4 ms·

> it says a lot about crypto currency practicality Isnt that a feature not a bug? You dont want a central authority like a govt or a corporation messing with

• forty 5y ago
  I'm pretty sure I do want people and banks to be able to get back millions they have given away because of a bug :)
  • sumedh 5y ago
    yes that is a valid point but there are others who dont want that because then the central authority can take away your money or stop payments send to you just because they dont like you like what happened to Wikileaks.
    • forty 5y ago
      Yes, it's true that in case you are in the legendary fascist state that steals your money but allows you the hide your money in crypto currency it can be useful ;) it reminds me of https://xkcd.com/538/ https://xkcd.com/538/ (note that I do not count government taxes in democratic countries as stealing, while I do think tax avoidance is stealing in that case).
      • bradwood 5y ago
        And what would you call the US dollar's monetary expansion of over 40% [1] since the start of the pandemic, if not stealing? The Cantillon Effect has never been stronger, but those that continue to measure their financial worth in a unit of account that is shrinking in its purchasing power every day are missing the point. The system _is_ stealing your savings! [1]: https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL
        • ethanbond 5y ago
          Let’s not act like the infusions were for no reason. Many people are willing to incur some inflation and inflation risk in a gamble to avert a near-certain societal level catastrophe.
          • bradwood 5y ago
            and which people were those? rich people, that's who... I agree that desperate times call for desperate measures, but there are fairer ways to fund this. Just inflating the money supply just hits asset-poor people hardest... this is the very definition of the Cantillon Effect...
            • ethanbond 5y ago
              Which of these fairer mechanisms were actually practically available to us on the time frame and scale that we needed them?
              • bradwood 5y ago
                taxing big tech properly?
            • deleted 5y ago
              [deleted]
  • askmike 5y ago
    Citibank wants that too: https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html https://edition.cnn.com/2021/02/16/business/citibank-revlon-...
• leokennis 5y ago
  I think most crypto-supporters overestimate how much of a police state modern banking is, and underestimate how much of a wild west the current crypto ecosystem is. They’re willing to trade a system with reasonable and democratic oversight for a “free for all” shark infested pool that will rip from their hands their retirement fund just before they mean to retire.
  • jollybean 5y ago
    This is a thoughtful comment. I wonder how much central banks and treasuries could do to engage people on what they actually do. It's still ripe for disruption on some level, but still, people have no idea I think.
    • nightski 5y ago
      It's not thoughtful, it is hyperbolic. That's not what is going on here and this is not crypto in general. These are smart contracts which the vast majority of crypto users have no involvement in.