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1) This is the weirdest response ever, that Russia and similar terrorist organizations are under economic sanctions is a feature and not a bug. 2) No, they cou
by qsort 4y ago
1) This is the weirdest response ever, that Russia and similar terrorist organizations are under economic sanctions is a feature and not a bug.
2) No, they couldn't. Sanctions prohibit trading and investing, and freeze physical assets. The method of payment is irrelevant.
3) The logical conclusion of your argument is that we should abandon banking at all: money being digital is an implementation detail, banks would create money even if they resolved transactions on paper ledgers. Is your ideal world one with no financial services at all? I hope you're good at NP-hard problems, because that's what's going to happen when you go buy groceries in that world.
- drexlspivey 4y ago1) I am just pointing out that physical != digital as you implied, whether sanctions are a feature or a bug is irrelevant. 2) Yes they could, because only some countries sanctioned Russia in my example, however their digital dollars were frozen. Russia could still trade with China or India using physical dollars if that’s what they were holding but they are unable to do it now because their digital dollars are frozen.
- qsort 4y ago> I am just pointing out that physical != digital as you implied It is though. The same would have happened had the bank resolved transactions on a paper ledger. The only alternative is if we don't do banking at all, which isn't really feasible.