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Bitcoin and BFT consensus primarily solve the principal-agent problem, and give us a better means to experiment. Personally, I don't think a deflationary globa
by david_shi 3y ago
Bitcoin and BFT consensus primarily solve the principal-agent problem, and give us a better means to experiment.
Personally, I don't think a deflationary global reserve currency is the precise answer, but I do believe that these experiments in monetary governance (like Ethereum's burn and mint model) will allow us to move closer to it.
- lottin 3y agoBitcoin has no governance mechanism for managing the money supply. If it was adopted as money, governments would have to implement some mechanism to manage the bitcoin supply, just like they did under the gold standard. Therefore it doesn't solve any principal-agent problem.