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Guess what happens when fascist regimes target those they deem undesireables? Often, they confiscate their property. Many cryptocurrencies are inalienable, so

Guess what happens when fascist regimes target those they deem undesireables? Often, they confiscate their property. Many cryptocurrencies are inalienable, so long as you preserve private access to your seed phrase. Also, how about when your local currency undergoes hyperinflation? Would non-sovereign currency with global consensus based value be of potential use then?

dartos 2y ago
> Often, they confiscate their property. In the real world, you need to exit crypto to realize the value of your holdings. That’s the weak link in the anti-regulation argument. You can’t pay for food or housing in most places with crypto. > Also, how about when your local currency undergoes hyperinflation? Would non-sovereign currency with global consensus based value be of potential use then? How would crypto be immune to this? Most of the extreme large holders of crypto (financial institutions) are also exposed to fiat risk and would likely liquidate their crypto assets in order to keep staff paid and buy the dips in fiat.
- nyc_data_geek1 2y ago
  Yes, you can exit your crypto when you are deported from your local fascist regime. Crypto is immune to this because it's not tied to the value of one sovereign currency, or any particular polity or another. I am not talking about the utility of cryptocurrency to large financial institutions. I am talking about the utility to individuals as their nations gradually become insolvent and austerity fails to placate the robber barons, ultimately leading to currency collapse. Look at the localbitcoins volume data for Argentina, for instance. https://coin.dance/volume/localbitcoins/ARS https://coin.dance/volume/localbitcoins/ARS
_aavaa_ 2y ago
> Many cryptocurrencies are inalienable, so long as you preserve private access to your seed phrase. Your local fascist regime has a very simple and low tech answer: https://xkcd.com/538/ https://xkcd.com/538/
- nyc_data_geek1 2y ago
  Deportations are a thing, and ethnic cleansing is not a new idea. It's not always so easy to know what people hold in those situations. Still, fair point. All the more reason to care about privacy.

dartos 2y ago

> Often, they confiscate their property. In the real world, you need to exit crypto to realize the value of your holdings. That’s the weak link in the anti-regulation argument. You can’t pay for food or housing in most places with crypto. > Also, how about when your local currency undergoes hyperinflation? Would non-sovereign currency with global consensus based value be of potential use then? How would crypto be immune to this? Most of the extreme large holders of crypto (financial institutions) are also exposed to fiat risk and would likely liquidate their crypto assets in order to keep staff paid and buy the dips in fiat.

nyc_data_geek1 2y ago
Yes, you can exit your crypto when you are deported from your local fascist regime. Crypto is immune to this because it's not tied to the value of one sovereign currency, or any particular polity or another. I am not talking about the utility of cryptocurrency to large financial institutions. I am talking about the utility to individuals as their nations gradually become insolvent and austerity fails to placate the robber barons, ultimately leading to currency collapse. Look at the localbitcoins volume data for Argentina, for instance. https://coin.dance/volume/localbitcoins/ARS https://coin.dance/volume/localbitcoins/ARS

_aavaa_ 2y ago

> Many cryptocurrencies are inalienable, so long as you preserve private access to your seed phrase. Your local fascist regime has a very simple and low tech answer: https://xkcd.com/538/ https://xkcd.com/538/

nyc_data_geek1 2y ago
Deportations are a thing, and ethnic cleansing is not a new idea. It's not always so easy to know what people hold in those situations. Still, fair point. All the more reason to care about privacy.