This system started in Sumeria about 3500 years ago when cuneiform writing was invented.
Yes, governments can and do make stupid decisions that erode the value of currencies, but they make stupid decisions that erode the value of all assets. To correct that problem, citizens need to change governments (as happened in Argentina with Javier Milei).
That said, if you believe bitcoin offers a perfectly unbreakable, incorruptible replacement, please explain how it is perfectly created to have NO vulnerabilities (e.g., a 51% attack).
I have never heard anyone claim that the bitcoin system is so perfect.
I feel like the information is there for all, and some people simply don’t get it, for whatever reason.
A generational issue with people who were born prior to 1975 is just my best guess.
Perhaps your securities background is part of the issue. Bitcoin is not a security in any sense, and is not recognized as such by any regulator in the world. In fact, US regulation lags far behind most of the developed world because we’ve let the SEC run roughshod over the industry, who continue to get their butts whooped in Court (with a final buttkicking from Trump not too far behind).
I guess I’m just tired of this conversation, of Freepers sounding like DUers and people stuck in a time warp when there’s so much information out there that will explain the “intrinsic value”, and more importantly, the UTILITY of bitcoin, to where there’s nothing I could possibly say that would convince you if you really have done a deep dive.
There are hoards of information that could go into detail about 51% attacks, and how they were a threat in the early days of bitcoin, which was why Satoshi and early champions like Adam Back (who I believe are the same person) were against attracting unwarranted attention e.g. facilitating Wikileaks transactions.
But all of the information will be somewhat dated.
Do you know why?
The energy and hardware requirements to even pull off a 51% attack considering the network’s current size is so monumentally and impossibly large, and the gains so weak and small, that it’s simply not a threat any longer.
Anyways, bitcoin is a peaceful and voluntary system. It’s now the 9th largest asset in the world and will probably overtake silver next year.
But if don’t get it, you don’t get it. Best of luck otherwise.