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July 01, 2018, 08:10:51 AM |
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One of the fundamental reasons why we have intermediaries running our money system is the necessity to rely on the institutions to maintain the ledgers and process transactions. Only someone reliable and trusted can be responsible for keeping the ledger in the right order top event mismanagement and fraud. However, while trusting these institutions to run the system, we also give them the privilege to create money in a way which is not always the most transparent and beneficial for the community. The technological dependence, a necessity to have a trusted third party, entails a socio economic dependence.
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