Looking at the development of Bitcoin it is clear the potential to facilitate a means to have a global decentralised exchange system, it what looks to be a legitimate competitor to the current financial system. With any new system there can be improvements observed from previous systems, here is an outline of how Bitcoin is repeating the mistakes of previous financial systems (non of this is financial advice and isn’t necessarily based on economics, it’s about changing the world into an equal place, there is no ‘more equal’ as this is a flawed process, it is aiming for the ideal which is equality, where the return that people get for their efforts is based on what they put in and add to society, all actions get an equal return, they is no nepotistic tendencies or systemic inequality allowed. The overall ideal would pertain to Meritocracy; with equal access.
We are already witnessing the leveraging of Bitcoin exchanges using debt as a construct to provide alternate markets. Whilst there is no issue with the ability to provide a means to trade currencies, these should not be allowed to include systems which provide a means to increase a yield through leverage.
The traditional banking system is a great institution, it holds and distributes wealth securely and when they trade in currencies backed by actual assets they are fair and work to the benefit of the communities they serve. This has been degraded by the use of debt to enable consumption, there is an unlimited means to print more money and solved Governments funding problems. It is also ruined social mechanisms aiding mobility in society because all people would have access to the same level of monetary potential. Currently the government are wholly dependent on the leveraged debt world, at the other end of the same spectrum there is urban deprivation in the developed world and this in part is caused by allowing people to live in a debt leveraged economy.
Bitcoin should be something you own rather than servicing. Decentralised Autonomy is a means to create a fairer world for all.