It marks a milestone for the once fringe industry, as it expands its power in Washington.
Archived version: https://archive.is/newest/https://www.bbc.com/news/articles/cd78lvd94zyo
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Fiat doesn’t need banks and whales, their existence in our economy is a choice rather than a necessity. Fiat can operate just as well with centralized postal banking and wealth taxes.
The usd has a huge dependence on other nations accepting it, and capital being injected by wealthy nations and people. It’s backed by military might and threats for not using it as a reserve currency to trade oil.
You’re describing the concept of currency in general, “it only has value because people act like it does” applies to crypto too.
Indeed. But only one can be printed by state actors who over millennia have proven to mismanage and fail.
As opposed to crypto, whose track record is barely over a decade old and filled to the brim with scams.
Scamming is done by humans, not digital currency. Scamming isn’t new.
Crypto is liked by scammers for the same reason it’s so valuable to everyone else, including nation states. It’s irreversible. It’s a mathematically perfect ledger objective of corruption and military might. It’s a source of truth in a very grey world.
Irreversability is a liability for a currency.
Irreversibility is what Bitcoin brought to the table. Prior to it, nothing else has ever had that capability. It’s literally the scientific breakthrough. It’s why it holds value.
If you can’t see that value, that’s one thing. But it is there.
It’s not a scientific breakthrough. I’ve been using distributed hash tables since the early oughts, assigning monetary value to it wasn’t innovation.
Bitcoin was never going to be what it was claimed to be because it isn’t designed for anonymity. The blockchain doesn’t forget, every transaction goes into a permanent ledger and can’t be reversed or cancelled. That makes it a liability.