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Where does this end? No central bank and all dollars are backed by bitcoin?
by gigatexal 2y ago
Where does this end? No central bank and all dollars are backed by bitcoin?
- bediger4000 2y agoI personally think this is all very poorly thought out. There are weird superstitions around the Federal Reserve. Separate from that, "bankers" in general, and "international bankers" in particular have inherited all the medieval anti-Jewish prejudice. Then there's the modern finance system that occasionally dumps unsavory customers, like Alex Jones. This leads to a desire for a currency that exists outside of banks and bankers, where you can sell dietary supplements and scam people without having your account seized. Unfortunately for those folks, Bitcoin is a weak vessel, and cannot, in reality, meet all the requirements. It takes tons of compute to create a Bitcoin, much less to process a transaction 'on the block chain'. It's not as anonymous as claimed, either, and should it be a currency, it's deflationary. Not all the implications of this are accounted for in the common knowledge about Bitcoin.