I'm trying to summarize in as few words as possible, what is the problem with centralized currencies? Writing an article about why decentralization is important. I would like a good problem summary to start.
I would say:
- Someone always has the ability to counterfeit
- Controlled by centralized authority who can change the rules as they see fit
- Centralized authority can print more money
- People can have their bank accounts frozen
Ideally a sentence or two to summarize. Maybe something like "Centralized currencies can always be cheated by someone and manipulated in a manner that most benefits those in control, to the extent of locking you out of your account or taking away your money if you do not behave in the manner those people would like. When the people control the currency, the people decide the rules that govern it and no one person can touch your money without your permission"?
Anything else I'm missing?
Thank you!
I wouldn't say that "Someone always has the ability to counterfeit" is a good argument when it comes to railing back against centralization, but it would make sense under certain other arguments. And while governmental bodies
can change the rules when they see fit, it is typically uncommon for them to do something like that in most countries throughout the world. A majority maintain similar laws for long periods of time with minor changes or amendments to existing laws.
Beyond that you have a pretty good basis for an argument though. Good job, to say the least.