Re:The political case for a blanket cryptocurrency ban
by seibelj on Wednesday March 31, 2021 @06:54PM
(#26654196)
I am philosophically opposed to a system where by intentional design, everyone’s money is debased continuously. It’s weird and immoral. You are forcing everyone to be a mini-hedge fund manager, or hire someone else to be one for them, to avoid the government-decision of destroying your wealth. It’s just stupid.
You can have an economy with a single dollar, if it can split far enough. Printing new money isn’t increasing the total amount of wealth in the world. It is redistribution.
Euphemistically rephrasing something is not a refutation. Inflation does not make investment decisions "mindless", but deflation does make the average risk adjusted return on an investment negative.
> It increases the bar at which you will part with your money, as merely holding it has a high level of return. This is a superior system to me.
The "high level of return" is at the expense of people who are not freeloading, who are forced to create this return for others by making more stuff for less money. Why is it superior for the monetary system to be designed to reward those who put in no effort and take no risks at the expense of those who do?