Note from the CEO: Bitcoin is power. That is both really good news and exposes a real problem. No doubt we are all in the midst of a fintech revolution that is changing all sectors of worldwide economies with, of course, currency the most visible. But remember, governments/regulators hate to give up power. That will just slow down the inevitable but the power in finance will certainly prevail.
"Ever since the birth of money, economies have controlled nearly every aspect of human life. Money is power, and escaping that principle is nearly impossible unless you want to live in the wild. Honorable, civil-based economies have historically forged the backbone of the most powerful nations on Earth. Without this willing deception to believe money has value—just like any physical product or service—there would be no complex markets to foster innovation.
Therefore, money can be viewed as a necessary implied agreement between citizens to collectively determine the monetary value of something, accomplished by free markets self-regulating the law of supply and demand. Currently, humanity's implied mutual agreement supports fiat currencies, but that is changing with every new headline revealing another massive corruption scandal.
The most important way modern societies could drastically cut down corruption is by creating a self-enforcing economic system that no one has direct control over. Historically, gold and silver were always used for money. In past times, if someone tried to pay with a piece of paper, the merchant would only laugh. However, in the 21st-century, heavy metals are not exchangeable enough to be used as a common medium of exchange. This enables bitcoin and other blockchain technologies to be the only invention capable of providing a modern fair economic system without any authoritarian government oversight."
Read Full Article at CoinIdol