Technology is a Double-Edged Sword
Last night, I inadvently learned about the release of Zeitcoin today. So I immediately registerred with a Zeitcoin pool and started mining for Zeitcoin with my limited resource. Next, I sat up the Zeitcoin wallet and got myself an address. The wallet sync'ed rather quickly, considering that this cryptocurrency just started. I proceeded to let my miners run for eight hours. When I came back, I found the miners had collected almost 5000 coins within the pool. So I loaded up the wallet again to try transfering the coins into my wallet. By now, the wallet was out of sync. And for some reason, there were only one or two peer clients to sync with. That meant it couldn't sync, which meant I can't cash the coins out.
That made me realize that the same technology that made cryptocurrency possible is also the Achilles' heel to cryptocurrency. Why? Because if you are ever separated from this technology-computers and Internet-you won't have access to your wallet, hence, your money. So theoretically, if a government oppresses the people by quarantine computer access, then the people will have no access to cryptocurrency.
How does that compare to more conventional currency? Today's conventional currency is no better or worse. Afterall, they are all based on credit. Our credit card requires technology-card making machine, computer to track, network to alllow you to shop anywhere. If we lose any of those technology, we would be at loss of our lifestyle.
Current conventional currency does have a printed counterpart, meaning you can still use bills or coins when computers and network go down. But even the printed versions require technology to make. With that aside, cryptocurrencies that are convertible to conventional currencies enjoy the same benefit of using conventional bills and coins. You just have to keep in mind not to put all your eggs in the same basket.
Sun, 02 Mar 2014 01:23:10 +0300
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