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So you wish to change a system where tens of thousands people regulate currencies, and significant number of them are scammers or evil, for the system where ten

by Yizahi 4y ago

So you wish to change a system where tens of thousands people regulate currencies, and significant number of them are scammers or evil, for the system where tens of people regulate currencies and half of them were actually convicted for scams, sometimes multiple times, and who live in the non-extradition offshores. Great idea, awesome. PS: this what I actually hate a lot about tokenbros - they say that there is a problem in the economy with unaccountability of the world elites (ok, true at at least somewhat), and then want to supplant it with an even worse system, even more centralized, even more unequal, even more dangerous to common people, even less secure, and even less accountable for the elites in charge. The sheer audacity of their lies is mind boggling and induces literal rage.

imtringued 4y ago
This is actually my big issue with the Austrian school of economics. Get rid of state extortion and then what? Get extorted by local oligarchs or warlords doing the same thing? If the world changed into their utopia, we would end up with some form of feudalism again and we would have to fight our way back to democracy. It is easy to argue that X>0 extortion is unjust and hence this pillar of society ought to be demolished, but that is the fallacy of composition. That pillar might not be the best or prettiest but it certainly is important and without it a lot of things would go wrong. What is ignored is that the pillar protects you from Y extortion where Y > X.