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> Honestly, cryptocurrencies are useless. It's always strange when people are overly specific. Is it private money that will never find any use anymore, or is
by xorcist 8y ago
> Honestly, cryptocurrencies are useless.
It's always strange when people are overly specific.
Is it private money that will never find any use anymore, or is it just that they can never be digital?
The first is not an unreasonable opinion to have, given modern history and the relative success of fiscal policy (at least in the latter half of the 20th century), the second I find harder to justify.
> Would you rather trust a human legal system
The real world is far from that clear cut. Users of other private currencies, such as eGold, might be tempted to disagree. Hacks (in any and every sense) of those systems were even more devastating.
If you only ever consider every currency an alternative to the dollar, and limit yourself to that use case, you might as well ask yourself why any other currency exist at all.
- creeble 8y agoI do think he contradicts that sentence in the following one: > ...and criminals who want a black-market way to exchange money. So not "useless" but of questionable value. But I believe bitcoin will probably never go away for this reason alone.
- stale2002 8y agoOne mans "criminal" is another's political activist living under a dictatorship. I'd argue that a majority of the world's population currently live under what could be described as an authoritarian regime.
- extra88 8y agoThere will probably never be an economy or society that exists without a black market but that doesn't mean aiding such markets is a feature, not a bug.
- sparkie 8y agoIt's a feature. The black market economy is part of the overall economy, and at least a double digit percentage of it. Elimination of black markets means a massive overall economic loss for a country. No government wants to completely eliminate all black markets. They just want to control them enough that they're taking their slice of the pie, and prevent certain markets which involve things like violent crimes which have bigger societal effects. "Crime" without victims is wasting law enforcement resources. Tax money should be spent fighting real problems and not the virtual problems made up to have a perceived moral high ground. Government over-regulation, or over-enforcement of regulation leads to economic stagnation and has the opposite intention of pushing people towards black-markets. It's a delicate balance.
- stale2002 8y agoWell it depends on the black market. It might not be a feature in your opinion, but other people disagree, and do believe it to be a feature. There are literally billions of people in the world that currently live in what I'd describe as an authoritarian dictatorship. So yes, I support black markets in these areas.