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It's interesting how they disparage cryptocurrency by defining it as not being a "currency" and having no utility, yet advise banning it as it competes as a cur

It's interesting how they disparage cryptocurrency by defining it as not being a "currency" and having no utility, yet advise banning it as it competes as a currency to the Rupee.

MereInterest 5y ago
The two are not mutually exclusive. Homeopathy competes with medicine, despite not being medicine and providing no benefit.
- eric_cc 5y ago
  But in this case, crypto is superior to government created currency is just about every objective way. The only argument I feel is still valid is in regards to volatility. But that is mostly because crypto is still tethered to fiat trading pairs. Once it is truly stand-alone and loses that volatile connection to fiat, there will be no remaining compelling arguments against it. At that point, it’ll be time to show empathy to the biggest fiat bag holders.
  - yunohn 5y ago
    > At that point, it’ll be time to show empathy to the biggest fiat bag holders. Do you mean the majority of the world’s population? The goal is make everyone except crypto-hodlers into fiat bag holders? Edit: more inclusive
    - eric_cc 5y ago
      That would be really sad and I genuinely hope it doesn’t happen that way. Honestly, it’s one of my biggest fears. How do we make such a seismic shift with the fewest number of casualties? > crypto-bros This makes me lose respect for your entire take. Name-calling a diverse group of people is always a display of ignorance and bigotry.
      - yunohn 5y ago
        Yes, but you didn’t answer my question with anything meaningful, despite my direct interpretation of your stance on this. Surely, you should think of an solution before such a hopeful proposal?
        eric_cc 5y ago
        I do speculate that there will be a massive number of casualties during the transition from fiat to cryptocurrencies, sadly. But it’s NOT the goal. I just don’t believe it is possible to cleanly move from fiat to cryptocurrency in a clean, neat, and equitable way. It’ll be chaotic, disruptive, and sad in many ways. And despite all that, I believe it’ll be worth it. Much like other chaotic events that resulted in increased freedom for regular citizens. Future generations will benefit greatly once the transition is completed. And THAT is the goal. To create a world where sound money is the default. Where you can work for money, save it, and live your life without worrying about what bullshit the fed is up to.
        yunohn 5y ago
        > I do speculate that there will be a massive number of casualties during the transition Okay, but how massive? What is acceptable to you relative to the world population? > But it’s NOT the goal. Why is there so much marketing and messaging around “Don’t be left behind”, similar to how you phrased it earlier? > Much like other chaotic events that resulted in increased freedom for regular citizens. Maybe you could provide some examples that display a similar situation? > live your life without worrying about what bullshit the fed is up to. Monetary policy needs to influence wages etc, and lead to equitable outcomes vs inflation. Crypto won’t solve societal ills like this.
        eric_cc 5y ago
        > Why is there so much marketing and messaging around “Don’t be left behind”, similar to how you phrased it earlier? I can answer for myself. I speculate that a transition from fiat to crypto is inevitable unless a black swan event occurs. (Eg a new way to represent value is invented that is superior to fiat and crypto that is currently inconceivable today) If the transition to crypto does occur, it clearly benefits early adopters. In late phases of the transition, there will be very few people willing to trade crypto for fiat. Herein lies ammo for the crowd shouting “CRYPTO IS A PONZI”. But the truth is that all desirable possessions are this way. If you bought beach-front property in a great city decades ago, you’re going to be able to sell it to the next “sucker” for a huge profit. Likewise, Apple stock. Likewise, a baseball rookie card. Etcetc > Okay, but how massive? This is a difficult question. It depends on if the transition is a gradual, long term grind. Or if some event occurs that shocks the system and causes a mad rush to cryptocurrencies. I hope for the former and fear for the latter.
- mistrial9 5y ago
  but I used homeopathic remedy and it helped me, and no one telling me otherwise will change my mind, since I directly experienced relief. Are there parallels here for the many uses of some crypto? "cry for me, Argentina"
mapcars 5y ago
They do call it private currency
sundarurfriend 5y ago
> yet advise banning it as it competes as a currency to the Rupee. You're (perhaps unintentionally) misrepresenting their case as saying "competes as a currency" being the main reason for the ban. They lay out the many reasons for it, including (and I'm giving their opinion here, not mine) its inherent lack of stability, the energy usage, control being in the hands of foreign companies/economies, and also that when people try to use it as a currency, it can lead to destabilization because it tilts the advantage in favour of currencies of A[dvanced]E[conomie]s. The last point is the one you mention, and even it isn't a concern about cryptocurrencies themselves being competition, just it opening doors for stronger and potentially destructive competition from already stronger currencies.

It's interesting how they disparage cryptocurrency by defining it as not being a "currency" and having no utility, yet advise banning it as it competes as a currency to the Rupee.

MereInterest 5y ago

The two are not mutually exclusive. Homeopathy competes with medicine, despite not being medicine and providing no benefit.

eric_cc 5y ago
But in this case, crypto is superior to government created currency is just about every objective way. The only argument I feel is still valid is in regards to volatility. But that is mostly because crypto is still tethered to fiat trading pairs. Once it is truly stand-alone and loses that volatile connection to fiat, there will be no remaining compelling arguments against it. At that point, it’ll be time to show empathy to the biggest fiat bag holders.
- yunohn 5y ago
  > At that point, it’ll be time to show empathy to the biggest fiat bag holders. Do you mean the majority of the world’s population? The goal is make everyone except crypto-hodlers into fiat bag holders? Edit: more inclusive
  - eric_cc 5y ago
    That would be really sad and I genuinely hope it doesn’t happen that way. Honestly, it’s one of my biggest fears. How do we make such a seismic shift with the fewest number of casualties? > crypto-bros This makes me lose respect for your entire take. Name-calling a diverse group of people is always a display of ignorance and bigotry.
    - yunohn 5y ago
      Yes, but you didn’t answer my question with anything meaningful, despite my direct interpretation of your stance on this. Surely, you should think of an solution before such a hopeful proposal?
      - eric_cc 5y ago
        I do speculate that there will be a massive number of casualties during the transition from fiat to cryptocurrencies, sadly. But it’s NOT the goal. I just don’t believe it is possible to cleanly move from fiat to cryptocurrency in a clean, neat, and equitable way. It’ll be chaotic, disruptive, and sad in many ways. And despite all that, I believe it’ll be worth it. Much like other chaotic events that resulted in increased freedom for regular citizens. Future generations will benefit greatly once the transition is completed. And THAT is the goal. To create a world where sound money is the default. Where you can work for money, save it, and live your life without worrying about what bullshit the fed is up to.
        yunohn 5y ago
        > I do speculate that there will be a massive number of casualties during the transition Okay, but how massive? What is acceptable to you relative to the world population? > But it’s NOT the goal. Why is there so much marketing and messaging around “Don’t be left behind”, similar to how you phrased it earlier? > Much like other chaotic events that resulted in increased freedom for regular citizens. Maybe you could provide some examples that display a similar situation? > live your life without worrying about what bullshit the fed is up to. Monetary policy needs to influence wages etc, and lead to equitable outcomes vs inflation. Crypto won’t solve societal ills like this.
        eric_cc 5y ago
        > Why is there so much marketing and messaging around “Don’t be left behind”, similar to how you phrased it earlier? I can answer for myself. I speculate that a transition from fiat to crypto is inevitable unless a black swan event occurs. (Eg a new way to represent value is invented that is superior to fiat and crypto that is currently inconceivable today) If the transition to crypto does occur, it clearly benefits early adopters. In late phases of the transition, there will be very few people willing to trade crypto for fiat. Herein lies ammo for the crowd shouting “CRYPTO IS A PONZI”. But the truth is that all desirable possessions are this way. If you bought beach-front property in a great city decades ago, you’re going to be able to sell it to the next “sucker” for a huge profit. Likewise, Apple stock. Likewise, a baseball rookie card. Etcetc > Okay, but how massive? This is a difficult question. It depends on if the transition is a gradual, long term grind. Or if some event occurs that shocks the system and causes a mad rush to cryptocurrencies. I hope for the former and fear for the latter.
mistrial9 5y ago
but I used homeopathic remedy and it helped me, and no one telling me otherwise will change my mind, since I directly experienced relief. Are there parallels here for the many uses of some crypto? "cry for me, Argentina"

mapcars 5y ago

They do call it private currency

sundarurfriend 5y ago

> yet advise banning it as it competes as a currency to the Rupee. You're (perhaps unintentionally) misrepresenting their case as saying "competes as a currency" being the main reason for the ban. They lay out the many reasons for it, including (and I'm giving their opinion here, not mine) its inherent lack of stability, the energy usage, control being in the hands of foreign companies/economies, and also that when people try to use it as a currency, it can lead to destabilization because it tilts the advantage in favour of currencies of A[dvanced]E[conomie]s. The last point is the one you mention, and even it isn't a concern about cryptocurrencies themselves being competition, just it opening doors for stronger and potentially destructive competition from already stronger currencies.