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You mean, just like banks are federated and communicate only occasionally? :) I mean, it's conceptually the same solution for the same sort of problem: slow pro
by ivoras 9y ago
You mean, just like banks are federated and communicate only occasionally? :) I mean, it's conceptually the same solution for the same sort of problem: slow propagation of data and the need to maintain (the illusion of a) single global ledger. For banks, it was much much slower in the past, they're fine now.
- pbreit 9y agoJust because it's "like banks" doesn't mean it's invalid. That was my first impression, too when reading: can't we be slightly more on Layer 2?
- PKop 9y agoThe whole value proposition is that the currency's monetary policy isn't controlled by government, or corporate/political relationship that Federal reserve banks have currently. If the structure models current banks in most ways except that the currency isn't in their control, then it will be a massive improvement.
- kalleboo 9y agoReplacing government politics with the politics of a handful of developers/miners/businessmen? (see the current debacle with bitcoin/cash/segwit/2x)
- PKop 9y agoOf course. Because in clear ways you are more sovereign individual within Bitcoin's politics than government politics. You can opt out, you can choose your politics, switching costs are much lower, therefore incentives to align with you are higher.
- kalleboo 9y agoYou can opt out of Bitcoin as long as it's unpopular as it is now. Zimbabweans also opted out of the Zimbabwe dollar which is why now what you really want there is a US dollar.