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by artfulhippo
1666 days ago
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I get what you mean, but I do see a difference between scaling strategies. Imagine if Facebook adopted multi-layer scaling, like Bitcoin and Ethereum are doing. Students and alumni of elite universities would have access to Facebook Layer 1, but non-elites would be stuck on Layer 2. Does that sound awesome to you? To be more charitable to Bitcoin and Ethereum, they are attempting to be global internet protocols, not companies. From the get go, Bitcoin supporters like Hal Finney envisioned "Bitcoin Banks" that provided access to the Bitcoin blockchain to the masses who can't afford to use it directly, much like ISPs connect non-institutional users to the internet. |
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So we replace a (in-theory democratically accountable) central bank with a cabal of banks?
How is this better? This is like replacing the Federal reserve with the agreements of LIBOR traders.