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You make it sound as if financial institutions and banks didn't have a purpose. There is far more negative utility in this. Governments, banks and financial ins
by mrpopo 4y ago
You make it sound as if financial institutions and banks didn't have a purpose. There is far more negative utility in this. Governments, banks and financial institutions prevent tax fraud, apply workers' rights, redistribute money, etc. Of course they're not perfect. In that case fix your government, not the money system.
- betwixthewires 4y agoWhy not both? I get that financial systems have a purpose, I'd argue there's far more negative utility in them. They have positive effects, but a lot of their utility is not to protect people, but to control them to someone else's benefit. If they protected us without attempting to control us to the benefit of others, or brazenly looting us for our labor, nobody would be trying to build cryptocurrency in the first place.