"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. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve." - Satoshi Nakamoto
I don't know about the author but I have a feeling that the track record of central banks isn't exactly stellar, and I'd much rather trust a decentralised system with zero ability for sustained debasement than trust a small centralised group of people who have time and time again abused that trust.
- 1721 Mississippi bubble (https://en.wikipedia.org/wiki/Mississippi_Company)
- 1813-1836 Second Bank of the United States (https://en.wikipedia.org/wiki/Second_Bank_of_the_United_Stat...)
- 1933 FDR gold confiscation (https://en.wikipedia.org/wiki/Executive_Order_6102)
- 1939 UK gold confiscation under guise of national security (https://en.wikipedia.org/wiki/Operation_Fish)
- 1971 unilateral termination of gold convertibility (https://en.wikipedia.org/wiki/Nixon_shock)
- 2008-present ECB/Fed/BoJ/BoE/global QE (https://en.wikipedia.org/wiki/Quantitative_easing)
I don't know about the author but I have a feeling that the track record of central banks isn't exactly stellar, and I'd much rather trust a decentralised system with zero ability for sustained debasement than trust a small centralised group of people who have time and time again abused that trust.