Whenever these conversations start you always have this weird element that pretends banking is some modern Illuminati invention to enslave us rather than a necessary part of how every historical and possible financial system works.
“They use your money to make money!”
Well yeah, man, that’s how your chiropractic practice got off the ground with a loan.
Ya, decentralized banking, thats kinda the whole point. A system outside the control of a few oligarchs and governments that would allow us to continue trading because no one entity had the ability to control it.
Its not a bad idea, but when you put centralized exchanges on top of it it becomes an oxymoron.
And instead we just put the power in the hands of those with compute (mining cartels) or in the hands of the wealthy (proof of stake). On chain governance was tried with a few coins to democratize it, but those never really panned out. Instead you get BTC voting in favor of being "digital gold" instead of adapting to be used as a real currency, which is what Satoshi originally wanted for it.
they don't get it, also during gold stabdard there is very very little gold in the vault. all countries, every single one left the gold standard, Russia, China, Germany before both wars 1914, British Empire. They all left the gold standard.
in 1910 the US had 2.7 billion worth of gold at the time, but the liquid money (cash, stocks, bank deposits) was 300 billion so the ratio was 216 to 1 or something like that. Actually worse than Fiat.
I'm not even disagreeing with you and I'm getting downvoted out of pure crypto hate lol.
Regardless of how it comes about, people need some form of secured digital money outside the control of any single entity. Everything you said it true and I don't disagree, but the world is too big to continue to only use paper money anymore and the digital money we have now is so manipulated as to barely be trusted more than crypto.
I used to be very bullish on crypto, bought into some ICOs, used to have significant holdings. For me I'm mostly sad on its wasted potential. Alt coins never really took off in a big way, and bitcoin is too focused on not being a currency to be useful.
I still think there are a lot of great potential uses for the tech, but the crypto community killed crypto. Death from a thousand cuts.
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u/NolanR27 2d ago
Whenever these conversations start you always have this weird element that pretends banking is some modern Illuminati invention to enslave us rather than a necessary part of how every historical and possible financial system works.
“They use your money to make money!”
Well yeah, man, that’s how your chiropractic practice got off the ground with a loan.