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It's a good thing that nobody has ever been massively fucked over by a regulated fiat system.
by BlackDeath3 13y ago
It's a good thing that nobody has ever been massively fucked over by a regulated fiat system.
- crististm 13y agoCurrency devaluation (not inflation) amounts practically to the same thing: money lose their value overnight. You go to sleep a millionaire and the next day you pay a million for half a bread.
- mpyne 13y agoFunny thing about this argument is that we don't apply it to the rest of the world, and for good reason. "God look at all the people killed by that airplane attack... let's get rid of skyscrapers and/or airplanes!" "Man, alcohol sure does fuck over a lot of families, let's prohibit it!" "That computer-based system led to millions of dollars being lost, we should stop using computers!" Face it, now the same argument that you would use in support of still using Bitcoin exchanges (presumably run by more competent individuals?) would also work in support of regulated fiat systems (especially those run by more competent individuals!).
- BlackDeath3 13y agoGetting rid of something is not necessarily the same thing as proposing an alternative that may provide new benefits.
- mpyne 13y agoUnregulated currency is only new to those who refused to stay awake in their history and humanities classes though. Unregulated currency by cryptography is novel, but doesn't create an inherently new concept any more than digital cryptography did not innovate encipherment or authenticity checking.