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Where people choose to throw their own money should be left to them. However, I wish governments would ban regulated institutions from throwing peoples real mo
by naruvimama 5y ago
Where people choose to throw their own money should be left to them.
However, I wish governments would ban regulated institutions from throwing peoples real money into non-governmental/undemocratic cryptocurrency.
If banks/govts want to get in on the action, they should perhaps start their own cryptocurrency/blockchain.
- arcticbull 5y ago> ... Where people choose to throw their own money should be left to them. Yes, unless it causes harm to the broader economy. I explained this in a different reply lower down, but when enough people participate it can destabilize the entire financial system in the country. And if it takes down the USD, globally. Pardon the pasta, but in 1997, the entire economy of Albania collapsed because everyone started participating in Ponzi schemes. They even jailed their finance minister for trying to stop it, and it led to a civil war. The IMF had to air drop in big bags of money to bail the country out. [1] This is what is at stake. [edit] > At their peak, the nominal value of the pyramid schemes' liabilities amounted to almost half of the country's GDP. Many Albanians—about two-thirds of the population—invested in them. When the schemes collapsed, there was uncontained rioting, the government fell, and the country descended into anarchy and a near civil war in which some 2,000 people were killed. [1] [1] https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.htm https://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.ht...
- naruvimama 5y agoI agree with that. What I meant was the governments at the minimum stop banks and financial institutions from legitimizing these.