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And literally none of them would tolerate a private economy. The entire point of the state is to hold a monopoly over currency and police powers, without those
by cguess 4y ago
And literally none of them would tolerate a private economy. The entire point of the state is to hold a monopoly over currency and police powers, without those you get Somalia in the 90's.
- uni_rule 4y agoThere's also El Salvador, for however well that's treating them.
- nathias 4y agoMost of them tolerate private economies to a degree, and most abandoned their currency monopoly by using the dollar as a reserve currency and use Mastercard/Visa oligopoly for digital transactions already.
- public_defender 4y ago> Somalia in the 90's. Or Lebanon right now, which has USD as a competing currency rather than crypto. I tend to agree with this perspective--that all states should see a private economy as an adversary--but there are a lot of states that can't effectively resist forces like this. That said, is there really a proven use case where people are using cryptocurrency to buy burritos? I think the private economy meme is out over its skis. I have seen places where you can buy a six dollar latte or a bag of cocaine with Bitcoin, but these are use cases which are heavily predicated on a functional underlying fiat currency.