/biz/ - Business & Finance

Have you fags actually read the original whitepaper for Bitcoin?

Bitcoin (and crypto generally) exists to solve one, and ONLY one, very specific problem: the need to trust a central bank.

Sounds like it makes sense at first, but when you think about it for a second, it doesn't make ANY sense.

Who are central banks a problem for except /g/entoomen autists and /pol/tards? NOBODY.

Anti-central-bankers are the flat-earthers of economics.

>b-but what about
Yes, ok. I understand that one or two central banks at specific points made a dumb decision, but overall, central banks work and are trusted by EVERYONE.

It's about context. There's no problem with central banking UNLESS (maybe when) an economy is collapsing due to hyperinflation, and alternate currencies are needed. It's ONLY in that very specific scenario that something like Bitcoin solves a problem.

And in fact central banks have been responsible for FIXING almost all cases of hyperinflation (such as German hyperinflation).

Managing the supply of money is literally their job, and they are very good at it. Just take a look at how well Canada's central bank has performed since it adopted inflation targeting in 1991 (and compare it to BTC volatility): https://blogs.imf.org/2016/11/01/strengthening-canadas-economic-toolkit-improving-the-inflation-targeting-framework/

TL;DR: nobody needs crypto because the system works and if you think otherwise you are a tin-foil-hat techno-utopian retard