3 ms·
How would cryptocurrency free us from financial tyranny? At some scale finance becomes a state affair, and regulated by law backed by a monopoly on violence. Or
by unknown_error 5y ago
How would cryptocurrency free us from financial tyranny? At some scale finance becomes a state affair, and regulated by law backed by a monopoly on violence. Or, otherwise, you end up with crypto-warlords with private military companies. In neither sense would the average user be meaningfully "free"; it seems like you're replacing democratic checks-and-balances with harder-to-regulate digital capital, which is "freedom" only to the super-rich.
It's like somebody at the bottom of the Ponzi scheme defending it to death because someday, maybe, just maybe, he'll rise to the top...
- disruptalot 5y agoYou only need to look around for a moment to find an example. There are people living under governments that don't allow their citizens access to the global financial system (i.e. capital controls) and are often living in high inflation environments. Storing their wealth in an unseizable asset, even $100 worth, means that they are decoupled from their government financially and can escape their hell hole with their wealth in tact.
- drcross 5y ago>How would cryptocurrency free us from financial tyranny? Inflation is theft. Crypto prevents this theft.
- cogman10 5y agoBwhahaha! You mean the crypto that just lost 30% of it's value? Literally the topic of the article. THAT crypto is an inflation defense?
- drcross 5y agoYes. It's in price discovery phase. Volatility is expected until it reaches a sufficient market cap to not be affected by single events. It's pretty silly to think what it's like now is what it will be like when the market cap hits that of gold.