The political case for a blanket cryptocurrency ban

Re:The political case for a blanket cryptocurrency ban by TezNoble1988 on Wednesday March 31, 2021 @04:45PM (#26652935)

The idea that inflation is some sort of creeping evil that needs to be "solved for" is a made up fantasy of cryptocurrency zealots and libertarians. There's nothing inherently "wrong" or "bad" about inflation when it is controlled and stable, and in fact some low level of positive inflation is a good thing. Inflation is a bogeyman that was invented by the crypto-industrial complex to justify the environmental disaster and criminal danger that cryptocurrencies wreak on society.

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Re:The political case for a blanket cryptocurrency ban by nbardy on Wednesday March 31, 2021 @04:48PM (#26652984)

Inflation is a problem when there is no way to beat it and it's hidden in stimulus bills that the majority of the country is too busy working to pay bills to spend time understanding.

Most of my friends can't afford investment in the market. So when the stock market goes up that's them losing value on their dollar and wages.

Inflation is fine for those who are part of the asset class.

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Re:The political case for a blanket cryptocurrency ban by TezNoble1988 on Wednesday March 31, 2021 @04:54PM (#26653054)

There is very little consensus around whether these stimulus bills will create inflationary pressure or not. Inflation generally isn't a concern when unemployment is high; if anything, short-term inflation may be caused by a drop in supply and excess savings caused by COVID, a systemic event which would also cause BTC-denominated prices to increase if consumer goods were actually priced in BTC.

I'm not sure what you mean by, "when the stock market goes up that's them losing value on their dollar and wages" -> that simply doesn't make sense

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Re:The political case for a blanket cryptocurrency ban by nbardy on Wednesday March 31, 2021 @05:22PM (#26653346)

> that simply doesn't make any sense.

It does you just don't understand yet. Let me try and explain.

Inflation measured by the government in CPI is a bad metric. It doesn't include ownership in assets which is the ability to retire.

We already had inflation if you measure the cost of retirement in USD. With the spending package we drove a bull run.

The SP500 going up in price is equivalent to the value of USD going down for anyone who doesn't own part of the market. They have to buy in at higher and higher cost.

Younger generations have been priced out of an ability to own and in turn retire. While those who owned assets experienced a nice boost this year.

When the cost of retirement goes up the value of USD goes down just like anything else.

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