Quote from: beerlover on October 26, 2024, 05:42:55 PM

This is so important and yet missed by so many people. He didn't do it to beat banks, or central banks neither, eh did it because he believed a decentralized currency would be a better way to use a currency, so he didn't do it to destroy anything, he did it to improve something.

So by logic, if banks started to use crypto, he would probably be happy. If someone takes a computer part, and makes it better, does that mean they hate computers? It probably means they love computers, and make it better, this is why it's not hatred that caused the creation of bitcoin, it was love. He realized money was something we all use everyday, so it would make sense to make it a better one and that is how bitcoin came up as something better.

So you're saying Satoshi would be happy if centralized entities take control of Bitcoin? Satoshi had a libertarian mindset. I seriouly doubt he wanted BTC to live alongside banks (Fiat) for the forseeable future. It was created as a response against banks' mismanagement of the economy (financial crisis of 2008). Otherwise, he would've refrained from launching Bitcoin to the public and let Fiat continue to grow as usual. Why would he create BTC when the traditional banking system was perfect?

In the early days, people used to rely on Bitcoin as a currency for day-to-day payments. But once exchanges started trading it, their mindset changed. Now most people want to buy and hold BTC for profits. They don't even bother to learn how it works or what is its purpose. They just want to get rich quick.

Bitcoin is now considered a store of value like Gold. And in the real world, Gold can't replace Fiat. If people started to value things in BTC (standard unit of account) instead of Fiat, things would've been different. I guess Satoshi's vision of decentralizing the economy is a long and distant dream. As long as centralized exchanges and institutional investment companies dominate the market, don't expect Bitcoin to go anywhere soon. It will rise in price, but it will remain an alternative currency forever. Sad