My Actifit Report Card: September 14 2018
The main properties of the system, Satoshi said, would be that the electronic transactions would be peer-to-peer and would not need to be sent to a financial institution. The system was designed to be completely de-centralised, meaning that the users of the currency would not need to repose their trust in a central authority, such as traditional central banks. In another post in early 2009, Satoshi said that everything in the newly-built system is based on crypto proof instead of trust.
Satoshi also expressed dissatisfaction that central banks and banks have repeatedly breached the trust of the people who deposit money with them by lending the money in credit bubbles while keeping very little as a reserve. “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust,” Satoshi wrote.
10k ... awesome
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