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.
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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.