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Ironic remark, as Bitcoin is invented in response to the instability of the traditional financial system.
by fleddr 5y ago
Ironic remark, as Bitcoin is invented in response to the instability of the traditional financial system.
- recursive 5y agoVery many things have effects different than the ones motivating their invention.
- dboreham 5y agoCurious. Is that true? I ask because I read papers on digital cash years before Bitcoin and never saw any reference to financial system instability. It was just "being able to send money digitally like cash would be useful and cool", perhaps with a bit of "banks and western union are bandits with their fees". I always thought the alternative financial system stuff was added later to make the scene more interesting to prepper types.
- nrb 5y agoIncluded in the coinbase parameter of the genesis block of Bitcoin is the following message: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”
- imtringued 5y agoBitcoin doesn't eliminate the need for bailouts. It doesn't even do lending, at least nobody is crazy enough to borrow something that is going up in value.
- rand49an 5y agoI think it's more a point that it's a currency that it is effectively impossible for anyone to change the supply more than it doesn't need to be bailed out.
- nrb 5y agoWell, essentially it seemed to be pointing out that existing financial systems are inherently unstable by design. Whether these alternatives do any better is a different topic, I was merely answering the question above.