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> In the end money is just a commodity, same as bread, so we should let the market decide which currency to use, without any monopolies, state-owned or other.
by betterunix2 9y ago
> In the end money is just a commodity, same as bread, so we should let the market decide which currency to use, without any monopolies, state-owned or other.
Is there some reason to believe that markets can exist without government intervention of some kind? At a minimum someone needs to ensure that the participants in the market are not killing each other. Even in prison economies there are de facto "governments" (inmates with power in the prison hierarchy) that keep the "market" orderly and decide the rules.
In the absence of government, trade tends to be limited to occasional encounters between groups of people and too infrequent for any kind of market to form as an emergent phenomenon. In the absence of government, an encounter between strangers can quickly turn into a deadly fight, and an offer to trade may just as easily be a pretext for killing someone to steal their possessions. Markets can only exist when the worst outcome of a bad deal is getting swindled.
- nrhk 9y agoWith decentralized systems, the goal is to be in a state where participating outweighs the benefits of usurping. Where it makes more sense to play the game correctly. The system creates trust. Whether we can achieve this goal through cryptography and game theory remains to be seen.