“Why Bitcoin?” Is the question a lot of people ask themselves when researching the cryptocurrency markets. Why is everyone always focused on Bitcoin while there are so many other technologies available? It’s because true decentralization made bitcoin so much more valuable, it’s not even a competition.
Fraud by bankers
When Bitcoin was founded by Satoshi Nakamoto, it was a response to the 2008 financial crisis. More bankers loaning money to people who couldn’t pay their debts needed to be bailed out by the fiat Ponzi. Just lend filthy amounts of money (700 billion). If the economy goes tits up, the taxpayer can simply be debased by printing more money saving the bankers on Wall Street.
When corona happened, even more money was printed. Not because there was widespread fraud by bankers but because the government decided the economy had to be locked down. Just print more money and make my job of mining fiat money way less effective. I won’t notice, prices will gradually rise, homes more unaffordable.
To paraphrase Michael Saylor, the CEO of MicroStrategy: “Well meaning physicians bled George Washington to death (40 percent of his total blood volume), dying to a throat infection“. Was taking blood from the legendary character a smart idea? No, it did nothing to help his condition. In fact: probably the opposite. The government printing does the same thing and when the money supply expands rapidly, our economy dies.
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