Are farmers not in charge of essential duties? Are people working at electric plant, building houses, plumbing, manufacturing clothing, in charge of essential duties? How should they be paid? There shouldn't be a market price for that?
And who among us are performing non-essential duties? What does "essential duties" even mean? Should all so called essential duties be publicly funded? If so, by who? by the remaining of us who are providing non-essential duties?
I think any tools/means/platforms, no matter how well intentioned the designers are, if left ungoverned/anarchical, will be eventually taken over by malign actors.
As a software engineer I was curious about bitcoin in 2017, when price was around $15,000, so I bought $500 bitcoin through coinbase. I created a personal wallet and transferred half of the bitcoin to it.
Two big issues immediately stands out that made me believe that bitcoin has no future:
1. Long latency of transactions. I remember it took about 10 minutes for the purchase on coinbase to finish, and another 10 minutes to transfer half of the bitcoin to my personal wallet. This makes it impossible to use bitcoin as a currency. Imagine I go to a store and at check out, I need to wait for 10 minutes for the payment to go through.
2. High transaction cost. The transaction fee to transfer the bitcoin to my personal wallet cost around $15 (if I remember correctly), an astonishingly high fee.
I kept the bitcoin as a souvenir, and when this year price go crazy, I sold half of my bitcoins on coinbase when price was at $50K, to recoup what I spent on it in 2017; and still kept the half in my wallet, as a souvenir of what I believe to be the biggest ponzy scheme in human history.
And who among us are performing non-essential duties? What does "essential duties" even mean? Should all so called essential duties be publicly funded? If so, by who? by the remaining of us who are providing non-essential duties?