Why People Trust Satoshi Nakamoto Over the Federal Reserve?

Brothersav

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Quote from: crestella on April 18, 2018, 03:36:41 PM

Why People Trust Satoshi Nakamoto. On April 9, the NYSE chief stated that crypto trade is an area they can not ignore, and declares that people trust the mysterious creator Bitcoin, Satoshi Nakamoto, more than they trust the Federal Reserve (or 'The Fed'), the largest economic central bank in world. In this article, we answer the question, 'why do some people trust the unknown behind the leading digital currency over the US central bank?'

Bitcoin is a public ledger for starters. Every transaction is listed on the blockchain. It's transparent. As for the fed, well let's be honest they keep making money out of thin air, everything is top secret- it's all to keep the public in the dark. I trust blockchain technology rather than the creator.

DariaBriklaiz

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Satoshi Nakamoto create resticted amount of bitcoins, when Federal Reserve can print such amount of dollars as they want. But Federal Reserve can be Satoshi Grin

Schirer

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i agree with above statements, the essence is in trustless system.
Which completely different in case of USD or fiat when trust is completely needed and not only trust but faith in the system because noone can see how the system actually works, it is just a promise that there is enough reserves , gold etc.

khendjer

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The system is originally made to work in the untrustworthy environment where the one can't trust another but can trust only to all the decentralized network in general.
The only thing one must trust is Bitcoin network related source code which is open and can be reviewed by anyone.

butka

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Bitcoin is a trustless system. It is designed from the very beginning by Satoshi Nakamoto to be that way.
What it means is that you DON'T have to trust anyone anymore with your money! No federal reserve, no government, you don't even have to trust Satoshi himself (or themselves).
In my humble opinion, that's the pure genius of Satoshi Nakamoto.
When I first learned about Bitcoin, do you know what my first thought was?
After the initial thrill was over, I realized that Sotoshi designed this system so that it can work on its own without the need to trust anyone. That's achievement for a Nobel prize in economics. Really, not just one, several Nobel prizes at the same time!

crestella

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Why People Trust Satoshi Nakamoto. On April 9, the NYSE chief stated that crypto trade is an area they can not ignore, and declares that people trust the mysterious creator Bitcoin, Satoshi Nakamoto, more than they trust the Federal Reserve (or 'The Fed'), the largest economic central bank in world. In this article, we answer the question, 'why do some people trust the unknown behind the leading digital currency over the US central bank?'

Topic: Why People Trust Satoshi Nakamoto Over the Federal Reserve? (Read 60 times)