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It won't happen. Finance evolved out of the laws of economics and the rules of capitalism. Those are completely orthogonal to the aims of crypto. So long as som

by tootie 4y ago

It won't happen. Finance evolved out of the laws of economics and the rules of capitalism. Those are completely orthogonal to the aims of crypto. So long as some people need loans and some people have excess capital to invest, all the exact same patterns will emerge every time. Crypto will just have no safety net, no disclosure or liquidity requirements, no anti-discrimination rules. It's only benefit is privacy and that massively favors the corrupt over the honest.

seydor 4y ago
Sure, but the base currency will be subject to the physical limitations to which gold was. Doesn't mean there won't be any banking, but it will not be able to collude with governments to create and funnel money under the force of guns.
- tootie 4y ago
  We've done gold-backed for centuries and it was far,far worse than fiat. Fiat has been extraordinarily successful.
  - seydor 4y ago
    because the world had not seen success until 1971?
    - tootie 4y ago
      Not none, but less. There's less poverty, more development and much stronger responses to crashes than in the past. There are still market failures but recoveries are much more manageable.