/biz/ - Business & Finance

At 1:01 in the episode
https://www.youtube.com/watch?v=-RZgq0mtD18

compares ethereum to bankers with an agenda

Why are tokens wrapping bitcoin into their chains?
It's the same process that got us into this mess.

In an attempt to make gold have more monetary velocity, it was decided a gold backed currency would be made.
Eventually the need to increase velocity outpaced the supply of gold they could keep in the vaults.
So they made the reserve requirements lower.
Those reserve requirements for gold went to 0% in 1971.
The fiat reserve requirements went to 0% 2 weeks ago.
https://www.federalreserve.gov/monetarypolicy/reservereq.htm

This simply means a gold backed economy doesn't work when a foundation or conglomerate of private investors is calling the shots from from behind another asset in which the economy interacts with.

This trend is starting to show up in crypto and it's being accepted by greedy retards here because history repeats itself.
but... code is law! and decentralized! that hasn't been the case for ETH since 2016.

I know I know you people think you are smart.
You will say "bitcoin is slow" or you misunderstood the mechanics and blame the system.
The system is working as intended.

It must remain in this balance, and only accept really good code that doesn't upset this balance.
This is why developments take so long on bitcoin.
The result is that we don't regress into calling all exchanges to halt trading.
We don't regress to using SJW tactics to win over dumb money.
We don't manipulate our distribution supply, or lock up coins, or switch mining algorithms, or give throughput controls over to miners.

All that shit upsets the balance.
If you actually study this stuff you will start to see it.
That's why the meme is,
you start with bitcoin, look into shitcoins, and come back to bitcoin.
Only a bitcoin contract wrapped into the bitcoin chain can be trusted, everything else you need to judge the institution and ETH's developers, structure, and philosophy has failed all character assessments

>>18333703
Ethereum was always the same shit different flavor