So, the abandonment of the gold standard and the corrupt banking system creating debt-slaves for profit and hyperinflation whilst always being bailed out themselves with zero accountability is what led me to crypto. Satoshi Nakamoto saw how fiat was abused and created bitcoin as a sound monetary system: peer-to-peer, permissionless, decentralized, scarce, secure and so on.
The reason it’s flourished is that others recognize it as sound money in terms or store of value. It cannot be hyperinflated to absurdity or abused the way fiat has and still is, it cannot be controlled if and when the user has access to it.
When countries talk about creating their own ‘digital dollar’ (or whatever) I don’t really understand their logic. Also, isn’t the dollar *already* (primarily) digital?
Anyone know the reasoning behind countries’ plans to create ‘their own’ digital currency? Do they not get why people flock to sound crypto projects? Sure, some newbies flock to centralized VC backed crap projects in hope of casino-gains but after enough rug pulls they’ll get it too. Do countries think people will not understand there wouldn’t be any difference between a ‘digital dollar’ and today’s digital money?
Am I missing something?