> So you don't like governments being able to have fiscal tools in times of crisis like now.
Absolutely not, State's have never been able to be fiscally responsible and almost always scheme to devalue the currency for personal largess since at least the days of Rome.
What's worse is the US had a strong mistrust of not just Government in general, Washington's farewell speech is amazing, but Jefferson acutely understood that it could revert itself back to the despotism that they overthrew if a Central Bank model was set in place. He was right. In every iteration of the US' Central Bank (there have been 3) results in a massive devaluing of the currency the current USD has lost over 98% of its pre-1913 value; one could argue the script issued by the 13 colonies under the Articles of Confederation had the same flaws, making consolidation after the Constitutional Convention inevitable and ensuring that the union would have to share a common currency so many colonies engaged in reckless behaviour (again in the hands of local Governments).
So, no, based on 1000s years of History I'd say Government, large or small, cannot be trusted with currency due Man's inherit self-interest and ability to be corrupted.
> Yes the USD is mainly digital, I have been telling people this who ask about digital money since Bitcoin made it popular.
Ok. But then you say something like that and I have no idea how to respond it as your earlier comment suggests you think its not. Again, cognitive dissonance.
> Sorry, forgot about the exchanges, you are right, they make a ton of money by allowing wash trades.
Ok.
> The fundamental reason public block chain will never gain mass adoption is because it fails to meet society's expectations for a financial system.
Hence the paradigm shift part of my argument, People's expectations of a financial system is such that they see Bankers get bailed for reckless behaviour, collusion, corruption abound and they still operate that way because they have access to unlimited Central Bank issued money because 'too big to fail' narratives that makes us afraid of some scenario that has already happened: fiat currency has proven itself incapable of fulfilling this role.
I think you're suggesting most Society cannot comprehend or accept a World in which the entrenched Rich simply get richer by whatever means necessary, and the rest are left to fight for what's left. Not only do I entirely disagree with that premise, I'd say that kind of slave modeled behaviour system ensures another bloody revolution, which is partly why I got involved in Bitcoin in the first place as I want to avoid it all possible costs.
Look at my posts about Mars colonization, do you really think we can do that if we haven't figured this Monetary system out already? What you're advocating cannot scale to the need of a multi-planetary economy, Bitcoin might not be perfect but it has the potential to do that and there have been proposals to put nodes on Martian rovers, full nodes in LEO to pilot-test how that would work. BlockStream currently has a satellites they lease in orbit to help update nodes throughout the World with limited coverage and a low cost receiver setup for terrestrial use. That's the kind of People that are involved in Bitcoin's development.
Where as the financial system you are talking about doesn't even work on weekends, and closes and halts all tx on holidays or delays them if made after hours. Not to mention all the surveillance and confiscation for anyone the State deems unworthy of being able participate in its exclusionary system. This is such an archaic model, that only barely worked in the best case scenario and its precisely because they do not understand the very model they are coaxed into. They may feel ripped off, but don't truly understand the mechanics of how/why as an understanding, especially on Financial matters, its obfuscated it a litany of over-complications and jargon so confusing that no one would bother to try if not forced to do so--I was part of this contingent at one point, too. By contrast try to listen to Cristene Lagarde, or Ben Beranake, that's who you have trust in? Let alone the CCP and their travesty of a system to oppress, imprison and steal People's organs who they deem as traitors to the party.
> The FED is preferable to Bitcoin. Private block chain to public. Hyperledger may be the best platform out there.
I was at IBM and held Blockchain Developer and Consultant status; I can assure you it cannot for reasons I won't explain here.
> Please spare me your version of history.
Sure.