3 ms·

The US currently allows several forms of private currency: -airline miles -giftcards -the institution which controls the us money supply (the fed) is a private

The US currently allows several forms of private currency: -airline miles -giftcards -the institution which controls the us money supply (the fed) is a private corporation. The US also tolerates several giant MLMs several of which are on major stock indices (Herbalife, Amway) There is a huge difference between the positive freedom to not buy crypto and the negative freedom to staunch the economic activity of others. Is crypto purchased for productive reasons? Largely no. Are there productive uses like bankless wire Xfers? Yes! Is it worse than MLMs, mileage programs or gambling? No On the scale of US fiscal horrors it doesn't even touch debacles like healthcare.

yunohn 5y ago
> Is it worse than MLMs, mileage programs or gambling? No Gambling is heavily regulated in most countries. MLMs are barely legal, and subject to rule of law. Mileage programs are actual debts and mentioned in financial reports, as we saw during COVID. Cryptocurrencies on the other hand, are unregulated mini-Ponzi schemes - while stablecoin and exchanges have often been found to be insolvent.
- alpineidyll3 5y ago
  There are casinos in every major place I've lived. (La, Austin, Chicago) which are negative sum games (not zero like crypto) Mileage: https://youtu.be/ggUduBmvQ_4 https://youtu.be/ggUduBmvQ_4 There are, absolutely, crypto Ponzi schemes. (And stablecoins are largely such things) However there are also valid uses of crypto/Defi. I've used them myself to send funds easily. They are enabling truly symmetrically fair exchanges etc. If you don't like crypto, don't buy it, don't mine it. Following eth 2.0 the energy usage will be minimal and it won't be harming you. Preserving positive freedoms generally and avoiding negative freedoms (constraints on others) is a good thing imo.
vanusa 5y ago
This all sounds like "It's not as bad as tobacco or heroin, right? So why not make it part of a nutritious breakfast?"
- alpineidyll3 5y ago
  Eh more like: let's not have another war on drugs.

yunohn 5y ago

> Is it worse than MLMs, mileage programs or gambling? No Gambling is heavily regulated in most countries. MLMs are barely legal, and subject to rule of law. Mileage programs are actual debts and mentioned in financial reports, as we saw during COVID. Cryptocurrencies on the other hand, are unregulated mini-Ponzi schemes - while stablecoin and exchanges have often been found to be insolvent.

alpineidyll3 5y ago
There are casinos in every major place I've lived. (La, Austin, Chicago) which are negative sum games (not zero like crypto) Mileage: https://youtu.be/ggUduBmvQ_4 https://youtu.be/ggUduBmvQ_4 There are, absolutely, crypto Ponzi schemes. (And stablecoins are largely such things) However there are also valid uses of crypto/Defi. I've used them myself to send funds easily. They are enabling truly symmetrically fair exchanges etc. If you don't like crypto, don't buy it, don't mine it. Following eth 2.0 the energy usage will be minimal and it won't be harming you. Preserving positive freedoms generally and avoiding negative freedoms (constraints on others) is a good thing imo.

vanusa 5y ago

This all sounds like "It's not as bad as tobacco or heroin, right? So why not make it part of a nutritious breakfast?"

alpineidyll3 5y ago
Eh more like: let's not have another war on drugs.