2 ms·
1 - money printing is not crony capitalism like what bitcoin creators tout them to be. it is a method of stabilizing value. when used wrong it can destroy econo
by thkim 9y ago
1 - money printing is not crony capitalism like what bitcoin creators tout them to be. it is a method of stabilizing value. when used wrong it can destroy economy (venezuela, zimbabwe), but that is a question of politics (voting wrong people). bitcoin or crypto's decentralization is NOT a solution to this problem. also bitcoin is particularly problematic because it gained traction. value is simply sum of people's belief. when other coins gather enough followers then it will similarly be a problem, but not at the moment.
2 - this is false. if you know how currencies work you will know that this whole "decentralization" makes no sense. central authority is required for a currency because price needs to be stabilized. unlike what some people believe, bitcoin will not "self-stabilize" because currency stabilization has nothing to do with how many people use it. currency stabilization works by an authority dictating how much it should worth and manipulating market towards it. this is not some conspiracy, it is a protection provided for all currency users. not only bitcoin offer zero protection (completely exposed to vol risk), but also it is not really decentralized as 40% of entire bitcoin owned is owned by 1000 people only.
3 - yes, this is a good property. so there should be a state sponsored coin.