I hope you're right about the last part, but I'm skeptical. The thing that bothers me is this: bitcoin was invented to replace fiat, but as it currently stands, it's completely dependent on it!
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I hope you're right about the last part, but I'm skeptical. The thing that bothers me is this: bitcoin was invented to replace fiat, but as it currently stands, it's completely dependent on it!
May I add that I've walked along the path of advocating decentralised crypto running alongside fiat.
You could say the same about many new technologies. The internet was invented to communicate over long distances and replace things like phone lines, but in the beginning was completely reliant on the infrastructure developed by the phone companies. Eventually they built their own infrastructure and the phone companies started using it themselves.
You left out the fact that the same phone/media companies now own the infrastructure that everyone else is using. If bitcoin goes the same way as the internet, it will be a complete disaster as the same large corporations/banks will become the dominant players.
For the crypto experiment to succeed, bitcoin has to displace the fiat system while simultaneously remaining completely decentralized.
Every other path leads back to the fiat overlords.
Very true. Let's hope we can learn from mistakes of the past!