4 ms·

Well it's obviously not necessarily more transparent. I know that the Fed is creating money, I can find out how much it's creating and I can listen to governmen

Well it's obviously not necessarily more transparent. I know that the Fed is creating money, I can find out how much it's creating and I can listen to government officials explain why we should create more/less money or why we should make money in this instance but not that one, etc. I can even vote for people whose dollar creation opinions line up with mine. In BTC I don't know who's creating it, what they believe about it and I have no way to affect their creation of it. Seems like the democratic governing system is more fair and transparent so where did I go wrong?

VMG 9y ago
If you disagree with money printing, your vote will not matter. In bitcoin, the inflation schedule can be checked very easily. It doesn't matter who is creating it as long as the supply is stable and predictable.
- frgtpsswrdlame 9y ago
  >If you disagree with money printing, your vote will not matter. It would matter more than my (non-existent) vote in bitcoin would. >It doesn't matter who is creating it as long as the supply is stable and predictable. So to be clear, your problem isn't that the fed is centralized and btc is decentralized it's that btc is regular and the fed can be irregular?
  - VMG 9y ago
    > It would matter more than my (non-existent) vote in bitcoin would. You don't have to use it though. > So to be clear, your problem isn't that the fed is centralized and btc is decentralized it's that btc is regular and the fed can be irregular? Both aspects are problematic. It's not only the FED that is centralized, the banking system itself is. Bitcoin is Peer-to-peer without trusted third parties.
- amarkov 9y ago
  In Bitcoin, the number of outstanding currency units can be checked very easily. What I care about as a consumer is being able to predict the value of my currency at future times. Bitcoin doesn't allow me to do this at all.
  - VMG 9y ago
    nothing does
ric2b 9y ago
> I can find out how much it's creating No, you can trust them to tell you how much they're creating. Important distinction. > I can even vote for people whose dollar creation opinions line up with mine. The people who run the FED aren't elected, so no, you can't. > In BTC I don't know who's creating it, what they believe about it and I have no way to affect their creation of it. It doesn't matter, the issuance is controlled by the protocol and you can know how much Bitcoin will be created on 2105/06/25 by making a few simple calculations. So if you don't agree with it you can bail out right now and never participate in it, no one forces you to.

VMG 9y ago

If you disagree with money printing, your vote will not matter. In bitcoin, the inflation schedule can be checked very easily. It doesn't matter who is creating it as long as the supply is stable and predictable.

frgtpsswrdlame 9y ago
>If you disagree with money printing, your vote will not matter. It would matter more than my (non-existent) vote in bitcoin would. >It doesn't matter who is creating it as long as the supply is stable and predictable. So to be clear, your problem isn't that the fed is centralized and btc is decentralized it's that btc is regular and the fed can be irregular?
- VMG 9y ago
  > It would matter more than my (non-existent) vote in bitcoin would. You don't have to use it though. > So to be clear, your problem isn't that the fed is centralized and btc is decentralized it's that btc is regular and the fed can be irregular? Both aspects are problematic. It's not only the FED that is centralized, the banking system itself is. Bitcoin is Peer-to-peer without trusted third parties.
amarkov 9y ago
In Bitcoin, the number of outstanding currency units can be checked very easily. What I care about as a consumer is being able to predict the value of my currency at future times. Bitcoin doesn't allow me to do this at all.
- VMG 9y ago
  nothing does

ric2b 9y ago

> I can find out how much it's creating No, you can trust them to tell you how much they're creating. Important distinction. > I can even vote for people whose dollar creation opinions line up with mine. The people who run the FED aren't elected, so no, you can't. > In BTC I don't know who's creating it, what they believe about it and I have no way to affect their creation of it. It doesn't matter, the issuance is controlled by the protocol and you can know how much Bitcoin will be created on 2105/06/25 by making a few simple calculations. So if you don't agree with it you can bail out right now and never participate in it, no one forces you to.