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Comment by bachback | Hacker News Reader

Bitcoin does not require "identity management". That is why it works. Ripple/Stellar requires explicit trust - money gets created through obligations. That is also how the fiat money system works. In Bitcoin there is no central authority making press releases.

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>Ripple/Stellar requires explicit trust - money gets created through obligations.

Trust is the original currency and was the basis for the very first monies ever invented; monies based on trust are much more empowering than "hard" currencies which always have the effect of disproportionately empowering those who already have money.

>That is also how the fiat money system works.

The difference is that now, for the first time in history, you get control over your obligations, not banks. BTW your bias is showing.

Exactly the opposite. Soft money through breaches of trust are the problems that Bitcoin solve. That is why Ripple/Stellar is particularly absurd, because we have now solved the problem and these systems don't integrate that knowledge. Ripple Inc printed money for themselves - they reserved 80% of the initial distribution, and changed the money supply (which is why Jed left AFAIK). In the cryptocurrency community nobody takes these projects too seriously. Look at the forums, they are empty, and the feedback on the main forums have always been very negative - for good reasons.

> Bitcoin does not require "identity management".

This is a patently false statement.

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