Comment by throwaway290
7 days ago
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.
If you don't think the government is corrupt, I don't know what to tell you. You can keep on using your "fair" government currency (which the government prints by the hundred billion and gives to its billionaire friends) for everything, I'll be over here wishing for alternatives to Bitcoin.
Do you even hold significant government currency, or do you only hold the layer-2 bank currency, and stocks?
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