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I never understand critiques like these. > "somehow no one appears to have managed to find a positive use for blockchains that wouldn’t be better served by blo

I never understand critiques like these. > "somehow no one appears to have managed to find a positive use for blockchains that wouldn’t be better served by blockchainless technologies" There is now a sovereign nation state that accepted Bitcoin as a currency, and, mark my words, no doubt more will follow this 2022. Replacing central banks, and by extension, their grasp on the limitless money printing, is the whole reason why bitcoin and it's blockchain exist. And it is working wonderfully well. People in countries where the central bankers and politicians are letting them down are flocking to bitcoin and other later inventions (such as stable coins). Just check these countries: - Lebanon: https://www.aljazeera.com/economy/2020/2/25/distrust-in-lebanese-banks-spurs-bitcoin-boom https://www.aljazeera.com/economy/2020/2/25/distrust-in-leba... - Turkey: https://etfdb.com/crypto-channel/as-turkey-lira-falls-bitcoin-could-be-a-rescuer/ https://etfdb.com/crypto-channel/as-turkey-lira-falls-bitcoi... > "Rampant inflation is once again plaguing Turkey’s local currency, the lira, but one saving grace could be its citizens using bitcoin to supplant the plunging fiat currency." - Also Turkey: https://www.nasdaq.com/articles/turkeys-inflation-is-an-example-of-why-we-need-bitcoin https://www.nasdaq.com/articles/turkeys-inflation-is-an-exam... - El Salvador: https://www.theguardian.com/world/2021/jun/09/el-salvador-bitcoin-legal-tender-congress https://www.theguardian.com/world/2021/jun/09/el-salvador-bi... - And El Salvador again: https://bitcoinmagazine.com/culture/bitcoin-el-salvador-geopolitics https://bitcoinmagazine.com/culture/bitcoin-el-salvador-geop...

WesternWind 5y ago
I mean a significant portion of the world's money is created by fractional reserve banking.
- lottin 5y ago
  Not just a significant portion, the vast majority of money in circulation is money created by commercial banks, not central banks. For example, in 2007, Euros issued by the ECB accounted for less than 15% of the supply of Euros (M1): https://en.wikipedia.org/wiki/Fractional-reserve_banking#/media/File:Euro_money_supply_Sept_1998_-_Oct_2007.jpg https://en.wikipedia.org/wiki/Fractional-reserve_banking#/me...
throwaway98700k 5y ago
By all accounts the adoption of that tech in El Salvador has been a disaster, the app is slow, buggy, not everyone has access and it’s easily exploitable for crime. Protests against it. Etc. I anticipate a reversal of this by the next government. Current governments cannot admit mistakes, so it’ll take a new term for it to be dismantled.
- Passthepeas 5y ago
  https://en.wikipedia.org/wiki/Nayib_Bukele#Presidential_approval_rating https://en.wikipedia.org/wiki/Nayib_Bukele#Presidential_appr... I keep hearing this line, and yet Bukele's approval rating is over 80%
- b0ner_t0ner 5y ago
  > has been a disaster, the app is slow, buggy, not everyone has access and it’s easily exploitable for crime Sounds like early 2000s online shopping to me.
  - notpachet 5y ago
    Sounds like current online shopping...
- suzzer99 5y ago
  There may not be a next govt in El Salvador for a while. Their populist president seems intent on staying in power by any means necessary.
- epinephrinios 5y ago
  Uhm it might be hard to use but I completely reject the "exploitable for crime" part. Actually Bitcoin payments are a blessing for all those people that had to physically travel to Western Union branches to receive cash from abroad. Gangs frequently targeted such poor individuals and stole their cash. Bitcoin fixed this.
SanJacobs 5y ago
Yes, I agree, and this is all very cool, however regarding this point: > There is now a sovereign nation state that accepted Bitcoin as a currency, and, mark my words, no doubt more will follow this 2022. Sure. That's true, but doesn't actually matter, imo., because the point of crypto is to: > Replac[e] central banks, and by extension, their grasp on the limitless money printing So approval from the government in the case of crypto is worth about as much as it is for making love. It's the losing side of a game saying "You know what, we'll be so gracious as to allow you to win". Never needed your permission to begin with.
- PretzelPirate 5y ago
  You’re referencing the point of Bitcoin, not the point of crypto. Other platforms aren’t interested in destroying the existing financial system and would much rather digitize it and make it open to everyone.

WesternWind 5y ago

I mean a significant portion of the world's money is created by fractional reserve banking.

lottin 5y ago
Not just a significant portion, the vast majority of money in circulation is money created by commercial banks, not central banks. For example, in 2007, Euros issued by the ECB accounted for less than 15% of the supply of Euros (M1): https://en.wikipedia.org/wiki/Fractional-reserve_banking#/media/File:Euro_money_supply_Sept_1998_-_Oct_2007.jpg https://en.wikipedia.org/wiki/Fractional-reserve_banking#/me...

throwaway98700k 5y ago

By all accounts the adoption of that tech in El Salvador has been a disaster, the app is slow, buggy, not everyone has access and it’s easily exploitable for crime. Protests against it. Etc. I anticipate a reversal of this by the next government. Current governments cannot admit mistakes, so it’ll take a new term for it to be dismantled.

Passthepeas 5y ago
https://en.wikipedia.org/wiki/Nayib_Bukele#Presidential_approval_rating https://en.wikipedia.org/wiki/Nayib_Bukele#Presidential_appr... I keep hearing this line, and yet Bukele's approval rating is over 80%
b0ner_t0ner 5y ago
> has been a disaster, the app is slow, buggy, not everyone has access and it’s easily exploitable for crime Sounds like early 2000s online shopping to me.
- notpachet 5y ago
  Sounds like current online shopping...
suzzer99 5y ago
There may not be a next govt in El Salvador for a while. Their populist president seems intent on staying in power by any means necessary.
epinephrinios 5y ago
Uhm it might be hard to use but I completely reject the "exploitable for crime" part. Actually Bitcoin payments are a blessing for all those people that had to physically travel to Western Union branches to receive cash from abroad. Gangs frequently targeted such poor individuals and stole their cash. Bitcoin fixed this.

SanJacobs 5y ago

Yes, I agree, and this is all very cool, however regarding this point: > There is now a sovereign nation state that accepted Bitcoin as a currency, and, mark my words, no doubt more will follow this 2022. Sure. That's true, but doesn't actually matter, imo., because the point of crypto is to: > Replac[e] central banks, and by extension, their grasp on the limitless money printing So approval from the government in the case of crypto is worth about as much as it is for making love. It's the losing side of a game saying "You know what, we'll be so gracious as to allow you to win". Never needed your permission to begin with.

PretzelPirate 5y ago
You’re referencing the point of Bitcoin, not the point of crypto. Other platforms aren’t interested in destroying the existing financial system and would much rather digitize it and make it open to everyone.