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“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but
by JohnJamesRambo 4y ago
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." -Satoshi Nakamoto Feb. 11, 2009
I have to agree with Satoshi that these central banks have not done a great job at that haha.
- compiler-guy 4y agoAlthough central banks definitely have their problems, the US bank scandals in the 1800s make the central bank's failures look positively benign.
- afroboy 4y agoAnd the circus of cryptocurrency is better?
- shkkmo 4y agoThe economy requires trust to work, including the cryptocurrency economy. Cryptocurrency supporters like to mythologize about everyone managing their own wallet and running their own nodes, but practical reality shows that to reach any kind of scale you need trust. Somehow all the cryptocurrency advocates who pan trusting central banks don't seem to have nearly the same issues with trusting a company like Tether or Binance who have far less accountability..