3 ms·
> Interesting- why are those good things? Or are they bad (sounds like you're saying I don't/shouldn't like them?)? Although I keep all my savings in fiat at t
by SpaceRaccoon 6y ago
> Interesting- why are those good things? Or are they bad (sounds like you're saying I don't/shouldn't like them?)?
Although I keep all my savings in fiat at the moment, I can still understand the value of crypto, and the position of libertarians.
Should the government have the power to seize all your assets and savings?
Some will say yes, because they believe the government will always be just. Others don't trust the government to always do the right thing, and so believe it shouldn't have those powers to begin with. This is an especially common belief among the technically apt crowd, who watched whistleblowers like Snowden be punished for exposing mass surveillance. That eroded a lot of trust in the institutions of the United States. Citizens of other states may have even less trust in their institutions.
Some don't agree with what they consider to be reckless and needless levels of spending - especially when that money is wasted by a public sector that tends to be inefficient, corrupt, bureaucratic, and incompetent - that will have to be repaid through either perpetually increasing taxes or inflation. Even Alan Greenspan recently cited inflation as his top concern. Again, the situation is probably much worse in many other countries, where politicians pilfer public coffers, assign contracts to friends, or generally poorly allocate your money (whether through taxes or inflation).
If you believe the government cannot be tyrannical, aren't bothered by high taxes or inflation, aren't concerned by waste or corruption, then I could understand why you don't see the value of a currency outside of the jurisdiction of your government.
Of course, there are downsides as well, like facilitating criminal activity that does hurt regular people, or facilitating tax evasion for necessary spending and services. That can't be ignored either.
And of course governments are going to do everything they can to stop this- what makes it interesting is the wide-spread effort to make it generally difficult to do so.
- XMPPwocky 6y agoThanks- this is a much more well-reasoned explanation. I sort of felt like there was a missing step here- your arguments are supporting the statement "the government SHOULD NOT have the power to seize all your assets and savings", which doesn't necessarily imply "and therefore, cryptocurrency is good"- but then I looked at the parent posts and remembered I asked (approximately) for an answer to the former. So, yeah, you gave a good answer to the question you replied to, my bad. Well, hmm, I guess I still do sort of object to this paragraph- "If you believe the government cannot be tyrannical, aren't bothered by high taxes or inflation, aren't concerned by waste or corruption, then I could understand why you don't see the value of a currency outside of the jurisdiction of your government." I actually do think you can believe/be bothered by/object to all of those things, except possibly inflation, and still not see the value in a currency outside the jurisdiction of your government- currencies don't really have jurisdictions, banks and financial systems do. People and assets can be in jurisdictions, though- so let me just steel-man you a bit here, if you don't mind: If you believe the government cannot be tyrannical, aren't bothered by high taxes or inflation, aren't concerned by waste or corruption, then I could understand why you don't see the value of a currency that is harder for the government to track at scale, and more resource-intensive to seize. I think that's even more reasonable, but let me know if I'm misrepresenting your argument at all. And thanks again!