27 May '16, 8am

The Big Lie About Bitcoin

Davos, the great forum of overscaled capital, wasn’t so wrong. Nor were the “misfits and millionaires who wanted to reinvent money .” Bitcoin and blockchain are systems that, in the end, serve the logic of the large scale. Their own structure eliminates control/capture by central banks, and replaces it with the possibility of capture by those large masses of capital that that can’t find a place these days. If there’s already little democratic control over central banks by political representatives or the market, what can we expect from a couple of anonymous Chinese millionaires? Should we hope for them to be replaced by their still larger colleagues on Wall Street or in London?

Full article: https://blog.p2pfoundation.net/big-lie-bitcoin/2016/05/27

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