> Commerce on the Internet has come to rely almost exclusively on financial institutions serving as
trusted third parties to process electronic payments. While the system works well enough for
most transactions, it still suffers from the inherent weaknesses of the trust based model.
The bitcoin whitepaper unambiguously describes a system for deprecating "financial institutions." It doesn't mention the federal reserve only because it is not nation-specific.
Furthermore, of course, the genesis block contains the following text: 'The Times 03/Jan/2009 Chancellor on brink of second bailout for banks'
Agree in full. Perhaps "deprecating the federal reserve" was language too strong to describe the explicit goals of the bitcoin whitepaper.
I do still assert that an organism which succeeds in a mission to 'replicate a similar system of "cash" in a completely decentralized (in that, anyone* can participate) manner' will achieve the same. And that, for reasons directly attributable to the specific implementation, bitcoin does not achieve this.
> Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.
The bitcoin whitepaper unambiguously describes a system for deprecating "financial institutions." It doesn't mention the federal reserve only because it is not nation-specific.
Furthermore, of course, the genesis block contains the following text: 'The Times 03/Jan/2009 Chancellor on brink of second bailout for banks'