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Wait, so how does he expect to fight capitalism, if all he'd be allowed to do was always logged and observed bank wire transfers? Thats rather shortsighted.
by traloid 5y ago
Wait, so how does he expect to fight capitalism, if all he'd be allowed to do was always logged and observed bank wire transfers?
Thats rather shortsighted.
- Synaesthesia 5y agoA lot of people thought that, at the dawn of the crypto era. I think an effective way to fight capitalism would be to rethink the banking system. We need public banks which will invest in the productive sector like manufacturing instead of speculating. That's how banks used to operate actually. Well yes crypto definitely won't get us there right now.
- dgb23 5y ago> That's how banks used to operate actually. I assume this is not easily generalized but I'm curious to know more about this, what the context is, what the historical turning points are.
- Synaesthesia 5y agoEconomist Michael Hudson has written about it, his point of comparison is usually the german banks of the 19th century which financed rapid development of their industry to US banks post 1970 which mostly speculated and invested in Finance and Real Estate (FIRE sector)
- dgb23 5y agoThank you, he seems to have very distinct and interesting views!
- totalZero 5y agoI would appreciate some clarification here. First, capitalism doesn't necessarily require breaking the law, and capitalists use the banking system to a great extent. Second, many cryptocurrency transactions are logged and more discoverable ("observed") than bank transfers. How do you fight capitalism by avoiding wire transfers?
- imtringued 5y agoCryptocurrencies do have value as black market currencies but it doesn't justify the hype.