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"If my bank goes bad, I have a guarantee of 85,000 pounds from the UK government" I'm not going to get on a soapbox for crypto, but ... I mean, if that fully in
by AtlasBarfed 5y ago
"If my bank goes bad, I have a guarantee of 85,000 pounds from the UK government" I'm not going to get on a soapbox for crypto, but ... I mean, if that fully insures your savings after a long career in tech ... but that's an ad hominem. I just thought it was funny.
The only promise I see for cryptocurrency is a weird one, one that is the exact opposite of practically all crypto designs. It deals with a fundamental issue of "cash": Once you have "laundered" whatever it is you did into cash, you are mostly absolved of the sins you committed to getting that cash. Sure there are regulations, laws, and fees. But over the long haul of our civilization, there is far more money extracted for the detriment of the world and whitewashed by political influence, apathy, or legal precedent.
So most cryptocurrencies are for furthering the "money laundering" aspect of cash. Make it even more laundered and flexible. I want it instead to represent something that anti-launders the measurement of wealth, by storing some facsimile datapath of the money being extracted and then intermingled in the economy. I want MORE karma in my currency, not less.
What I would like is a cryptocurrency that could devalue currencies that represent activity that resulted in destruction. The ledger would track the source of money from transactions and payments, and devalue those monies that, say, resulted in the destruction of the environment, killed many people, gave an entire city cancer.
With current money, once you have it in money, you're home free. There is no simplified "undo" function in the economy.
Now, HOW you would do that? Ok, no idea, but a blockchain is a distributed way to do it. Well, ok you could use a database too. Really the best anti-crypto argument I saw was "think you want blockchain? You probably just need a database", posted here about a year ago.
- thehappypm 5y ago85,000 in a single bank account. Diversify to a few banks to minimize risk. Hold other assets. It’s nice to have a 0-risk piece of your portfolio.
- landemva 5y agoMany nations now provide for bank bail-ins from deposited funds. Greece showed the modern way of theft. https://www.investopedia.com/articles/investing/070115/understanding-downfall-greeces-economy.asp https://www.investopedia.com/articles/investing/070115/under...
- t0suj4 5y agoDevaluing accounts that have done wrong sounds like social credit system to me. Imagine corrupt politicians getting their hands on that.