Remarkl
Aug 23, 2021

As cryptocurrencies like Bitcoin are not issued by any central authority, it makes them immune to government interference or manipulation, promising a future where the state could have no power over the world of money.

Like, say, the USA before 1912. A bank note was money created by a bank. No government involvement at all. If the bank could deliver gold on demand, it could issue money, not because the government said so, but because borrowers' payees would accept the bank's notes as money. Crypto is old (and obsolete) monetary technology in a new record-keeping and transportation wrapper. The wrapper is innovative, albeit wastefully precise - "trust and insure" is actually a better strategy than "be damn sure" - but it is not a new take on money at all.

Remarkl
Remarkl

Written by Remarkl

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