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Old 2nd July 2020, 02:47 AM   #614
Roger Ramjets
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Join Date: Jun 2008
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Originally Posted by Dr.Sid View Post
Bitcoin was meant as way to break free of speculation ?
That's not what I said. But the destabilization of fiat currencies caused by speculation was one of the things Bitcoin was supposed to be free of.

Bitcoin was invented in response to the 2008 finance crisis, which was largely caused by speculation in US housing markets. The inventor apparently naively thought that a highly deflationary 'currency' that governments can't control would not be seized upon by those same speculators. Or perhaps he knew exactly what he was doing, and had figured out a way to get rich by attracting them.

Quote:
How was that supposed to work ?
Good question. If 'Satoshi Nakamoto' was a typical libertarian anarchist type then he may simply have misunderstood the nature of his creation. Perhaps - despite the rhetoric about needing to counter the 'debasement' of fiat currencies by governments 'printing money' - he didn't think it would actually take off. Perhaps he mined those 1 million Bitcoins just to give the blockchain something to work with, not thinking about how their 'value' would increase if people actually started using it. I bet he understands now though, because he just 'printed' himself a fortune!
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