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I disagree on the idea that it would render crypto useless. In one aspect this would absolutely fail to address an entire section of the crypto market - privac

I disagree on the idea that it would render crypto useless. In one aspect this would absolutely fail to address an entire section of the crypto market - privacy. You can attempt to make the tired “if you have nothing to hide” argument against it, but I don’t think that will change a privacy conscious person’s mind to suddenly accept centralized spending tracking by the gov. The other area this would utterly fail to address would be the existence of a central authority. Failure to understand why people in crypto look so negatively at centralization is a failure to understand why Bitcoin exists in the first place, and how it was a direct response to the 2008 crash and subsequent reaction of the USG. I’m sure a portion of the modern day crypto “investors” would migrate to whatever the USG puts out, but it certainly wouldn’t be embraced by a large part of the overall crypto community.

_xnmw 5y ago
In other words, you're saying crypto really isn't about financial innovation, it's actually about anarchy. Well I want nothing of that.
- nkuttler 5y ago
  Are you saying that a free market for currencies is anarchy?
  - oblio 5y ago
    1. Currencies should first and foremost be stable, not speculation vehicles and they need to have really low transaction fees. The main cryptocurrencies in use right now fail both of those tests and for the rest... Well, they have to be weeded out, too many experiments and scams at the moment. We need to check the survivors in 10 years. 2. Currency is a major tool for social stability and requires intervention occasionally. Yes, a free market for currencies is socially very dangerous.
- McAtNite 5y ago
  Early crypto was an innovation in that certain aspects of the financial system were set to be controlled solely by code, and could not be influenced by any outside force. For example, no one can magically issue new bitcoins. The entire idea isn’t anarchy, but guaranteed constants separated from centralized authorities that could change parameters on a whim. It’s why you’ll occasionally hear people who have been in the crypto space for awhile say, “code is law.” Again, you really need to understand the criticisms of 2008 to understand Bitcoin. Modern crypto? Well it’s changed a lot over the years. Sure a lot of it is about “innovations”, and there are some genuinely good ideas out there, but a lot of it feels like the transition from the early web to what we have now. That can be good or bad depending on your point of view.
- Koshkin 5y ago
  You say anarchy, I say freedom.
- MrMan 5y ago
  you are in the literal center of techno libertarianism, so good luck
- throwaway22032 5y ago
  Yes, the explicit goal of most of the early individuals in the Bitcoin space was an anarchic desire to reduce the influence of the State on our lives. Please do stay away if you're not interested, we don't want you either.

_xnmw 5y ago

In other words, you're saying crypto really isn't about financial innovation, it's actually about anarchy. Well I want nothing of that.

nkuttler 5y ago
Are you saying that a free market for currencies is anarchy?
- oblio 5y ago
  1. Currencies should first and foremost be stable, not speculation vehicles and they need to have really low transaction fees. The main cryptocurrencies in use right now fail both of those tests and for the rest... Well, they have to be weeded out, too many experiments and scams at the moment. We need to check the survivors in 10 years. 2. Currency is a major tool for social stability and requires intervention occasionally. Yes, a free market for currencies is socially very dangerous.
McAtNite 5y ago
Early crypto was an innovation in that certain aspects of the financial system were set to be controlled solely by code, and could not be influenced by any outside force. For example, no one can magically issue new bitcoins. The entire idea isn’t anarchy, but guaranteed constants separated from centralized authorities that could change parameters on a whim. It’s why you’ll occasionally hear people who have been in the crypto space for awhile say, “code is law.” Again, you really need to understand the criticisms of 2008 to understand Bitcoin. Modern crypto? Well it’s changed a lot over the years. Sure a lot of it is about “innovations”, and there are some genuinely good ideas out there, but a lot of it feels like the transition from the early web to what we have now. That can be good or bad depending on your point of view.
Koshkin 5y ago
You say anarchy, I say freedom.
MrMan 5y ago
you are in the literal center of techno libertarianism, so good luck
throwaway22032 5y ago
Yes, the explicit goal of most of the early individuals in the Bitcoin space was an anarchic desire to reduce the influence of the State on our lives. Please do stay away if you're not interested, we don't want you either.