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You might see how useful they are quite soon. “The root problem with conventional currency is all the trust that’s required to make it work. The central bank m
by JohnJamesRambo 7y ago
You might see how useful they are quite soon.
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”
– Satoshi Nakamoto
We are currently at banks being required to keep a ridiculous zero percent in reserve.
- louwrentius 7y agoA society is saved by people, not technology.
- montenague 7y agoSoon we will hand over the keys mate, tech is the solve.
- louwrentius 7y agoHow come you think we had the keys in the first place?
- someguyorother 7y agoThat's not a problem exclusive to conventional currency. Consider the ETH rollback. That people mostly prefer Ethereum to Ethereum Classic also shows that they don't find this need for trust to be a problem.
- cwmma 7y agoNow you just need to trust the software developers not to increase mining rewards and the crypto exchanges not to scam you
- krapp 7y agoIf you cant trust anonymous cypherpunks and organized crime to be fair and honest stewards in an anarcho-capitalist black market then who can you trust? Bankers? Governments? Might as well just burn all of your cash in an oil drum.