| Chrizum said: Your criticism on Bitcoin is not completely unfounded, but I wish you'd be even half as critical on traditional money so to speak. Because our traditional monetary system with its debt promoting and totalitarian properties is one of the reasons the gap between poor and rich is so big. I for one celebrate that there is an alternative being provided, even if it's still in its infancy and thus flawed still. |
I'm critical of the way governments handle traditional money as well, including the US dollar's grip on the world backed by military power if you resist the dollar. Oil shall be priced in dollars, no euros, or else.
Yet apart from a cryptocurrency not being owned by a government, there is really no other benefit to it and certainly won't help to lessen the gap between poor and rich. It is flawed from design, it needs a radical change to become a viable currency instead of basically being a stock.
Btw what do you propose instead of using debt? People borrow to buy a house, should they live on the street until they can afford one? Governments borrow to get through a pandemic. Should they just kept everyone under lock down instead of free vaccines and stimulus cheques? The reason the gap is so big is because the rich have leverage on the government and can bend policies in their favor. I don't see how crypto can change that at all?
But the Crypto lobby is already strong at Cop26, for example "In a candid statement, the company expressed its intention to go further than merely balancing its emission output, citing a recent purchase of 7,110 tonnes of CO2 credits, approximately valued at $100,000, in partnership with AI carbon data tracking firm Pachama." That's a scam in itself, that's not helping much of anything.
@bowserthedog How is crypto going to replace the need for physical money? Which is getting less and less anyway. Which is maybe also why crypto is interesting as paying under the table in cash is going to be more and more difficult (or rather going to stand out more). Yet for those situations where physical money still makes sense, small payments, flea markets, tips maybe, crypto doesn't make much sense to use. It's not practical for small, fast payments on the go. Anyway printing paper money doesn't stack up to printing GPUs and power plants to get crypto to the same scale.
What happens when the system fails, well most likely the internet will fail as well or become a target. Crypto's achilles heel is fast reliable internet. At least with physical money you can still get through a couple weeks power outage!
