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I have been saying this since 2010. BTC is typical libertarian overreaction to government incompetence/corruption. The bailouts and lack of consequences for the

I have been saying this since 2010. BTC is typical libertarian overreaction to government incompetence/corruption. The bailouts and lack of consequences for the financial sector in 2008 are infuriating, but getting rid of the government involvement in the financial sector isn't a realistic solution. It would be like finding out that the fire chief in your town was filling up his car with gas that was supposed to only be for the fire trucks, and then deciding to totally get rid of the fire department. Yes, you end the corruption, but the next time there is a fire a whole block of homes burns down. A decentralized trustless currency or store of value means that a minor typo OR a hack could cost you everything. And adding layers of protection on top of that makes the underlying layer completely pointless. If every exchange is going to stop any transactions involving my wallets the minute they decide I'm "suspicious" why not just leave my money in cash or gold or in a bank account?

panarky 4y ago
It's not about eliminating government, it's about building an alternative that some people can use voluntarily if they wish, while others who want to keep the government system are free to do that at the same time. It would be like a town where the government fire department was corrupt and stealing from the town's treasury, so some people move outside the city limits and set up their own volunteer fire department. Maybe it doesn't work as well. Maybe there are fires the volunteers aren't prepared for. Maybe some government firefighters start fires in the unincorporated area to make townsfolk afraid to leave and join the rebel group. But at least the volunteers aren't stealing from the treasury any more.