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> Hmm... wait a minute, a small few holders of coins... can behave like a CENTRAL BANK ... ?! Before the constitution of the Federal Reserve, J.P. Morgan acted
by unmole 5y ago
> Hmm... wait a minute, a small few holders of coins... can behave like a CENTRAL BANK ... ?!
Before the constitution of the Federal Reserve, J.P. Morgan acted like a central bank by being the lender of last resort.
- mjburgess 5y agoSure, and how would that work with early-stakers? They'd form a guild, much like a large bank, and control large parts of the currency. Now, taking crypto people at their word, they dont want the gov to regulate that. So what does this mean? We have a tiny feudal guild with control over the economy. A central bank, with an inflationary currency, heavily regulated by the gov is nothing like this group of wannabe feudal lords. By comparison, modern central banking is vastly more democratic, and ran for the benefit of soceity.
- unmole 5y ago> Now, taking crypto people at their word That is unlikely to end well.