this post was submitted on 20 May 2024
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Equivocating cryptocurrency, block chain tech, and bitcoin is disingenuous to say none of that exists like fairies or Santa Claus. It exists just as much as PGP or AES or the deficit does. It's dumb to think any of that is going to launch you to extreme wealth or solve everyone's problems, but it is a good way to try to prevent governments from using that currency issuance power in ways their citizens would prefer they did not.
Even if you don't agree with the politics it is a pretty interesting technology for consensus building between potentially adverse participants. Someone with experience maintaining open source repos could at least appreciate that aspect.
And instead it should be hedgefunds that have that power?
There is a need for currency and someone is going to have control over the value of that currency. At least with the government you can vote the bastards out.
Nobody has to have control of the production of money, it is especially bad when corrupt people have the power to generate it into their pockets. I know it is hard to understand how generating money for one's self is theft from everyone with money, but it is the case, you just have to try a bit harder to wrap your head around it.
Money needs to be backed by someone for it to hold value.
If there is no control of the production of money, then everyone can produce money, making it completely useless.
Yes, if everyone can produce as much of it as they want, then it would lose value. However, someone doesn't need to back something for it to have value. The most common currency in all of history was seashells. Nobody backed the seashells. Gold has had value for a long time and still does. Nobody backs gold. The reason these things had/have value is for a number of reasons, but possibly the most important reason is what you said, that nobody can just produce as much of if as they want. This is also a fundamental reason why Bitcoin has been steadily increasing in value, nobody can produce as much of it as they want. This is a major flaw that is inherent in fiat currencies(usd, euro, lira..), they can be produced as much as somebody(governments, counterfeiters) wants.
This is very simplistic, there are other reasons that various things are good ways to hold value. Divisibility and transportability are two big ones, both which Bitcoin excels at.