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It doesn't talk about technical features because it's about the macroeconomic features (unsurprisingly, as Varoufakis is an economist). He criticises it because
by ascorbic 6y ago
It doesn't talk about technical features because it's about the macroeconomic features (unsurprisingly, as Varoufakis is an economist). He criticises it because it removes the ability of central banks to sharply increase the money supply during a crisis. Whether or not you agree with his argument, it is quite specific in that respect.
- joosters 6y agoMoreover, this free-rider problem is made far, far worse by the fact that Bitcoin ownership is very unequally distributed, thus giving the Bitcoin-rich powerful incentives to restrain the growth of the money supply (since such restrictions would boost their private rents at the expense of the public interest). Take out the word 'bitcoin' from this, and all the points still stand. The super-rich tend to be the ones with power, and they are never motivated to change this. (Which is kind of a truism really, because if the super-rich & powerful were willing to be generous, they wouldn't be super-rich in the first place...)
- wmf 6y agoThe super-rich tend to be the ones with power, and they are never motivated to change this. And yet those social democratic countries exist.