2 ms·

Why not separate concerns? Crypto currencies work without central banking or democracies today.

• gspr 5y ago
  They work poorly (if at all) as currencies: (1) They're way too volatile. (2) Even if they weren't, the popular cryptocurrencies today have fixed money supplies. A central bank cannot increase it to target moderate inflation.
  • timdaub 5y ago
    Central banks use PID controllers to control stability [1]. Stable coin systems can use PID controller systems too [2]. Stable coins are as volatile as their fiat counterparts. Crypto currencies are run by people as much as central banks are. People can have opinions and values. People forked of Ethereum into Ethereum Classic because they had an issue with the main chain's policy. ETC community is alive. Building crypto currencies is all about optimizing for legitimacy [3]. We can build what we want, we just need to want it in the first place. No need to discount a whole field of computer science with a comment. - 1: https://link.springer.com/article/10.1007/s11403-014-0127-3 https://link.springer.com/article/10.1007/s11403-014-0127-3 - 2: https://github.com/reflexer-labs/whitepapers/blob/master/English/rai-english.pdf https://github.com/reflexer-labs/whitepapers/blob/master/Eng... - 3: https://vitalik.ca/general/2021/03/23/legitimacy.html https://vitalik.ca/general/2021/03/23/legitimacy.html
    • gspr 5y ago
      Sure. We can probably build a sane cryptocurrency. I'm talking about the ones that people are sinking tens of bn into and hyping the hell out of today.
      • timdaub 5y ago
        Fair enough, I'm against the on-going hype in the space.