Society has had multiple stores of value, as none is perfectly secure. Gold, oil, dollars, real estate, (some) bonds & equities. Crypto is the first that’s decentralized and digital and on a open network not governed by any centralized entity which is powerful bc the world needs a international reserve currency
> I don't want to rely on a currency which is managed and beholden to an unelected cartel of corporations.
Great, don't think we have any currencies that are run by a cartel of corporations (yet), although Facebook's currency was probably gonna end up being that.
For cryptocurrencies, they are usually run by "miners" who can be anyone, not just corporations. You can run your own miner, or your own node, hence they are called decentralized. This feature does not exist in our current centralized currencies, and is one of the main selling point of cryptocurrencies.
> I prefer representative government by elected officials.
That is great that you feel that you are represented correctly in your government, I am really happy for you. For many other people in the world though, that does not exist or if it does, doesn't work out in practice and people don't feel represented. You don't have to look very far to discover which countries I'm referring to.
For people living in these countries, where they don't trust the central bank (like many don't trust the central bank in the US to have people's best interest at heart), cryptocurrencies offer a way out of the system without going off-grid and leaving the option of having things to trade with, without going back to a goods barter ecosystem.
For all the talk of Bitcoin being decentralized there are a dozen people or so that could destroy the whole system if they so chose to. Overtly or covertly.
Despite my feelings about governments specific actions, and the bank system, not even the President or the Fed or Congress could do that as quickly with the dollar.... although sometimes you would think they are trying.
> there are a dozen people or so that could destroy the whole system if they so chose to. Overtly or covertly
How so? According to https://www.blockchain.com/charts/pools, it would be no easy feat to start controlling more than half of the current network. Even if some of the pools got together. And if you launch such an attack, it would be easy to notice what's going on.
But if you do have some idea on how the network could be overtaken by a "dozen people or so", please do tell as you have some unique insight.
> there are a dozen people or so that could destroy the whole system if they so chose to
there's powerful people that can destroy industries and countries, so that point is moot. there's no much point in debating wether there's someone with the power to drop a nuke, or the economic equivalent, on your head.
