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What are your reasons? Personally, I like the idea of checks and balances in a healthy political system, and allowing those checks to be applied to the monetary
by boplicity 5y ago
What are your reasons? Personally, I like the idea of checks and balances in a healthy political system, and allowing those checks to be applied to the monetary system.
- randomhodler84 5y agoYeah I don’t. The authorities can not be trusted with the money supply. It must be algorithmic and well known, enforced by free and open source software. To quote Satoshi: “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
- boplicity 5y agoI'm not sure I understand your reasoning -- you seem to be saying that authorities can't be trusted, and leaving it at that. It's just not a compelling argument. Are there other reasons?
- randomhodler84 5y agoRather than using a trusted third party to control the interest rates and money supply, Bitcoin and cryptocurrency in general provides an alternative market based approach — for energy and computational security that does not require a trusted third party, instead we have verifiable cryptography with hashing and digital signatures. Solutions without ttp > solutions with ttp
- mrpf1ster 5y agoIf only cryptocurrency did any of that, instead of being an inefficient climate change accelerator primarily used to buy drugs and gamble on the internet.
- randomhodler84 5y agoLol, 2013 called it wants it “Bitcoin is only used by criminals” FUD back