It’s not necessarily deflationary, forks mint new coins from nothing and bequeath current holders with new assets.
Miners can agree to change implementation details, or even history (see etc vs eth).
It can be controlled by groups far more insidious than the fed (like geo-political enemies) in proof of work scenarios. Proof of stake scenarios don’t look much different than the Fed (private bank owned by constituent financial institutions with oversight from the federal government). So there’s not really a step ahead there.
There is a big difference between using code to manage and move money and using to actually be money.
Code has two properties that make it wholly unsuitable to be money, first is it’s written be humans and we always make mistakes and second technology changes so quickly and abruptly that it’s bordering on insanity to believe that this is a good idea.
It’s 68 trillion times worse than the trend in the 80s to build centrally controlled stereo systems in homes with tape decks and am/fm. radios. At least in the house it’s just one nice to have element and you can just ignore it in that one house, it’s not like you have an entire economy running on it…
It’s not necessarily deflationary, forks mint new coins from nothing and bequeath current holders with new assets.
Miners can agree to change implementation details, or even history (see etc vs eth).
It can be controlled by groups far more insidious than the fed (like geo-political enemies) in proof of work scenarios. Proof of stake scenarios don’t look much different than the Fed (private bank owned by constituent financial institutions with oversight from the federal government). So there’s not really a step ahead there.
There is a big difference between using code to manage and move money and using to actually be money.
Code has two properties that make it wholly unsuitable to be money, first is it’s written be humans and we always make mistakes and second technology changes so quickly and abruptly that it’s bordering on insanity to believe that this is a good idea.
It’s 68 trillion times worse than the trend in the 80s to build centrally controlled stereo systems in homes with tape decks and am/fm. radios. At least in the house it’s just one nice to have element and you can just ignore it in that one house, it’s not like you have an entire economy running on it…