The fact that Bitcoin goes backwards with regards to monetary policy is a feature, not a bug, according to its proponents. It seems that most people who are Bitcoin advocates do not have a very good knowledge of financial history. There is this belief that back in the day when we had currency that was backed by, or composed of, precious metals that we never had any financial problems. They believe that all our financial woes are a new thing, and that by moving back to an older monetary policy things would be better.
This is just typical âoenever wasâ syndrome. You see it from various people for all kinds of things: they look back to a glorious past where everything was better, in other words a past that never was. You frequently see this in relation to crime, schools, and social things like that, this is just the financial version.
Then of course there are people who the lack of regulation is a bonus for because theyâ(TM)re criminals, con artists, and things like that. A currency with no government regulation, no tracking, and no way to reverse transactions is an absolute boon for those that wish to rip others off. So they quite like Bitcoin as it is.
People who actually like new monetary policy? Well weâ(TM)ve all avoided using Bitcoin because we recognized it for the problem it is. So donâ(TM)t expect to see any changes. The problems with it that you quite rightly see his major flaws, the proponents see is a good things.