Cryptocurrency crash is happening

Originally posted by timbuckley ↑

Once upon a time, people used to get paid in cash. In a pay packet every week. Then electronic banking systems in the late 80's and 90's allowed businesses to have salaries transferred directly to workers and suppliers bank accounts. This change allowed the banks access to billions of $$$. whereas in the past, only tax was removed from the wages and the workers took their pay packets home and spent their money directly with cash and only the extra "savings" was placed in the bank. Now, every cent is placed in the banks for every transaction we do. Every transaction. And we are charged for this "service" with all sorts of fees. This has caused the financial bodies that have our money to believe this money is for their use and they see no problem in charging for all transactions we make in the day to day spending of our money.
This is the biggest scam in modern history.
Now along comes some tech heads that think of a way to transact between two parties without the use of banks and all of a sudden the gov's, banks, financial bodies are trying to stop this from gaining headway and disrupting the cash cow that is our current financial system. Stating that the banks etc are safe and on our side and trustworthy etc is absolute garbage when they fleece billions every year off all users. We have NO choice,in their use. Try telling your boss you want to get paid in cash and have no transactions between him and a bank where your pay is concerned and see how far you get.
I hope Bitcoin and all, any other cryptos destroy the banking system as it stands. Banks used to take people's savings and issue loans to credit worthy people that showed a history of saving. That's all. Now they are involved in total control of where and how we spend our money and don't like to let us have it. Try to go into a bank and ask for $10k cash of your own money. We are now being treated as criminals for paying in cash, holding cash or asking for cash. WHAT A SCAM. And people are worried about Bitcoin ripping them off. ROFLMFAO.

Expand

Tim, imagine if FIAT and all traditional currencies were replaced by Bitcoin (whereby there would be no more than 21 million Bitcoin on issue):

1. Can you explain how a factory who wants to expand production can do that without having enough Bitcoin in the bank? Can it borrow Bitcoin or participate in an ICO (which contradicts the tennents of Bitcoin i.e. not to inflate)?

2. If this factory can borrow Bitcoin that calls for the issue of new Bitcoin beyond the 21 million limit, does that mean all Bitcoin holders need to vote on it (this is how decentralisation works, right)?

3. How does Bitcoin handle external financial and economic shocks in which expansionary economic or monetary policy is required to avert massive job losses? Is this another vote by Bitcoin holders to increase the 21 million limit?

Remember, a vote to increase the limit, dilutes the wealth of holders. How do you reconcile the self-interest of holders with the needs of the wider economy and society in a world of decentralisation?

Rest easy Tim, these are rhetorical questions because there are no easy answers to these. Bitcoin is too inflexible for these scenarios.