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> Fundamentally it's the antithesis to democracy. Really? A small group of people controlling the money supply is democracy to you?? What do you see as democrat
by spinny 5y ago
> Fundamentally it's the antithesis to democracy.
Really? A small group of people controlling the money supply is democracy to you?? What do you see as democratic in the fiat money system?
> The fundamental political issue with cryptocurrency is now you've created some amorphous group of oligarchs whose power cannot be really removed by traditional means. It's just a regression.
Instead there is some amorphous group of oligarchs whose power can be removed by force. This is an issue to me. When people talk about "removal of power" always sound authoritarian. I assume that you are ok with Jack Ma "vanishing" for some months after saying the wrong thing?
> yet another layer to our financial systems for no benefit
Not another layer added to the current system, but a new system
> It's here due to learnings - learnings about human nature, markets, and so forth.
Agree. It's also outdated. At some point in time rai/fei stones were good enough for the yap people. Many of the defi apps are built with knowledge from the centralized finance world. It's an evolution. It doesn't look like it now because we are still at a very early stage.
- arcticbull 5y ago> A small group of people controlling the money supply is democracy to you?? What do you see as democratic in the fiat money system? Absolutely. The current monetary system is controlled by the people. The Fed was created by an act of congress and continues to operate at the whim of Congress. Its mandate is to maintain a low, fixed rate of inflation and maximum employment - while being at arms length of the executive itself to provide predictability and stability across administrations. The ruling class of Bitcoiners act to manipulate the price both up and down for their own personal gain. [edit] Doge co-creator Jackson Palmer's analysis is spot on. [1] [1] https://twitter.com/ummjackson/status/1415353984617914370?s=20 https://twitter.com/ummjackson/status/1415353984617914370?s=...
- arcticbull 5y ago> After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity. [1]
- pradn 5y agoNot to mention the Fed chair and board is appointed by Congress. It's meant to be an indirect choice, but it is a choice none-the-less. It's just like how Supreme Court justices are appointed. They have similarly broad powers fairly far removed from the will of the people, moment to moment.