4 ms·

Actually this crisis is exactly why we don't need that separation. We need a government that can actually respond to crisis. And even if we truly needed a new

Actually this crisis is exactly why we don't need that separation. We need a government that can actually respond to crisis. And even if we truly needed a new monetary system, crypto is just not the answer. Crypto has always and will always be useless as a currency and even as a store of value. Blockchains sound amazing to some but they are useless in the real world. It's been 12 years, every single use case, speculation aside, has been tried and failed miserably. The ship has sailed

phyalow 7y ago
I agree with your points, however its worth pointing out the dollar is also a bad store of value too!
- gumby 7y ago
  But a good signalling and liquidity mechanism, and the very nature you decry (poor store of value) is an incentive to invest in productive assets.
- JamesBarney 7y ago
  Bit coin is a terrible store of value compared to the dollar. Say I have a bank account with $10,000 in it, that buys me approximately 3 months of living expenses. But if instead I had a bitcoin it would be 3 months expenses, no wait a year's worth, nevermind actually week of expenses.
chrisco255 7y ago
Your assessment is outdated. You have not been following what has been going on in ETH. There's trustless banks running on collateralized stable coins, paying interest, there's decentralized real estate trusts paying out income on rent producing real estate on a daily basis, thanks to rollups and zksnarks, decentralized exchanges are processing transactions at more than 2000 per second, car loans are being funded and backed by liens all recorded on the ETH blockchain, I mean I can go on and on but ultimately you need to catch up on a very fast moving industry. The government can respond to a crisis without printing money. It's called fiscal responsibility. This money printing is going to cause a deep depression and a crash in the monetary system. It's no joke what's going on right now. And when you're reeling and looking around for someone to blame...look no further than the Fed.
- jki275 7y ago
  You are claiming mostly things people claim eth is going to do someday. Most of those will never happen, at least not on eth. The primary use case for eth was scamcoin ICOs in 2017. No amount of twitter posturing by people trying to pretend it’s useful for more than that changes anything.

phyalow 7y ago

I agree with your points, however its worth pointing out the dollar is also a bad store of value too!

gumby 7y ago
But a good signalling and liquidity mechanism, and the very nature you decry (poor store of value) is an incentive to invest in productive assets.
JamesBarney 7y ago
Bit coin is a terrible store of value compared to the dollar. Say I have a bank account with $10,000 in it, that buys me approximately 3 months of living expenses. But if instead I had a bitcoin it would be 3 months expenses, no wait a year's worth, nevermind actually week of expenses.

chrisco255 7y ago

Your assessment is outdated. You have not been following what has been going on in ETH. There's trustless banks running on collateralized stable coins, paying interest, there's decentralized real estate trusts paying out income on rent producing real estate on a daily basis, thanks to rollups and zksnarks, decentralized exchanges are processing transactions at more than 2000 per second, car loans are being funded and backed by liens all recorded on the ETH blockchain, I mean I can go on and on but ultimately you need to catch up on a very fast moving industry. The government can respond to a crisis without printing money. It's called fiscal responsibility. This money printing is going to cause a deep depression and a crash in the monetary system. It's no joke what's going on right now. And when you're reeling and looking around for someone to blame...look no further than the Fed.

jki275 7y ago
You are claiming mostly things people claim eth is going to do someday. Most of those will never happen, at least not on eth. The primary use case for eth was scamcoin ICOs in 2017. No amount of twitter posturing by people trying to pretend it’s useful for more than that changes anything.