Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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Other things that you apparently consider merits I see as flaws, possibly fatal. Like the impossibility of seizing stolen coins and returning them to their rightful owners, or correcting mistakes like sending coins to the wrong address. (Those who do not see that as a problem obviously never did any real accounting.) Or the dangerously misleading pretense of anonymity. Or the intentional inefficiency of mining. Or the impossibility of proving that you do NOT own an account. Or the fixed supply.
[snip]
Other things that you apparently consider merits I see as flaws, possibly fatal. Like the impossibility of seizing stolen coins and returning them to their rightful owners, or correcting mistakes like sending coins to the wrong address. (Those who do not see that as a problem obviously never did any real accounting.) Or the dangerously misleading pretense of anonymity. Or the intentional inefficiency of mining. Or the impossibility of proving that you do NOT own an account. Or the fixed supply.
[snip]
Fortunately for you, if these things bother you and you'd rather have a malleable money supply managed by unelected officials who can seize funds and reverse transactions at will: you are well served with the current monetary paradigm - be it Keynesian, monetarist or neocon - the differences are of cosmetic character, really.
Those of us with the (obviously wrong!) view that a monetary system should be predictable and not prone to manipulation by individuals have been longing for the chance to try out something like that. It will quite obviously fail, because centralized systems run by experts are naturally superior to decentralized systems run by no one but some people just need to convince themselves on their own, deferring to the wise opinions of experts is not enough for them. And who knows - if by some freak accident such a monetary system turns out to be better than what we have now, you will benefit as well
