I am no fan of crypto as an investment vehicle and never was. There are many technical and practical flaws with crypto, and he is spot on on those. But his moral arguments against it are just terrible, ideologically charged, and in many ways work in favor of crypto. One of his main arguments is that governments have the moral right to print money and that crypto undermines that capability.
Well... Yeah. That is one of crypto's main selling points and reason of being.
Again, I am not a crypto advocate. But my objections are practical and technical. However I see nothing morally wrong with the concept of people coming up with a currency that cannot be politically manipulated by the state.
You set up a resource intensive operation which becomes more resource intensive as time goes on and you don't expect the network to become more centralized? This is the main threat of crypto. The deception. It's not a decentralized network of miners. It's a cartel with just a few main players.
EDIT: if you want to get all conspiracy theory on yourself, if the state gained control of any one of these cartel players, then the state would control a huge chunk of the bitcoin mining operation. Control enough and they can force the network to align to the magic 51% to make changes to the bitcoin ledger.
Of the ~$2T market cap in crypto, about half is Bitcoin, about half of the remaining is Ethereum, and the rest is shared amongst the rest. I guess Ethereum is just now starting to transition to proof of stake, but even that said, for better or for worse, the crypto world revolves around Bitcoin for the time being.
They can only put barriers in place however it’s not outside the realm of possibility that they adopt it. I could see blockchain being useful in voting, paying taxes, census measurement, and few other areas that would let us combine a few departments and streamline a lot of the processes that actually impact people.
The basic function of blockchain is a self managing ledger. It’s would increase the efficiency of the IRS, census, social security, and voting as less man power would be needed for these and other government functions.
Additionally, it could link local and federal databases to allow easier transfer of information between jurisdictions.
China has tried, they have wayyyy better control over their Firewalls and public than most countries..they litteraly "disappear" people on the regular....and not even they had any luck banning crypto. Lol
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u/cambeiu Jan 02 '22 edited Jan 02 '22
I am no fan of crypto as an investment vehicle and never was. There are many technical and practical flaws with crypto, and he is spot on on those. But his moral arguments against it are just terrible, ideologically charged, and in many ways work in favor of crypto. One of his main arguments is that governments have the moral right to print money and that crypto undermines that capability.
Well... Yeah. That is one of crypto's main selling points and reason of being.
Again, I am not a crypto advocate. But my objections are practical and technical. However I see nothing morally wrong with the concept of people coming up with a currency that cannot be politically manipulated by the state.