Hear you, but having 3 kids, it was useful occasionally
Discussion
I get it. I use it too. Still a SCAM.
Agree. Like credit cards, and many other things, small few get a benefit to exploit by leveraging the system and the rest get screwed à la usury
It’s worth looking into the history of insurance. It definitely didn’t start out as a scam. It was a community project to make sure unforeseen black swans were manageable (the community knowing those events would be rare).
The Ascent of Money by Niall Ferguson has a more in depth take on it.
A lot of well intentioned ideas have gone awry over time.
Sounds very akin to people trusting banks to hold their gold knowing that a 'bank run' would be rare.
Counterparty risk is an inherent part of being human. We’ll never remove all of it and it’s not default evil.
It’s also fair to say that Scottish widows in the early 1800s didn’t have the option of using bitcoin.
Never said counter party risk was evil. We may never be completely rid of it.
I'm not a Scottish widow and I DO have the option of using bitcoin.
GN PV.