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Comment by psychlops | Hacker News Reader

Funny timing about articles like this after the past few weeks have put on display the flaws of the current system. The war on alternatives currencies is surfacing in multiple ways, not simply the mysterious shutdown of Signature bank. Everyone will be chained into the current system until eventually sinks.

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The past few weeks have also demonstrated the benefits of the existing system.

Excessive risk taking is a human phenomenon. Sometimes that results in a bank failure. Sometimes that results in a stablecoin failure.

With the existing system, we have various backstops in place to ensure the return of bank deposits that people assume are safe.

If you believe selective political bailouts are a benefit, then you are in an excellent system.

> Excessive risk taking is a human phenomenon.

This is the exact trait that you do not want in your leveraged banker.

If you want to own Bitcoin, great.

But a currency you can't print would make the current problems worse.

A "currency" with a fixed supply would make inflation worse than a FIAT "currency" for which 40% of the entire supply was printed in 2 years?

A "currency" with no physical representation, that physically cannot spread infectious pathogens (like COVID) the same way physical paper notes and coins do is worse than paper notes and coins for public health?

A "currency" with wide open and auditable transaction records is worse for combatting government corruption than briefcases full of paper notes with no auditability at all?

If you want to own FIAT, fine, but don't pretend BTC is automatically the root of all evil.

It would make them worse in the short term, perhaps. But if you were engineering a system from the ground up? Bad design choice IMO. Too easy to drive into the ground a la Zimbabwe.

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