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> It was supposed to be cash without the burden of nation state oversight While convenience remains the core point under contention, the secondary point of deb
by nickelpro 4y ago
> It was supposed to be cash without the burden of nation state oversight
While convenience remains the core point under contention, the secondary point of debate with crypto is the one you raise here: why is this a good thing?
Why would I want an unregulated currency, free of consumer protections or government oversight? If someone steals my credit card I call the bank and reverse the charges. When a bank gets robbed or collapses, the FDIC ensures consumers are unaffected.
Governments aren't a power independent of their communities, they're not aliens from outer space interfering with natural human ways of life. Government is how we the community organize ourselves to ensure our collective protection. They're, obviously, deeply imperfect, but a system completely severing itself from those organizing principles is fated to replicate them with even greater imperfection.
- somewhereoutth 4y agoYour last paragraph is spot on. The right know that government intervention is what holds them back from consolidating power over the less fortunate in society, so it has been a central plank of their strategy to present the government as indeed being 'aliens from outer space', and so to neuter its reach.
- deleted 4y ago[deleted]
- moistly 4y ago> Why would I want an unregulated currency, free of consumer protections or government oversight And why would I believe that it has value compared to gold, or a cow? And while the value of a dollar is an abstract of those physical trades, at least it has the backing of the nation’s resources, its people, and its military ability to plunder. Bitcoin has all the backing of …