On February 11, 2009, just over a month after the launch of the Bitcoin system, Satoshi Nakamoto posted a thread titled "Bitcoin open source implementation of P2P currency".
In his thread, Satoshi Nakamoto outlined the development of new open source P2P e-cash system: Bitcoin, and the rationale behind it such as the root problem of conventional currency: Trust.
This quote from his thread is never more relevant 14 years later:
"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible."
When you see what is happening today on a large scale in Lebanon or Nigeria with the banking system, and even in the West for some whom their banks unfairly censor, you understand that this trust problem must be solved.
This is where Bitcoin comes in. Bitcoin is a trustless and permissionless system. Bitcoin gives you a peaceful solution to the current system that is flawed and not fixable.
Rather than attacking the banks directly and risking being sued later, it is better to attack the banking system via Bitcoin.
In some countries, this is unfortunately no longer possible.
For those in the West who are aware of this problem, now is the time to act to take the power back from the hands of the State and these Banksters!
Buy Bitcoin, Hold your Keys, Save in Bitcoin, Live in Bitcoin, and you will remove the power from the Banksters.
It's a question of whether we even need to attack it.
Bitcoin being there as a "lifeboat" - an alternative to once this whole thing blows up - may be enough.
The existing financial system already is on a one-direction street that goes to ruin
In our current system, money creation and money destruction is mainly done through private banks. New money is created when these banks create credit, and through fractional-reserve banking they only keep a small fraction of deposits in reserves.
The financial system then becomes hopelessly intertwined - if too many borrowers default on their loans, the entire system will fail – even for customers who never agreed to have their deposits invested in risky schemes.
This intertwining creates terrible incentives through a severe disconnect between risk and reward for the financial sector.
The government becomes obliged to bail out banks once they get into trouble from risky lending, which drives banks to take even more risk knowing that their potential losses are capped, but their upside is not.
- an excerpt from the 2-minute version of An Honest Account of Fiat Money (2018) posted in https://www.2minutebitcoin.org/blog/an-honest-account-of-fiat-money-2018
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Let's separate money from the state!
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а потом у нас будет почти бесплатное электричество))) превосходно))) просто много майнеров будут отключатся от сети...по мере краха доллара.
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