Harvard paper to central banks: Buy Bitcoin! | Crypto Craft

  • Harvard paper to central banks: Buy Bitcoin!

    From politico.com

    Bitcoin was invented to circumvent the world’s central banks, so the idea that those banks would start buying Bitcoin in bulk ranks somewhere from counterintuitive to far-fetched. But after Western governments froze Russia’s foreign exchange reserves early this year, speculation mounted that some central banks would acquire cryptocurrency as a form of insurance against financial blockades from the U.S. and its allies. In the months since, it has remained little more than speculation. But the idea has remained a fixation among Bitcoin investors, who tend not to support U.S. foreign policy objectives, and who view ... (full story)

Comment Options
Goat
Nov 23, 2022 12:04am
Permalink
Quote
Bitcoin was invented to circumvent the world’s central banks...
Satoshi wrote a lot, but he never, EVER, talked about circumventing central banks. Moon bois will point to one of the few times Satoshi even mentioned central banks...

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

The problem with this quote is that a) it's taken out of context. Satoshi was making a larger point about trust adding cost to transactions, and took a quick jab at the track record of central banks, and b) it shows no animosity toward central banks. It's just a statement of history.

If Satoshi wanted to circumvent something, there would be at least several pages of his writings dedicated to the subject. In this case, there isn't. The idea that bitcoin was intended to live outside the financial system is disinformation in the face of easily-accessible fact. It's those who popularized bitcoin, not its inventor, who idealized the financial revolution that is now imploding before our eyes.
Reply
  • Story Stats