4 ms·

You definitely make good points and I agree the cut corners are a big issue. However I'm under the impression that there are ledgers that are meticulously kept

You definitely make good points and I agree the cut corners are a big issue. However I'm under the impression that there are ledgers that are meticulously kept which track all balances, debt, and cash issuance which need to balance out at every level (from the Gov/Fed to small banks); otherwise the institution would fall. Why do I trust it? Because it continues to work, can it fail? Sure, but there is little incentive for those in power to mess around as it would jeopardize the system. > The money that never exists in any form other than on some computers I'm not going to get into how money works - but your statement could be said about crypto, it only exists on some computer right? Just because it never existed before doesn't mean it won't have utility. I think the legal system is the real place to fix things - there are certain mechanisms which influence how wealth works its way through the system. At the moment its misbalanced. It has little to do with the USD (well I benefit from USD, perhaps little countries elsewhere have a gripe with it).

buckthundaz 9y ago
> Why do I trust it? Because it continues to work, can it fail? Sure, but there is little incentive for those in power to mess around as it would jeopardize the system. The incentive for them does not extend to you, as illustrated in 2008. They fail, you pay. Do you realize in our current economic climate that your dollar today is more valuable than the same dollar in 10 years? Would you like it to appreciate/depreciate in value as time goes on? Bitcoin is a perfect hedge against the issues of state-issued currency.
bmelton 9y ago
> However I'm under the impression that there are ledgers that are meticulously kept which track all balances, debt, and cash issuance which need to balance out at every level (from the Gov/Fed to small banks); otherwise the institution would fall. The more likely it is for the institution to fail as the result of malfeasance, the more certain it is that any malfeasance would be covered up quickly and thoroughly.

buckthundaz 9y ago

> Why do I trust it? Because it continues to work, can it fail? Sure, but there is little incentive for those in power to mess around as it would jeopardize the system. The incentive for them does not extend to you, as illustrated in 2008. They fail, you pay. Do you realize in our current economic climate that your dollar today is more valuable than the same dollar in 10 years? Would you like it to appreciate/depreciate in value as time goes on? Bitcoin is a perfect hedge against the issues of state-issued currency.

bmelton 9y ago

> However I'm under the impression that there are ledgers that are meticulously kept which track all balances, debt, and cash issuance which need to balance out at every level (from the Gov/Fed to small banks); otherwise the institution would fall. The more likely it is for the institution to fail as the result of malfeasance, the more certain it is that any malfeasance would be covered up quickly and thoroughly.