| > I don't want to rely on a currency which is managed and beholden to an unelected cartel of corporations. Great, don't think we have any currencies that are run by a cartel of corporations (yet), although Facebook's currency was probably gonna end up being that. For cryptocurrencies, they are usually run by "miners" who can be anyone, not just corporations. You can run your own miner, or your own node, hence they are called decentralized. This feature does not exist in our current centralized currencies, and is one of the main selling point of cryptocurrencies. > I prefer representative government by elected officials. That is great that you feel that you are represented correctly in your government, I am really happy for you. For many other people in the world though, that does not exist or if it does, doesn't work out in practice and people don't feel represented. You don't have to look very far to discover which countries I'm referring to. For people living in these countries, where they don't trust the central bank (like many don't trust the central bank in the US to have people's best interest at heart), cryptocurrencies offer a way out of the system without going off-grid and leaving the option of having things to trade with, without going back to a goods barter ecosystem. |
For all the talk of Bitcoin being decentralized there are a dozen people or so that could destroy the whole system if they so chose to. Overtly or covertly.
Despite my feelings about governments specific actions, and the bank system, not even the President or the Fed or Congress could do that as quickly with the dollar.... although sometimes you would think they are trying.