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We might not even need cryptocurrency if we were capable of keeping the financial sector honest. Remind me again how many people went to prison after the marke

• AlexandrB 4y ago
  From the outside, a lot of cryptocurrency seems like an attempt to extend this kind of immunity from consequences to smaller scammers. Where's the improvement here exactly?
  • toolz 4y ago
    A financial system built on top of transparent and trustless components is opt-in. That means that if all my currency is based on trustless structure I can be responsible for my currency and when it's transparent I can be more aware of how the fungible units of my currency are being used in the wider ecosystem. As it stands, private banks (the fed) have not only the ability to manipulate my currency, they are actively encouraged to do so. Sure you can build scams and call it cryptocurrency in similar ways you can scam people in fiat. I'm certainly not claiming crypto solves all problems, only that it provides a solid foundation for society to build a better financial structure on top. That improved foundation does not mean society will build stronger on top of it, it just means that it gives us the ability to do so if we choose to do so. I don't believe it's possible to have equality in our money without rules that apply to everyone. Crypto can apply rules to everyone, equally. Compared to our financial institutions today that are very much tier privilege controlled by the government, which appears to have strong malicious influence from the largest stake-holders in our current financial institutions. I don't believe it's mere coincidence that wealth distribution is becoming dangerously unequal, I believe that is a direct consequence of our financial system.