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I hate to be a "told you so" person, but since 2010 I've been saying bitcoin is just a typical libertarian pipe dream. Yes I missed out on a large financial bub
by gitfan86 4y ago
I hate to be a "told you so" person, but since 2010 I've been saying bitcoin is just a typical libertarian pipe dream. Yes I missed out on a large financial bubble, but I also made $0 on beanie babies, and that is fine.
But my main point is that people see a problem with the government and jump to the conclusion that we should just get rid of the whole institution without understanding the history of that institution. So bitcoin decided to get rid of govt control of money, which is just like a small town getting rid of their property taxes. It sounds great and works great until a bridge unexpectedly collapses and you have no way to pay for a new one, or until someone finds a bug in your defi code and borrows all your crypto for 1000 years at a zero interest rate.
- netheril96 4y agoNone of the things you mention are directly related to Bitcoin. Bitcoin has no bridges or DeFi. Only the blockchains with smart contracts (e.g. Ethereum) can have those.
- tekknik 4y agoBut it will need all of those things to be more useful than the current system. People don’t mail cash to buy products anymore. People transfer cash to exchanges and are safe from attacks like this. Bitcoin and other crypto must provide the same functionality or it will not gain traction.