3 ms·
> Really still unclear what utility it provides that fiat currencies do not. Not theoretical utility, like real world utility. Because it gets you away from th
by philwelch 3y ago
> Really still unclear what utility it provides that fiat currencies do not. Not theoretical utility, like real world utility.
Because it gets you away from the fiat aspect of it.
I'm not talking about the arguments over monetary economics and whether we should just trust central banks not to print too much money; I'm talking about the other type of fiat. If you contribute money to the wrong protesters, "liberal" "democratic" Western governments can and will freeze your bank account. If you live in the wrong country, Visa and Mastercard will cut off your access to your own money as collective punishment for the actions of a government you didn't even freely elect. If you want to trade in goods the government doesn't like, they have ways of making that difficult for you.
Crypto got sold to finance bros as some sort of respectable financial instrument, which it clearly is not. If you're a respectable normal person in a Western country, crypto probably just isn't for you.
- rco8786 3y agoRight I am not trying to say that fiat doesn't have problems. I am trying to say that in the real world, crypto has solved none of those problems.
- philwelch 3y agoReally? I know lots of people who have used crypto to buy things the government didn’t want them to buy.
- mrguyorama 3y agoOkay, but why is it valueable or useful for us to boost up a financial system whose entire purpose is to bypass any form of non-violent geopolitics. Do you know what happens when you make things like sanctions less effective? You remove one of the only tools for countries to work through the serious disputes that doesn't involve literally shooting each other.
- philwelch 3y agoThe sanctions were already ineffective, but that’s neither here nor there because none of my examples involve actual, official sanctions. Most of my examples involved people working around their own domestic governments. Even when it comes to Visa and MasterCard locking out Russians, that was, officially at least, purely on the initiative of those two companies rather than any formal economic sanction.