Anyone who thinks money supply should be only 1 authority’s centralized control
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That's stupidity. What you talk about IS value and it is conveyed through price.
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If bitcoin is 0% supply growth+tech, That would require governments to continuously *contract* the money supply to be on par
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Holding Bitcoin takes an insane amount of responsibility. Most people would rather a bank manage that. Only crazy assholes like us want to hold our own keys.
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Yes but holding Bitcoin at a bank is still holding Bitcoin. This guy was proposing we hold state fiat that’s pegged to bitcoin instead
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Also, once bitcoin stops deflating so rapidly, people will want a way to loan out their bits for an interest rate. I don't wanna search for/screen debtors and then try to collect when they dont pay. Banks are already set up to manage that. Custodian accounts have many benefits.
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I think some Banks will survive + have new Bitcoin banks. Argument was whether we need “Central” banks
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World has existed without central banks before, so that seems like a possible scenario. If they choose to adapt with a peg, they would have to do a series of major devaluations. There will always be people who want to sidestep the banks completely. But not everyone.
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Obviously if they no longer have a monopoly on money their role changes. What my contention is, is that central banks, facing a hyperbitcoinization crisis, can choose to value stabilize in unison versus bitcoin, curbing its deflationary properties to what is handable.
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