Comment by strangattractor
8 days ago
Handing someone a $1 is irreversible if they won't give it back. All transactions are anonymous and private when using a physical dollar. Crypto has the primary advantage of allowing you to launder money by converting the "Coin" in criminal friendly countries to a fiat currency (dollars) that actually buys stuff. Especially useful when hackers hold your data ransom. Usually what people mean by not like "traditional banking system" is unregulated/lawless.
People who don't like traditional banking system just want a system where they have more money. If they actually wanted to fix fairness etc creating a new system is not a way, you can make the old system fairer like you can make a new unfair one
The old system is a centralized one where there is one entity in charge which gets to set the level of fairness, unless you mean the meta-system whereby anyone can create a new system where they will be the dictator.
Nobody ever addresses the money laundering issue or wash trading that goes on that gives Bitcoin the illusion of liquidity.
>".... one entity in charge which gets to set the level of fairness"
Exactly what is unfair about the current system? The way we insure fairness is with laws and regulation. A system without those will suffer - well - lawlessness.
How is it centralized? The vast majority of dollars only exist as bits in computers in multiple banks all over the world. Doesn't get more distributed than that. Not only that - if you don't like dollars trade it for Euro's or Yen - you can pay your rent, mortgage and buy things with them also.
Other benefits of the current system. If someone steals my credit card I'm only on the hook for $50. My transactions are confirmed in a matter seconds pretty much anywhere in the world. I AutoPay many of my bills. If I set up automatic payments with Bitcoin I wouldn't be able to sleep at night.
There are problems that Bitcoin could help solve - it just isn't replacing currencies. I see a technology in search of a problem.
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