What are the most important properties/goals of Bitcoin, in your view? I am genuinely interested in your view.
The attitude on this forum towards Bitcoin literally boggles my mind, at most maybe 5% truly understand it.
The attitude on this forum towards Bitcoin literally boggles my mind, at most maybe 5% truly understand it.
Each of these turns out to be a net-negative in my view:
- fixed supply means that people are incentivized to hold bitcoin instead of spending/investing
- algorithmic transactions mean that there is no way to reverse a mistaken transaction or a fraud; it also means that losing the key to your wallet is irreversible destruction of the money contained in that wallet
- pseudonimity means that it is very hard to track money laundering and other illegal financial schemes
- lack of centralized control enforces all of the others and makes it impossible to prop up the currency based on the current needs of the economy
I also understand the distrust of fractional-reserve banking and most complicated financial manipulations, and I wouldn't deny in any way that these have been misused very often at the benefit of the rich and powerful. But, at least with the current system, citizens have some amount of democratic control over their financial system, which they wouldn't in a pure Bitcoin world.