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But even in a world of only Bitcoin and no way to make alternate coins, all kinds of bad things are still possible, as there is no mechanism to prevent people f

by lxgr 2y ago

But even in a world of only Bitcoin and no way to make alternate coins, all kinds of bad things are still possible, as there is no mechanism to prevent people from starting fractional reserve banking all over. The only way to prevent that is to somehow completely eliminate all trust from all economic activity. Without trust, breach of trust becomes trivially impossible.

tomrod 2y ago
Of course. My comment doesn't claim it doesn't. My only point was that BTC has limited supply. In almost all other ways, crypto is not great.
- troupo 2y ago
  BTC being limited isn't great either. Because it only stimulates saving up.
  - tomrod 2y ago
    Honest feedback request: how can I be more explicit when noting a fact without connotation or judgment?
    - troupo 2y ago
      You were explicit. "I'm most other ways crypto isn't that great". Were "other ways" is in juxtaposition to "being limited". But being limited isn't great either
      - tomrod 2y ago
        Much obliged.
monero-xmr 2y ago
If you removed the word “bitcoin” and just created a hypothetical word like “currency X” and focused on its pros and cons, then you could abstractly identify why it would be good or bad. Transfer speed - X would need to be fast. Difficulty to counterfeit - X would need to be fraud proof. How easy it is to custody - X would need to be easy to store with minimal cost. Inflation - X would need a predictable inflation rate and immune to politics. If you judge dollars, gold, and bitcoin by such a measure, I would argue Bitcoin holds up well