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Well, obviously the designer of bitcoin or any so called cryptos did not take a serious thought why centralized financial authorities are there. They believed b
by mrjin 6y ago
Well, obviously the designer of bitcoin or any so called cryptos did not take a serious thought why centralized financial authorities are there. They believed books kept by those financial authorities are the real problems and thus they made the books public and introduced the mining process. The real problems have never been about records, they are really about the integrity of the transactions, which in turn pointing to the trustworthiness of the counterpart. By making books public can never ever resolve those trustworthiness issue and actually introduced more problems such as everyone is storing heaps of info which does not concern them at all, 51% attack etc. To establish trust between parties in the transactions, as you mentioned, market-makers, exchanges etc came into play, which defeats the purpose: to decentralize by introducing other centralized authorities which are actually less trustworthy than current ones. In other words, catch-22.