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Then your view(s) is solely fixed on those who benefit from this exclusionary Monetary System, go ask people who don't have access to bank accounts or are undoc

Then your view(s) is solely fixed on those who benefit from this exclusionary Monetary System, go ask people who don't have access to bank accounts or are undocumented how horribly they are treated and marginalized then come back and see what is and isn't a ponzi scheme. See how many people are unfairly targeted by the State(s) with policies like Operation Chokepoint in the US, though similar laws exists in other places as well, while at the same those very same Governments bail out Banks and Corporations found guilty in money laundering for Drug Cartels or other illicit crimes and while telling the People they're not doing enough to keep up with the ever-increasing costs of living due to these policies and inflated asset bubbles. Go look up what System D is, and see what worker movements it could help benefit, because just from that statement alone you show just horribly informed you are and how narrow and ignorant your view of the World really is.

wmf 6y ago
The unofficial economy would benefit far far more from a stablecoin than deflationary BTC.
- kerkeslager 6y ago
  True, but in the situations the comment you're responding to mentions, a stable coin is not an option. Deflationary BTC is superior to having your funds seized.
- Melting_Harps 6y ago
  > The unofficial economy would benefit far far more from a stablecoin That's right... Because tether has proven that so well, hasn't it? By the way, Bitcoin will remain inflationary until the last one is mined 2140, as it continues to approximately discover the entire 21 million into existence until then. Which is long after you or I will be around, be even then you can create a form of colored coin derivative backed by other more stable assets (wheat, pork bellies?) now if you wanted to. I thought stablecoins may have had some limited utility, but I feel they're just re-creating the same problem by using the same tools that fiat does and further convoluting it by attaching the Cryptocurrency Brand over it. I'm not impressed by it nor would I think people who are marginalized would want to rely on yet another centralized system for their existence.
  - wmf 6y ago
    I think Tether should be destroyed, but it has never had a 60% drop. Decentralized stablecoins should be even better. BTC suffers from price deflation which is what everyone means by deflation.
einpoklum 6y ago
> people who don't have access to bank accounts or are undocumented how horribly they are treated and marginalized then come back and see what is and isn't a ponzi scheme. Are you saying that the use of BitCoin significantly improves the situation of people without access to bank accounts? Or - that it has the theoretical potential to do so? If it's the former - then I disagree, if for no other reason than for the inability to exchange most things for BitCoin. As for the theoretical claim - you need to first prove that BitCoin is likely to become acceptable on a similar level as fiat currency, and moreover, that there are enough compelling usage scenarios for BitCoin over cash. For undocumented immigrants, you will need to go to even more effort, because they can use their bank account at their country of origin. About operation chokepoint - I understand there was an argument regarding the lack of due process in targeting certain companies, but - did it target individuals? In what way? Now, indeed, governments do prefer capitalist interests to popular interests more often than not. But I don't see why this bolsters your argument. BitCoin is not useful not because the US government or other governments are great; and Mr. Varoufakis argued as much. About "System D" - please post a link to what you mean, because I don't follow.

wmf 6y ago

The unofficial economy would benefit far far more from a stablecoin than deflationary BTC.

kerkeslager 6y ago
True, but in the situations the comment you're responding to mentions, a stable coin is not an option. Deflationary BTC is superior to having your funds seized.
Melting_Harps 6y ago
> The unofficial economy would benefit far far more from a stablecoin That's right... Because tether has proven that so well, hasn't it? By the way, Bitcoin will remain inflationary until the last one is mined 2140, as it continues to approximately discover the entire 21 million into existence until then. Which is long after you or I will be around, be even then you can create a form of colored coin derivative backed by other more stable assets (wheat, pork bellies?) now if you wanted to. I thought stablecoins may have had some limited utility, but I feel they're just re-creating the same problem by using the same tools that fiat does and further convoluting it by attaching the Cryptocurrency Brand over it. I'm not impressed by it nor would I think people who are marginalized would want to rely on yet another centralized system for their existence.
- wmf 6y ago
  I think Tether should be destroyed, but it has never had a 60% drop. Decentralized stablecoins should be even better. BTC suffers from price deflation which is what everyone means by deflation.

einpoklum 6y ago

> people who don't have access to bank accounts or are undocumented how horribly they are treated and marginalized then come back and see what is and isn't a ponzi scheme. Are you saying that the use of BitCoin significantly improves the situation of people without access to bank accounts? Or - that it has the theoretical potential to do so? If it's the former - then I disagree, if for no other reason than for the inability to exchange most things for BitCoin. As for the theoretical claim - you need to first prove that BitCoin is likely to become acceptable on a similar level as fiat currency, and moreover, that there are enough compelling usage scenarios for BitCoin over cash. For undocumented immigrants, you will need to go to even more effort, because they can use their bank account at their country of origin. About operation chokepoint - I understand there was an argument regarding the lack of due process in targeting certain companies, but - did it target individuals? In what way? Now, indeed, governments do prefer capitalist interests to popular interests more often than not. But I don't see why this bolsters your argument. BitCoin is not useful not because the US government or other governments are great; and Mr. Varoufakis argued as much. About "System D" - please post a link to what you mean, because I don't follow.