Post
Topic
Board Bitcoin Discussion
Re: Goodbye, privacy, goodbye, it was nice while it lasted.
by
Poker Player
on 03/04/2022, 05:10:08 UTC
Honestly, what sounds more like 'the Bitcoin satoshi envisioned'?
This (somewhat what is happening often nowadays - 'coin' because I speak of cryptocurrencies in general)
  • Coin bought in centralized exchanges
  • They are stored on the exchange for easy and quick selling
  • Coins used as mere object for speculation
  • 'Staked' on exchanges to 'generate profit'
  • Nobody mines at home
  • Nobody runs a node
  • Software clients are closed-source
  • Coins are tainted and only 'legal coins' accepted

Or this?
  • Coins are acquired by mining at home
  • Stored offline in open-source and / or DIY devices
  • Coins are used for paying and being paid
  • Miner generates profit
  • Everyone runs their own full node
  • Software and hardware is open-source
  • Coins are fungible and everyone accepts all UTXOs

Obviously, the latter sounds more like what Satoshi said, but in many cases an invention ends up being different in several ways from the original idea of its creator.

Today we have reached the current number of users and the current price among other things because of centralized exchanges, demand from companies and government regulations. How many people would use Bitcoin today if it were banned worldwide? And what would the price be? I think it would have a much smaller number of users and a much lower price.

If Bitcoin were used exclusively P2P, it would be a thing of a few cyberpunks, and events like, for example, legalization as a currency in El Salvador, would not have happened.