4 ms·
> If you cannot 'trust the system' then nothing works - there is no avoiding it, everything breaks down. Except trustless systems > If you do not want to acce
by 1996 6y ago
> If you cannot 'trust the system' then nothing works - there is no avoiding it, everything breaks down.
Except trustless systems
> If you do not want to accept USD for reasons relating to 'trust' then there is no way to effectively exchange with the US economy
You may not be familiar with how some people pay with Tide :)
https://www.theatlantic.com/business/archive/2012/03/why-are-criminals-stealing-tide-detergent-and-using-it-for-money/254631/ https://www.theatlantic.com/business/archive/2012/03/why-are...
https://nymag.com/news/features/tide-detergent-drugs-2013-1/ https://nymag.com/news/features/tide-detergent-drugs-2013-1/
From the article:
> male addicts whose need to feed their habits can foster a kind of innovative streak. “They are smart. They are creative.
This is the right attitude: not underestimating people, but realizing all humans are extremely smart and creative when push come to shove.
> Crypto solves absolutely nothing - there is not a single benefit to anything related to BTC, other than experimental value
Well, I'm retired. So are others. People buy stuff easily on the darknet. People can store value without fear of deflation. I see a lot benefits personally!
You may dislike that some shady people got crazy rich - but they seem to like it. Ultimately, if you never took any risk and made sure to always follow all the laws and the government recommendations (buy insurance! etc.), you have condemned yourself to be working class at best. There are different degrees of shiny - you can work at a FANG, but if you need to work, you are working class.
So be careful with what you say about them, as you may end up working for these people :)
> The 'way forward' is to build systems with integrity, because we depend on them - there is no avoiding the fact we need a credible Medical system, Justice system, Monetary system, Regulatory system etc
Sorry, but there is! When I need healthcare, I don't use the overpriced and bad quality US health system - I travel. For the monetary system, I may convert back some significant percentage in crypto before the next bullrun if I fear inflation. For the regulatory system, I shop around - it's likewise for everything: people adapt!
Just look at the flow of illegal immigrants demonstrating with their feet that they do not depend on the country they were born!
> The 'libertarian/trustless' notion behind BTC is without foundation, it's completely irrational.
Whenever I see lots of people engaging in a behavior I consider "irrational", I question my understanding of their situation, not their rationality :)
> If Argentinians want to trade with Americans then they have to qualify the value of that trade
You misunderstand the role of USD in Argentina or other places- local people use it as a store of value to trade with other local people. The US is not involved - except for printing the dollar bills. This is the process of dollarization, when something else is used instead of the local official currency.
In prisons, there is an official system in place, with grossly inflated prices - but cigarettes are used to trade.