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This is another reason why I like cryptocurrency, specifically bitcoin. These shenanigans are enabled at the core through the ability to print money via a centr
by seibelj 6y ago
This is another reason why I like cryptocurrency, specifically bitcoin. These shenanigans are enabled at the core through the ability to print money via a central bank. The central bank is corrupt, they give money effectively straight to those connected, who use the new money to buy foreign assets as well as extremely complex schemes to loot their country. With a universal money unit that cannot be corrupted, you eliminate a lot of this nonsense.
- yowlingcat 6y agoI don't think BTC doesn't make the messy people problems any easier. That doesn't mean it's without value -- I do think there is some incompressible utility to having a globally decentralized "universal money unit" as you say. But that's no shortcut to curing socioeconomic corruption.