its less efficient because decentralized things are less efficient by design. they sacrifice efficiency for the authoritiless nature. That is the goal - to remove authority from money. Money should just exist and have rules and thats it. That's what cryptocurrencies are.
to me, its that even if what is happening is that some new ruling class is being established, the difference is that the new ruling class won't be able to fundamentally change the rules anymore. Currently our monetary system is managed by rooms of Very Smart People that can change things at a whim and the cracks are starting to show.
but yeah, things are interesting though.... there is a recent upswell of proof of stake, which is just central banking all over again. So the new system might end up looking the same as the old system if these PoS coins become more common. The difference is though is that bitcoin is unstoppable. Like, its price could be 40k, its price could be 400k. The protocol will still work. The old system has no choice but to adapt or whatever.
but it does have to do with the dollar bills. The discussion centers on the technology as a currency and money. I think these things have bee separated in our general understanding of things, but in bitcoin they are melded into one. You control the outputs on the blockchain. The dollar bills on the blockchain. Sure, if you deposit your bitcoin at an exchange then yeah, you will get different bitcoin back, but the discussion isn't about that. It's about how the blockchain system works. And the way it works is that when you use bitcoin, and you own bitcoin, you do sorta ask for the same dollar bills back that you deposited. You don't really "deposit" them on the blockchain, but you kinda do. You deposit proof of ownership of a unit of account. Bitcoin calls it an output, a monero dev has coined the term e-note (or adopted the term i dunno) to try and better describe what it is.
maybe you know all this i dunno. if you do, slap me around a bit. if you don't, i hope this makes sense.
to me, its that even if what is happening is that some new ruling class is being established, the difference is that the new ruling class won't be able to fundamentally change the rules anymore. Currently our monetary system is managed by rooms of Very Smart People that can change things at a whim and the cracks are starting to show.
but yeah, things are interesting though.... there is a recent upswell of proof of stake, which is just central banking all over again. So the new system might end up looking the same as the old system if these PoS coins become more common. The difference is though is that bitcoin is unstoppable. Like, its price could be 40k, its price could be 400k. The protocol will still work. The old system has no choice but to adapt or whatever.