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Well, if crypto is meant to be used as a method of investment, then sorry, nothing which does not generate rent can be a viable method of investment (can someti

Well, if crypto is meant to be used as a method of investment, then sorry, nothing which does not generate rent can be a viable method of investment (can sometimes be a method of preserving wealth e.g. gold but even that barely). In this sense, i agree with you. But crypto is also very useful for undermining governments - making them unnecessary. Which is a beneficial thing for all humankind. Whenever government realises it is not necessary and can be circumvented with no way to fight back - it becomes more flexible (example: legalisation of weed). Crypto makes the world more free. Freedom is a universal value.

brightstep 5y ago
Governments could destroy crypto if they wanted. See China as the most obvious example. A novel technology doesn't stand much of a chance against men with guns.
- ashwagary 5y ago
  They can't destroy it, a lot of miners in China continue mining using vpns and proxies.
  - anovikov 5y ago
    Well, you can't mine using VPN or proxy because you can't conceal multi-megawatt power consumption that it takes. Prohibition of mining is simply about consumption of electricity which suddenly became in short supply. Crypto is not banned in China and it is not bannable. Mining of course, is.
    - ashwagary 5y ago
      You can absolutely conceal energy usage, especially in places where large scale manufacturing takes place.
- thereyet 5y ago
yesbut 5y ago
All institutions should constantly be forced to justify their necessity. One thing to keep in mind about having different currencies out in the wild and usable within the same system, we've already had something like this. Before nation states had central banks you could find regional currencies all over the place. It was a mess. One of the main issues is that most of them weren't guaranteed in any way, similar to what we see with crypto today. Its only a matter of time before this bites people in the butt again. And the nation states and their central banks will still be there cashing in on the calamity.
- CryptoPunk 5y ago
  >>Before nation states had central banks you could find regional currencies all over the place. It was a mess. One of the main issues is that most of them weren't guaranteed in any way, similar to what we see with crypto today. It wasn't a mess: https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/ https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/

brightstep 5y ago

Governments could destroy crypto if they wanted. See China as the most obvious example. A novel technology doesn't stand much of a chance against men with guns.

ashwagary 5y ago
They can't destroy it, a lot of miners in China continue mining using vpns and proxies.
- anovikov 5y ago
  Well, you can't mine using VPN or proxy because you can't conceal multi-megawatt power consumption that it takes. Prohibition of mining is simply about consumption of electricity which suddenly became in short supply. Crypto is not banned in China and it is not bannable. Mining of course, is.
  - ashwagary 5y ago
    You can absolutely conceal energy usage, especially in places where large scale manufacturing takes place.
thereyet 5y ago

yesbut 5y ago

All institutions should constantly be forced to justify their necessity. One thing to keep in mind about having different currencies out in the wild and usable within the same system, we've already had something like this. Before nation states had central banks you could find regional currencies all over the place. It was a mess. One of the main issues is that most of them weren't guaranteed in any way, similar to what we see with crypto today. Its only a matter of time before this bites people in the butt again. And the nation states and their central banks will still be there cashing in on the calamity.

CryptoPunk 5y ago
>>Before nation states had central banks you could find regional currencies all over the place. It was a mess. One of the main issues is that most of them weren't guaranteed in any way, similar to what we see with crypto today. It wasn't a mess: https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/ https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/