries are mostly democratic, wealth and tax collection have a big influence and this combination should have a large impact on the governments of the future.
As we have discussed briefly in previous posts, bitcoin cannot be taken by force. As first the difference here can seem subtle but it is important. Governments will have to collect tax from people who want to pay it rather than those who just feel implicated. They will not be able to easily force and confiscate payment so they will have to become more appealing. We will feel happy to provide funds for the common good.
I look forward to more solar panels and space travel, less pollution and war.
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