Is Bitcoin the World's Most Exclusive Club? So Far The Currency Is A Paradise For Nerds Only
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Published on Sep 26, 2013
Ross Ulbricht was an adept programmer who allegedly amassed 600,000 Bitcoins when Silk Road was seized. Close to a hundred million dollars. As some have said, Bitcoin is the latest rendition of the "Revenge of the Nerds". Its time to take a good hard look at those who now hold over half of all the bitcoin wealth. They are a select breed indeed. And is open-source as open as we like to think? Despite the rhetoric of transparency and all-inclusive, it seems clear a good chunk of the world is being left out...again. Is there anything we can do to prevent that?
This is the 10th ever installment on WBN, the World Bitcoin Network (this piece was shot 1 month ago, its been updated, re-edited and reshot). We hope you'll enjoy our upstart, independent news network, dedicated entirely to the world of bitcoin. If you are a journalist and you are interested in joining the team, or if you have comments, suggestions or critiques, let us know email@example.com. And remember the official WBN launch is coming up : November 1st, 2013.
Thanks, from WBN
Donations appreciated BTC: 1javsf8GNsudLaDue3dXkKzjtGM8NagQe
For those who follow the motto of Groucho Marx and refuse to join clubs that want you as a member, a new form of ultra-exclusivity might suit you just fine.
Despite what users claim, Bitcoin is the new back alley club of finance with one hellava confusing address.
And this group of new exclusives wear nerd glasses and pocket protectors.
With their mining pools, hash rates, USB ASICs, and digital signatures these nerds have their computers yoked up and digging for geek gold.
And while it feels like monopoly money to many, a number of bitcoin nerds have already become filthy rich. As this confusing currency is making a play to unseat gold or even the dollar.
But don't get caught by surprise. Nerd domination is nothing new.
Even if we forget the recent history of nerd billionaires highlighted by Steve Jobs and Bill Gates, we don't have to dig too deep to find how nerds have commanded their fair share of history.
In fact two of the most powerful families of all time were double ledger number crunching geeks.
Much like bitcoiners today, the Rothschilds and the Medici used secret codes and decentralized networks to amass some of the greatest fortunes in history.
Indeed, the Medici were so rich, they personally funded a good chunk of the Rennaisance.
While the Rothschilds brought down Napoleon and dictated the outcomes of major wars.
But while the Medici and Rothschids were comfortable with their greed, today's nerds are playing a different game.
Modern geeks claim they are working with full transparency and using tools available to anyone.
Tell them they are running an exclusive club and they'll scream Bitcoin is open source, anyone can mine, and the server is run by the masses.
They ignore the fact the most of the world is not as tech savvy as they are and bitcoin is still years away from being as user friendly and accessible as they claim.
Worse, they conveniently forget the billions of people in underdeveloped countries who don't have reliable internet or even electricity.
They'll say bitcoin can function without phones or even computers, but that's like a bit like a jetsetter telling others that donkeys work just fine.
Given such poor access, its believed that 80% or more of the world's population still hasn't even heard of bitcoin.
Its a troubling situation given that this nerd mafia has already mined half of all future stocks.
Ask these hoarding geeks what the rest of the world will use and they'll tear into you, claiming that the bitcoin protocol allows for infinite divisibility.
There will always be enough.
While true, this argument paints over the fact that a tenth of a satoshi might work great in commerce but it holds one billionth of the value of each of their bitcoins.
Sure, a billion dollars and a penny are both liquid forms of currency but they do also define status & dictate powers.
So beware, of this nerd frenzy and don't just wait until understanding is clear. Because, sadly, that may never happen.
As the world catches up, the nerds are stocking up, creating an Ivory Tower of money.
And if all goes to plan, global nerd domination will repeat itself once again.
World power hand picked from the Usual Suspects...nerds.
Still its not yet too late.
If you want to join the party and you have trouble reading open-sourced code, perhaps we can recommend a new pair of glasses.
For some, these specs are making the future look very bright indeed.
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