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>This is precisely how the system was designed to work. They just didn't foresee someone building up a large enough stake to amass the voting power needed to un
by SV_BubbleTime 5y ago
>This is precisely how the system was designed to work. They just didn't foresee someone building up a large enough stake to amass the voting power needed to undermine the system. And that is simply a failure of imagination and goes to show how naive these folks were.
My favorite take on crypto commodity is that “They’re recreating and failing to solve problems that have been solved in traditional banking for hundreds of years”.
Maybe there is some upside where this is just all growing pains, or maybe it’s all garbage all the way through, I don’t know.
But it’s clear to me that technically smart does not mean economically wise.
- htrp 5y agoI believe the term is "Speedrunning every financial crisis"
- JoshuaDavid 5y agoEpistemic status: mostly joking: So how long until the crypto speedrun of financial crises reaches, and then surpasses, the regular financial system and we see financial crises that haven't even happened yet in the regular financial system (but are likely to happen at some point in the future)?
- alasdair_ 5y agoThis happened at the point where a significant portion of the entire earth’s energy output was consumed just to maintain the financial system.