Ben Dyson from Positive Money has recently wrote a critical piece on Bitcoin’s “3 Fatal Design Flaws” for a panel debate at the O2 in London.
In brief, the appeal of Bitcoin’s promising technology cannot be overstated. First, it takes advantage of some sophisticated, state-of-the-art cryptographic coding to put a cap on the amount that could be created. Think of if like gold, which is a finite resource on this planet.
In fact, only 21 million bitcoins could be ever created and Dyson emphasized that there is “no human decision maker who can influence that.” This is the crux of the concept behind Bitcoin as this prevents any central authority or otherwise who can abuse, control or co-opt this money creation mechanism.
Why is this important? Well, given the recent waves of money printing, which has been euphemistically given the acronym of QE (quantative easing) to prevent any immediate questions from the general public, this becomes clear.