In these times of economical headwinds where inflation roars where our money loses its value and the economy seems to be heading to recession, let’s remember why bitcoin was created. The printing of money we saw in recent years, the flaws in our monetary system are being exposed in these times clearly.
It was Satoshi that wrote:
“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.”
The waves of credit bubbles is what get us rekt in our economy every time again.
Our trust based system is exactly the reason for it’s failure. People cannot be trusted. Unfortunately. People will do things for their own advantage driven by greed. Maybe it’s human nature we cannot prevent. That’s why a trustless system that takes the human factor out of our monetary system is so crucial.
We are now again faced with the results of human control of an economical and monetary global network and structure that will fail every once and a while. Are we finally waking up to the reality of that?