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While I agree with you on Bitcoin safety (your portfolio is safer because the only thing keeping BTC up is speculation), I don't think you can say the Austrian
by jokethrowaway 6y ago
While I agree with you on Bitcoin safety (your portfolio is safer because the only thing keeping BTC up is speculation), I don't think you can say the Austrian school is fantasy.
It hasn't been attempted and I think deregulation / decentralization of the economy has good chances of getting rid of boom/bust cycles.
Without a central bank playing with credit you wouldn't have boom / bust cycles: what's more likely is that you'll find smaller players doing boom / bust cycles in different industries with far less damaging effects.
I sympathise with the libertarian ideas behind BTC, but it's also the most inefficient and power hungry way of reaching the goal. This is a political problem and we need to solve it politically, not technically.
- ISL 6y agoBoom/bust cycles preceded central banks.
- arcticbull 6y agoAnd they were a lot worse when no tools existed to mitigate.
- jokethrowaway 6y agoSure, but the problem was similar: unbacked money printed by banks and used to prop up the economy.