Bitcoin, is the new lotto making many wealthy and many frustrated. However, will this last?
Touted as open source, Bitcoin can be reviewed independently. To illustrate, it uses a
transactional database called Berkeley DB which allows for lossless data (Satoshi, 2009). As of
now all transactions can be reviewed on the Blockchain. Right now, the value of the Blockchain lies in the promises conveyed by the producers of the various services to be implemented on the Blockchain. With that said, can they deliver? To date most exchanges have over charged for a less than stellar service, despite the flips that most of us have incurred. You cannot really use the currency except to perpetuate the growth of the Blockchain and in doing so you are provided an award for your participation.
Are the current rough patches and monetary gains enough to continue to invest your money? Only if it is ethical. According to Seager 1909, “Economics or Political Economy, is the social science which treats of all interests and activities connected with earning a living” (pg. 8). Though many of us have seen several flips of our investment there must be some greater good accomplished with all the billions in new money floating around. Seager tells us that in Medieval times that “thus the inquiry was not as to why the rate of interest charged at the time was high, but as to whether there was moral justification for charging any interest at all” (pg. 9). This is important when you think about the billions made by Coinbase the exorbitant fees charged for something that we as a community help build. Could not some of the profits be used for gas to speed up transactions and provide better help to new contributors to speed up transactions? Coinbase only allows you access to the market and not providing any real service other than that of a middle man to exchanges. We should not be so blinded by perceived easy wealth when we should be focused on how this new economic model will help us grow as the Human Race. Cryptocurrency cannot be another tale of the haves and have nots.