story
(The many other crypto coins since then are mostly BS freud.)
Whether or not it was the point of Bitcoin from the start, "removing the middlemen" is bullshit because you still need exchanges, wallet providers, people running nodes, etc. Cryptocurrency in practice just transfers power from traditional middlemen to new technically-advantaged middlemen.
you don't need exchanges or wallet providers, or any other intermediary, to exchange Bitcoin -- those add layers of convenience (conversion, storage), but they do _not_ strengthen the web of trust and do not provide the same function as intermediary banks and clearing houses do
yes, you do need people running nodes, but they're not intermediate layers, and you can run a node yourself to benefit from the system (though in practice it's no longer profitable due to bitcoin farms)
There is a case for banks that hold your hand as if you are 90yo and there must be a case for banking where I know what I do and I take responsibility for my actions.
If i send my coins to the wrong address its on me. But if I want to send 10k to someone - no one should ask me to wait 3 days, to do 100 verifications if I am not being forced or scammed.
I'd want that protection for my mom, sure.
But I want to remove all that crap for me. I don't have time and energy for it
It clearly demonstrates that people do not have the capacity to make critical judgments and have to be somewhat protected from themselves.
That's als what regulations are for.
A lever of power is never removed unless the act itself can no longer be performed. All you can do is take someone's hand off the lever and hope that whoever grabs it next is better than the last hand that had it.
I find it very unlikely that wresting power away from government—which at least has some level of citizen participation—will end up with it in better hands. The most likely scenario is that some billionaire will end up owning it.
