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I personally have no issue with someone wanting "apolitical currency" but it seems silly to chastise (not saying you're doing that here, seems closer to dancing
by jsgo 8y ago
I personally have no issue with someone wanting "apolitical currency" but it seems silly to chastise (not saying you're doing that here, seems closer to dancing close to that line but not going over) people for preferring the status quo. Why? If someone robs the bank that holds my money, it is insured and it is recovered. If a Mt. Gox happens with crypto, anything I have in it is gone. Also, there's some comfort in a stable currency (perhaps in the long run this would be achievable by a crypto-based currency but in its current iteration, I don't feel that to be true).
So grand scheme of things, yeah, there's pros and cons to both. Personally, I'd prefer the vast majority of my currency to be state-backed vs the alternative.
Regardless, I think the whole mining thing is consuming resources for consumption's sake so if the various coins that must be mined falter to the point that that behavior goes away, I'd be fine with this.
- leppr 8y agoThe problem is that people adopting Bitcoin activates at least two defensive behavior triggers in other people (1. devaluation of the fiat currencies they are holding, 2. jealousy towards early adopters getting rich for doing nothing). As such, there are few people that are really neutral on cryptocurrencies and you get the kind of scam talk we see in this thread as popular consensus.
- hannasanarion 8y agoIn me it triggers loss aversion: I don't want to put my money in a uninsured security that could be stolen or lost at any moment with no recourse.
- hndamien 8y agoIs the cash in your wallet insured? If stolen do you have recourse? Now you might tell me you have no cash for this very reason. That’s fair, but probably similar to the amount of money you should allocate.
- hannasanarion 8y agoCan the cash in my wallet be stolen by a script kiddie in China if my security measures aren't exactly perfect? Does it fluctuate in value up to 10% every day?
- nradov 8y agoYes my homeowner's insurance policy covers theft outside my home (although the amount of cash in my wallet is usually less than the annual deductible). If it's stolen and I can identify the thief then I do have recourse through the civil courts.
- jsgo 8y agoPersonally, I don’t carry cash on me. The only time I use it (kid’s lunches, lottery tickets for office pool (I refuse to be left behind in the unlikely event they win, otherwise wouldn’t play), and spur of the moment things requiring cash/check), I either withdraw right before needing or the night before. I also don’t do checks, really. I’ve been able to get by with card for the vast majority of things, so it works for me.