4 ms·

Note that "monopoly on violence" theory predates musk saying it by about 100 years

• joebob42 5y ago
  It's true, although the fact that musk personally said it is still relevant in the sense that he is for whatever reason a major mouthpiece in the crypto space that some people seem to respect.
• Emma_Goldman 5y ago
  In substance, it goes back to the original philosophers of the modern state: Jean Bodin and Thomas Hobbes. That was in the 16th and 17th century. Also important is that the state has a monopoly on legitimate violence. It has social license by virtue of exercising violence to uphold social order. In the case of the economy that means its macroeconomic management to ensure stability and the public good. Clearly crypto woefully fails by that standard.