Bitcoin was invented to fix the problems caused by fractional reserves and essentially be similar to gold in that it has a fixed supply and has inherent value. The main problem with this is that Satoshi Nakamoto (the inventor of Bitcoin) did not realize that without changing human nature, creating digital gold would not change the selection pressures of currency which made the dollar move from being backed by gold to the dollar not being backed by gold.
Because the incentive structure of humanity hasn't been changed, cryptocurrency as a whole is following the pattern of money itself: fixed supply (bitcoin) to fractional reserve and derivatives (Ethereum and everything built on top of that.)
We left gold for a reason. We are leaving bitcoin for the same reason: human greed. People don't want a fixed supply currency in analogue form, thus they don't want fixed supply currency in digital form.
I am genuinely impressed by the quality of content available here. Everything is structured in a way that’s easy to follow. SpeechFind delivers consistent value and helps users quickly find what they need without wasting time or effort online.
ReplyDelete
ReplyDeleteThis platform offers a great mix of useful information and a pleasant browsing experience. The layout is easy to follow, and figbat ensures that readers can quickly find what they are looking for without any hassle or confusion.
This platform offers excellent content that is both informative and engaging. The website is easy to navigate and well-designed. AboveThink sits perfectly at the center of creativity and knowledge, making it a valuable resource for anyone looking to learn more.
ReplyDelete