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People may also not like bitcoin because they want a democratic say in the design and operation of their currency. Bitcoin has economic features built into it t
by Frondo 11y ago
People may also not like bitcoin because they want a democratic say in the design and operation of their currency. Bitcoin has economic features built into it that its users simply have no democratic redress to change, even if they wanted to. Power should be to the people, not some guy who likes deflation and baked that in years ago.
- yc1010 11y agoYes because the average person has power over the central banks Anyways it is sad being down-voted in technical forum by people who should better than most understand that bitcoin despite its faults is still a damned good online payment method especially when compared to existing alternatives. It does everything the OP i replied to wants. Anyways fuck this place, people use their votes as a way to not encourage conversation but as a punishment tool.
- Frondo 11y agoI get to vote on the people who appoint the fed chief every so often. There is no mechanism, even theoretical, to put that democratic power in the hands of the citizen user of bitcoin. Edit: Wow you changed your comment a lot in the edit!
- yc1010 11y agoGood, bitcoin is not going to replace central banks, what it is a great online payment system not a replacement for world banking. Some of us have no issues trusting cold hard maths, cryptography and computer science behind bitcoin which give so much certainty and such clearly defined rules for how the system works. As compared to some central bankers who have no issues with whole countries going down the drain (Greece) due to their policies which often change based on politics. There sure as hell is no chance that trillions of bitcoins will suddenly appear out of thin air Fed style.
- mcv 11y agoI don't think it's true that you can't change how bitcoin works. I'm no expert, but as I understand it, if more than half the network agrees with you, you can change it. I think the main problem with bitcoin is that it doesn't scale, because every transaction has to be approved by the entire network. More payments and a bigger network means the number of validations goes up quadratically.
- Frondo 11y ago"change half the network" doesn't meet any definition of democratic access to power that I am familiar with. People don't need to do a turn on a garbage collection route to vote on how their municipal garbage service is run.
- maxtheman 11y agoThe federal reserve system was designed to be resilient against the democratic whims of the people; any minuscule control you have over the management of the US Dollar is a bug, not a feature.
- Frondo 11y agoIt is responsive to democratic actions even if it isn't directly under the peoples control. Bitcoin, your average citizen has no recourse, period.