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> there are a number of problems with our current financial systems which are very hard to electrify as easily, whereas BTC is electricity-native Any examples?
by beefield 6y ago
> there are a number of problems with our current financial systems which are very hard to electrify as easily, whereas BTC is electricity-native
Any examples? To me, current financial systems are very much information management systems and information managament is quite easy to electrify.
One of the main problems with bitcoin is that current financial system (well, whole society) is built on the idea that money is credit and credit is money. and bitcoin is anti-credit. I have not heard anyone ever even try to reconcile that seriously. Like, how do you do mortgage with bitcoin without ending up with fractional reserve banking and uncontrolled money supply? I have no clue. But then, I don't think nowadays anyone even thinks that BTC would be money, but something like gold instead. With the distinction that gold actually has some use cases outside crimnal activites and gambling.
- fastball 6y agohttps://www.coindesk.com/what-bloomberg-gets-wrong-about-bitcoins-climate-footprint https://www.coindesk.com/what-bloomberg-gets-wrong-about-bit...
- beefield 6y agoSorry for laughing and shaking my head, but the bitcoiners really do not seem to grasp how minuscule (if important core, I agree!) part of the financial system the settlement of the payments is. And that is the only part bitcoin does. Bitcoin does not do mortgages. Bitcoin does not do corporate finance. Swapping central bank money to bitcoin would not change that much (except make monetary supply and inflation uncontrollable, which, of course, is really much in the end. But that is not what bitcoiners get.) And the US Army is used not only to protetct USD payment settlements but the whole society around it. Visa and BTC are really apples to apples in this sense.