> I said their design didn't pass "the hookers and blow test," which is that if you can't use the payment and identity scheme for grey market transactions, nobo

> I said their design didn't pass "the hookers and blow test," which is that if you can't use the payment and identity scheme for grey market transactions, nobody is going to adopt it. Not because they are vice ridden manaics, but because the human animal knows when it is in captivity and it will find ways to resist it. "Nobody is going to adopt it" is an extreme opinion. People have resentments about society but most are minor. Few enough people feel captive that most continue as members of significant societies. The degree to which people feel resentment and pursue extreme "solutions" is a complex variable. Some societies succeed better than others in meeting needs without needing a cryptocurrency. > The stupidity of technocracies is illigitimate, and it breeds contempt and corruption. This may seem meta The phenomena that you are describing here are resentments about characteristics of people or of society (or of a particular society). These resentments are unlikely to find a solution in another even more dubious techno-financial construct for which literally no one will ever care except for the value that credulous people ascribe to it. > I'd argue if you haven't thought these other parts through, crypto really is just some naive kids building a bike shed to fill with shaved yaks and thinking they're reinventing democracy and freedom. Yes, I do agree. > the arbitrariness creates a sense of illigitimacy where there is nothing to trust or believe. Problems of "illegitimacy", trust, and belief, are not going to be solved by cryptocurrency. In fact, the cryptocurrency movement has no trust and no credibility at all.