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How does a cryptocurrency prevent a president from stealing money from the population? Public records of all currency transactions?

• matheusmoreira 5y ago
  They depend on the banks to enforce policy. If you get rid of the banks, there's very little they can do. That's what cryptocurrency was supposed to be all about. In practice we ended up with pseudobanks called exchanges running this space. There were people who saw it coming and withdrew their funds before the president ordered accounts frozen. Everyone thought they were insane because interest rates were sky high. They became richer overnight.
  • bosie 5y ago
    Sorry, how are banks connected to this and what policy? They are stealing out of a pool of money (taxation), you would still have that pool with cryptocurrency somehow. How do you prevent this from happening?
    • matheusmoreira 5y ago
      In the 90s, they tried a lot of things in order to control hyperinflation. One of their ideas was to freeze of everyone's bank accounts. They just took away people's money. https://en.wikipedia.org/wiki/Plano_Collor https://en.wikipedia.org/wiki/Plano_Collor If your money is in the bank, it's not really your money.