30 ms·
Central banks only "control" money in the sense that they have been granted the exclusive monopoly by the state to provide banks with it (and so on). The state
by mjburgess 4y ago
Central banks only "control" money in the sense that they have been granted the exclusive monopoly by the state to provide banks with it (and so on).
The state has not taken any view, yet, on who should have such a monopoly on crypto; but they can. Defacto monopolies exist in the form of the two mining companies.
This is all extrinsic to crypto.
Likewise, literally printing paper money is "decentralised". There's nothing about the present technology of "fiat" money any more or less "decentralised".
What you're talking about is how the state grants monopolies. And, as far as that's concerned, crypto will not fair well in that regard -- not at all!
- olalonde 4y agoI see you've reduced your position from "Bitcoin is a scam" to "Bitcoin has some potential vulnerabilities". The 51% attack vulnerability is a well-known risk. It was described in Satoshi Nakamoto's white paper. In practice, it is highly unlikely due to many reasons which I won't elaborate here but I there's a lot of material about it online. As long as there is more than one government, no one government can take control over Bitcoin. They can possibly outlaw its use within their own borders (with difficulty).