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I never could see a use for cryptocurrency outside of black/greymarket transactions. Now I can see one: a currency that a central bank can't create more of to

I never could see a use for cryptocurrency outside of black/greymarket transactions. Now I can see one: a currency that a central bank can't create more of to bail out someone else's incompetence and greed.

badrabbit 7y ago
Ok, then. I guess you also have a plan to avoid the second great depression? Lots of pain,death and suffering. The higher you climb, the harder you fall. Look at venezuela and imagine astronomically worse. They should perhaps consider taking criminal action against execs ,create better regulation and permanetly take away equity from these companies but why do people think it's a good idea to let th fail and watch the fire burn as if they won't burn everything you have down with them?
- AbrahamParangi 7y ago
  Rewards require risks. Take away the downside and you'll find you've also destroyed the upside. This is everywhere in life, not just in economics.
  - renewiltord 7y ago
    Yeah, but the causative link doesn't work the other way. Sometimes you can add more downside and get no more upside. My prediction? This stimulus package won't destroy the upside.
    - lostmsu 7y ago
      This prediction is unverifiable, as you don't know what would have happened in 2, 5, 10 years, if the bailout did not happen.
      - renewiltord 7y ago
        Ah ha, that's fair. But that is just as well a problem with the original assertion. So I suppose I'm happy to listen to the prediction as to which upsides are about to be destroyed and then perhaps pick a position opposite it that's verifiable.
  - bradknowles 7y ago
    No, just socialize all risks and privatize all profits. That’s the New American Way. All upside, no downside. But only for Wallstreet and big companies that can buy all the best politicians.
jakelazaroff 7y ago
Cryptocurrency doesn’t solve the problem that the stimulus purportedly does, though: giving emergency money to people who have suddenly lost most or all of their income. The problem with the stimulus isn’t the extra money itself — it’s that it’s not going to the people who need it.
- AbrahamParangi 7y ago
  $2T has already been deployed by the Fed to buy assets from banks and other financial institutions at prices that do not reflect their market value. Small businesses and average Americans have received and will receive so little in comparison that to say we're helping people in need is only correct if the people you're imagining are JP Dimon and friends.
cgb223 7y ago
Except a currency that has no oversight from something like a central bank is explicitly tailored to greedy actions like pump and dumps and other malicious trading moves that rely on others incompetence
avaer 7y ago
Interestingly enough, that is the use case spelled out in the very first Bitcoin block: > The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

badrabbit 7y ago

Ok, then. I guess you also have a plan to avoid the second great depression? Lots of pain,death and suffering. The higher you climb, the harder you fall. Look at venezuela and imagine astronomically worse. They should perhaps consider taking criminal action against execs ,create better regulation and permanetly take away equity from these companies but why do people think it's a good idea to let th fail and watch the fire burn as if they won't burn everything you have down with them?

AbrahamParangi 7y ago
Rewards require risks. Take away the downside and you'll find you've also destroyed the upside. This is everywhere in life, not just in economics.
- renewiltord 7y ago
  Yeah, but the causative link doesn't work the other way. Sometimes you can add more downside and get no more upside. My prediction? This stimulus package won't destroy the upside.
  - lostmsu 7y ago
    This prediction is unverifiable, as you don't know what would have happened in 2, 5, 10 years, if the bailout did not happen.
    - renewiltord 7y ago
      Ah ha, that's fair. But that is just as well a problem with the original assertion. So I suppose I'm happy to listen to the prediction as to which upsides are about to be destroyed and then perhaps pick a position opposite it that's verifiable.
- bradknowles 7y ago
  No, just socialize all risks and privatize all profits. That’s the New American Way. All upside, no downside. But only for Wallstreet and big companies that can buy all the best politicians.

jakelazaroff 7y ago

Cryptocurrency doesn’t solve the problem that the stimulus purportedly does, though: giving emergency money to people who have suddenly lost most or all of their income. The problem with the stimulus isn’t the extra money itself — it’s that it’s not going to the people who need it.

AbrahamParangi 7y ago
$2T has already been deployed by the Fed to buy assets from banks and other financial institutions at prices that do not reflect their market value. Small businesses and average Americans have received and will receive so little in comparison that to say we're helping people in need is only correct if the people you're imagining are JP Dimon and friends.

cgb223 7y ago

Except a currency that has no oversight from something like a central bank is explicitly tailored to greedy actions like pump and dumps and other malicious trading moves that rely on others incompetence

avaer 7y ago

Interestingly enough, that is the use case spelled out in the very first Bitcoin block: > The Times 03/Jan/2009 Chancellor on brink of second bailout for banks