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Why the Government Isn't Worried About Bitcoin

Why the Government Isn't Worried About Bitcoin | Peer2Politics | Scoop.it

With overwhelming government acceptance, Bitcoin also loses much of its punkish appeal as a symbol of freedom and hope for techno-libertarians like Dread Pirate Roberts, the founder of the Silk Road. In their mind, Bitcoin’s rise represents the decline of the state, a world where no one pays taxes and everyone plays Satoshi Dice.

 
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Bibiane Bovet's curator insight, November 21, 2013 11:09 AM
The Bitcoin Craze

20WednesdayNov 2013

Posted by Bibiane Bovet 

 

Bitcoin is a crypto-currency and one of the most anarchic alternative currency out there, a criminal haven and quite a chaotic mess. People get robbed every day of their bitcoins, from their Bitcoin wallets held on their cellphones. These latter need to be protected with a bitsafe or stored on the Web. Their system seems to operate out of “nowhere”. But in reality, it actually operates from outside the existing banking system, from clouds on the Web. Here, I must say, that almost all 4,000+ alternative currencies also operate from outside the existing banking system as well. Unless we are talking about alternative currencies such as points systems that President’s Choice’s banking management, for example, offers their clientele as frequent shoppers. Or like Air Miles that are a LoyaltyOne marketing program that belong to Alliance Data, which is a credit card processing company for many retail brands, and is administered by their own banks: the Comenity Bank and the Comenity Capital Bank. Bitcoins, mind you, are created, using people called “Miners”, that solve “mathematical formula” that are encrypted blocks set in Merkel trees that the Miners prune to their simplest expressions to release Bitcoin blocks as a pretext to unlock Bitcoins from their cache, sort of acting in lieu of a central bank system in the Webosphere that is creating Bitcoins out of nowhere, very much like a Keynesian economy. These newly mined Bitcoin blocks are then sold to anonymous users all over the world, and are either used to launder money, to conduct anonymous transactions, for gaming, or to purchase any item from other Bitcoin users. Such are Bitcoin usage and activities worldwide. Notwithstanding the fact that Bitcoins are used profusely throughout the world, that it is gaining everyday in popularity, that it is a legal currency like all other 4,000+ existing alternative currencies, I am entirely against bitcoin as it is.

I have been invited recently to the Bitcoin Embassy, as an expert in the field of alternative and complementary currencies. They wanted to introduce me to their organization, to discuss my interests with the Bitcoin concept and to relate its flaws, to allow me to reflect on their issues at stake, which of course, I had already majorly analyzed. Let me tell you, that I was fascinated with their problems and the critical issues that Bitcoin users experience on a daily basis. They were extremely enthusiastic communicating with me and confiding in me, knowing very well that I understood perfectly the problems they have. In order for me to psychoanalyze the system and user interactions, to analyze the information flow and system flaws, to understand the mathematical concerns and security concerns, and the existing protocol; I kept silent the entire time of their expose. I wanted them to relax and clearly open up to me, telling me all about their Bitcoin system. At the present time, there are still lots of caveat with respect to bitcoin, its system, its protocol and its usage. Although, after conducting a thorough analysis of Bitcoin, I can assure you, that aside from its main security issue, Bitcoin is not a system to be ignored, but a legitimate alternative currency system to be reformed in order to attain the goal it has set for itself: to remain free from all banking structure and evolve as an open international floating currency system comparable to the WOCU (World Currency Unit), for example.

I am currently working on the development of a protocol that will verify the origin of funds prior to the purchase of Bitcoins and monitor identity prior to enter the system. I am also working at reforming it from its delinquent transactional format and anarchic currency issuance, by creating a syndicate in clouds, of all such “anarchic” currencies, and introducing it to a robust security and a dire protocol system, ensuring legitimacy of funds’ origin, as well as developing a regularization of transactions, using an encrypted clearing protocol, and track records of all transactions for all users within the syndicate. Those that will continue operating outside these syndicated cloud organizations will obviously be operating their own separate organizations and activities.

All this being said, there exist well over 4,000+ alternative complementary currencies in the world today, and the great majority of them are legitimate alternative currencies, complementary to existing fiat currencies, and are government compliant, tax paying, and well organized currencies management systems, with each organization having tenth of thousands of users. The only problem with most of them is that, just like Bitcoin, they are for the most part, anarchic and inflationist currency systems, that have been issuing their currency out of nowhere, cumulating a lot of bad debt, unpaid loans and unpaid credit margins causing a net devaluation of the products and services of their users. For this reason, the solutions I have developed for all government, remediate these problems by taking into considerations the impact these problems have and responding adequately to these anarchic conditions with a proprietary technology, that can replace government expenditures and their social structure with a standardized complementary economic system that is not inflationary. I have also created a compensation chamber solution for all of these organizations that are operating within a closed economic system that are devaluated, to help them conduct business between them such organizations using a robust complementary currency, affording them a high level of confidence, having zero inflation, such that their transactions via this compensation chamber carry zero debt as an economic system instrument and therefore no devaluation of the products and services for all their members using it.

My primary aim is to sell solutions I have developed for governments to all government level. Helping governments retain as much money as it is possible to replace their social structured expenditures, with a proprietary solution involving a standardized complementary economic system using complementary instrument as solutions to their shrinking money supply, which is specifically designed in response to their growing needs. This is what I am proposing provincial, federal, and aboriginal governments of Canada, as well as other democratic governments throughout the world.

With regards to Bitcoin, there is still much to be learned about the behavior of this currency and its users, before engaging a nation with its predicate. There is much to be taken into considerations yet. When deconstructing the existing protocol of Bitcoin, one is to ponder whether Bitcoin is rather a currency designed for the gaming industry or “gamers” per se, than for an economic mission. My analysis of Bitcoin, relates it more to ISK (InterStellar Kredit) than to trade dollars or barter dollars. But still, it is important not to jump to conclusion too quickly with this economic animal, because once reformed with a proper protocol, even though its transactions lies outside the known banking system, there are some very strong resemblance with the WOCU because both are existing in a open structure as opposed to most complementary currencies which exist solely within a closed structure. The main difference between the WOCU and Bitcoin is that WOCU is a world indexed currency that is based on forex trade and its derivative markets, where Bitcoin currently has a dubious source, it is unsecured, unsecuritized and floating on its own, claiming to be tied to labour hours from their “miners’’ activitiy. Clearly, between Bitcoin and the WOCU, the WOCU offers a normalized stability based on world currency trading value that can leave us empty handed if all currency collapses. Which is unlikely to happen at once. Where Bitcoin offers us an unsecured currency with major security issues within an anarchic structure that is inflationary in its present nature, that can leave us with devaluated products or services, for which instrument is not made for savings but for immediate consumer trade, which can leave us empty handed at any moment for several reasons: such as theft, loss as data, supply restrictions or constrictions and/or demand contraction. Again, Bitcoin is merely one of the existing 4,000+ alternative complementary currencies that are in usage throughout the world, with organizations that have perhaps more experience in its transaction management systems or clouds that can harbor your funds with greater saving security. Anyhow, that leaves us with something to think about.

I hope that this answers your question. I remain at your disposal for further inquiries.

Cordially,

Bibiane Bovet, Mathematician/Cultural Psychoanalyst, Government Consultant

http://www.BibianeBovet.com

BibiBovet@gmail.com
1-800-805-3120

  
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on peer-to-peer dynamics in politics, the economy and organizations
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State Power and Commoning: Transcending a Problematic Relationship | P2P Foundation

Can the State the re-imagined for a commons-centric world – and, can Commoners come up with creative action initiatives to advance this vision?
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Equally erroneous is the association of freedom with the economic life. In reality a deep and dense network of dependencies characterizes economic life. These become particularly visible when disaster strikes. For example, the bankruptcy of a large automobile manufacturer spreads a wave of damage and hurt in ever widening circles. First to loose their livelihoods are those who work for the manufacturer. As the wave expands the suppliers to the automobile manufacturer and the car dealerships feel the pain of reduced income or bankruptcy. The circle of people who have lost their jobs or who have significantly lower incomes, of course, spends less as consumers, and this affects all the people whose activity was supplying these consumer needs, e.g. town merchants in the affected area, etc. It was Steiner’s insight that brotherly cooperation and interdependence was the true quality that should rule these densely interdependent networks in order that everyone’s needs might be met. The notion that people are free agents in this realm belies the fact that each person is tied by innumerable threads into a complex network that demands he perform the tasks required by the needs of others. Brotherhood is about brotherly interdependence. That characterizes economic life." 

 

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