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There are a billion people living under authoritarianism who are stuck with an increasingly devalued Yuan and steadily losing the ability to obtain other curren
by drak0n1c 8y ago
There are a billion people living under authoritarianism who are stuck with an increasingly devalued Yuan and steadily losing the ability to obtain other currencies.
Is that not also a problem that can result in humanitarian disaster? It certainly has before. I don’t think we should be comfortable with blanket bans just because they are accompanied by government greenwashing PR.
- flatfilefan 8y agoWhy would a devaluing Yuan be bad for working class Chinese? What are they buying that’s getting disproportionately more expensive? We assume you call devaluation lower FX to dollar, don’t you? Because dollar is also subject to inflation obviously.
- deleted 8y ago[deleted]
- once_inc 8y agoBread. Look at the Arab spring. All countries that revolted did so in a period when the price of bread exploded. That price explosion was caused by financial mismanagement of the leaders of the country. The dollar has lost 98% of its purchasing power over the past 100 years, and in recent years has been watered down enormously with QE. That money had to go somewhere, which is why stocks and corporate debt is currently at record highs. QE isn't possible in Bitcoin, and the coin itself is deflationary to 0 in about 2140.