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Indeed, the concept is very attractive, in theory. I wish it were true. However, the execution is, um, leaving a lot to be desired. A key big promise of cryp
by toss1 4y ago
Indeed, the concept is very attractive, in theory. I wish it were true.
However, the execution is, um, leaving a lot to be desired.
A key big promise of cryptocurrency is as a hedge against inflation. Yet, as anyone can see since April or so, this promise is not merely false, but cryptocurrencies fall far faster than inflation and actually loses value far faster than any fiat currency.
Another big promise was egalitarianism - making financial freedom and banking services available to all. Yet the distribution and control is highly unequal, and getting access requires technology, learning arcane user interfaces, and the security situation is worse than hiding cash in your mattress.
Bitcion will help us "break free of tyranny" - is that a joke? The core is an immutable ledger that can be used to track anyone's transactions back in all time down to the last Satoshi (currently at $0.000208, just over 200 to the US penny). Cash is way more anonymous. The control of all of these is in the hands of a bunch of quasi-associated anons and miners 'voting. Sure, it's more anarchic and we can't point fingers at specific people for specific actions, but that doesn't mean that it grants more freedom to anyone, and arguably less.
Sadly, after a decade and a half of development, the promise remains just that, a promise.
Maybe there is some bunch of honest coders who could make this work as promised.
But, when every effort is made to prove Premise-A, and they all fail, then at some point one must conclude that what has been proved is Premise-NOT-A. We may be at that point.