Despite the establishment's ongoing efforts to FUD 'average joes' around the world out of cryptocurrencies and create such negative sentiment that no patriotic-minded citizen should even 'want' to decentralize their wealth away from government (by bank proxy) control, we noted in surprise the frankness of The New York Fed's economists last week, when they admitted...
If we lived in a dystopian world without trust, bitcoin might dominate existing payment methods. But in this world, where people do tend to trust financial institutions to handle payments and central banks to maintain the value of money it seems unlikely that bitcoin could ever be as convenient as existing payment means.
Which begged the question: what happens when the "trust" dies?
The answer, of course, is the very existence of cryptos: to create a world in which not one network is reliant on "trust" and the presence of a master node.