4 ms·
I still don't see it: Money is trust in society remaining stable, condensed to (almost) physical form. That's how I can turn energy, resources and labour into m
by rvense 5y ago
I still don't see it: Money is trust in society remaining stable, condensed to (almost) physical form. That's how I can turn energy, resources and labour into money, because I can expect to turn it back into either of those things. If something happens to the value of the Euro and I'm not able to do that reliably anymore, it will be a symptom of a much larger dysfunction in my immediate surroundings than can be helped by holding some other currency, decentralized or not.
I also don't want it: Cryptocurrency is a new financial sector, and it will inevitably come with a new set of institutions, led by a new set of people. And instead of a group of fairly boring, fairly conservative central bankers whose main goal is preservation of the system underpinning current society, we will get some weird hodgepodge of libertarians extremists, run-of-the-mill grifters and Ponzi schemers, plus whatever set of state-sponsored actors whose ambitions are mostly geopolitical, rather than economic. And all even more beyond democratic institutional control than even the most detached 20th century investment banker would have dared dream of.