Another one bites the dust

That makes no sense for uncollateralized debt/debentures/loans/payables. No matter what a contract states if I entered into the contract under false pretenses and I do not have the means to pay for it then no blockchain backed network is gonna protect you as my counterparty. Most in North America depend on credit. That means only a tiny minority can afford to put money up in escrow, whether traditional or via smart contract.

You are now mixing up concepts. The financial system in the end DID NOT fail because there was a lender of last resort, someone to bail out the system. You don't have this here with cryptos. All depend on the faith and trust of the participants, the current runs on deposits show how fast this trust can evaporate.

FreeGoldRush said:
Elimination of counter party risk. You and I can now enter into a contract and I am mathematically guaranteed to receive what is stated in the contract. In the current financial system you have to be concerned that your counterparty is solvent. If Lehman fails then you will not get paid even though your options contract says you should be. In many cases we use 3rd party intermediaries to try and eliminate this risk but it only works until all things correlate. In 2008 correlations basically went to 1 and the current financial system failed. 100%. The only solution was to print money to ensure contracts did not fail.
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trade4succes said:
That constrained supply is actually the biggest problem, to hold the value stable supply should be actively managed.
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That is certainly a popular argument promoted by central banks that can print money. I just disagree. That solution has enabled central banks and governments to transfer a massive amounts of wealth away from savers.
 
trade4succes said:
And bitcoin can be copied as well
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The algorithm can be copied. Bitcoin can not be copied. The dollar can be copied too but people won't accept the copy. Same with Bitcoin. It's easy enough to download the software and run it with a new seed but no one will want your new copy.
 
FreeGoldRush said:
That is certainly a popular argument promoted by central banks that can print money. I just disagree. That solution has enabled central banks and governments to transfer a massive amounts of wealth away from savers.
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Is savers getting infinitely rich any better? It is a lost case for BTCbulls buddy
 
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