Quote from: avikz on November 27, 2019, 04:21:35 AM

Quote from: HammadAli on November 26, 2019, 06:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

What Adam is saying is technically correct! However, we need to look at the reality! The benefit of bitcoin is actually its biggest enemy to gain adoption. If bitcoin were not pseudo anonymous and easily trackable, governments around the world would have adopted it into the mainstream economy! Governments are protesting the inclusion only because they know that, its beyond their reach to control bitcoin!

So Adam is right technically, but the reality is somewhat different!

This reality which you are taking about will change one day. No one wants governments to take control of the financial system and no one want to pay heavy taxes. Governments cannot forever control this system and if people decide to use bitcoins and keep their saving in bitcoins (and not in banks), the banking sector will fail. Its just a matter of time when people will know the benefits of bitcoin and will use it in their day to day transactions.