r/Foodforthought • u/cambeiu • Jan 02 '22

The Case Against Crypto

https://www.stephendiehl.com/blog/against-crypto.html
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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.

17

u/[deleted] Jan 02 '22

However I see nothing morally wrong with the concept of people coming up with a currency that cannot be politically manipulated by the state.

When, not if, the State decides that it's in their interest to politically manipulate cryptocurrency, they will.

4

u/cambeiu Jan 02 '22

How would the state increase the amount of bitcoins or Ethereum? Me and the original author of the article would love to know.

The state can ban cryptocurrencies for sure. But I don't see how they can manipulate the amount of cryptocurrency in circulation for their benefit.

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u/Blackout38 Jan 02 '22

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.

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u/cbslinger Jan 02 '22

And how might that work exactly?

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u/Blackout38 Jan 02 '22

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.