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not really, though its sad to see the power imbalance grow in crypto, they still have way less power than a central bank that can just make the money printer go
by cookieswumchorr 5y ago
not really, though its sad to see the power imbalance grow in crypto, they still have way less power than a central bank that can just make the money printer go brrr.
Yes, some systems are stable, but many others are not;
And most of the criticism applies to POW crypto. Which will hopefully be outpaced by POS soon.
- leokennis 5y agoThe difference is this: * "Plain old banks" might have more power over money creation (i.e. unlike Bitcoin, money creation technically has no fixed limit). But they are severely restricted (by regulations and restrictions) from using that power in a too bad way. * Bitcoin miners have less power over this, but can wield it without restriction as without their power hungry ASIC rigs, Bitcoin will stop working for all practical intents and purposes.
- cookieswumchorr 5y agoregulations and restrictions do not always work; Most of the worlds population live in places where regulations and restrictions are applied by the state on its citizens, not vice versa