Today might be one of the biggest days of my life, and it will be impossible to explain why that is so unless you know at least a little bit about blockchain, dAPPS, cryptocurrencies, Ethereum, and the legal distinction between a Simple Agreement for Future Tokens (SAFT) and an ICO. If those words look unfamiliar, one of the biggest technical revolutions the world has ever known is sneaking up on you.
The folks in Silicon Valley – who live about three years in the future compared to the rest of the country – can’t stop talking about this topic. The smartest people in the Valley tell me blockchain will change nearly everything, and already is. It’s like “the Internet” before anyone had heard of the Internet. That’s how big it is.
I have tried to read about this, but I guess I'm too old.
I can manage a computer, but not a smart phone.
I can manage a credit card, but not e commerce.
Lolo didn't even trust a credit card: He'd take $100 bills to pay for groceries at Walmart.
My main question about cashless societies and bitcoin: What happens when it is hacked, or there is a disaster, or if there is a solar flare that knocks out the internet/phones/computers?
We were off line after the typhoon, and had a slow internet for months after the main cable between here and Taiwan was cut by an earthquake (businesses had to go through alternate routes, and our private internet was off for three months).
Lolo didn't trust them, so kept a lot of money, in both pesos and dollars, in his safe at all times, but because of increased danger of robbery in recent years, I rarely keep more than 200 dollars there at a time, then go to the ATM.
and some people don't even trust cash: I remember when a robbery in our old neighborhood stole jewelry worth more than the house they lived in. I asked my mom about why they would have all that money and live in a modest house, and she pointed out they were Jewish refugees from Nazi Germany and remembered that historically you could bribe people with jewelry, and the jewelry would keep their worth if there was hyperinflation as happened in Germany in the 1920's.
Alas, I don't own jewelry (as a doc, I never wore expensive rings or watches). But Lolo, again, assured me if there was a disaster or war I would always have rice to eat. He lived thought World War II, so knew about such thin
Of course, we "lost" most of our land after land reform allowed the tenants cheap mortgages to buy the land they tilled (translation: we didn't get paid for the land, and going to court was useless). But we are still allowed to own a small amount of land, (and we subcontract our old tenants to grow our rice brand).
But even that could cause a mess if a major earthquake or war hit Manila.
War? Yes. China's long term plans include taking over Taiwan and eventually the Philippines.
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