Our current bankjng system isn’t perfect and criticism is OK.
But that doesn’t absolve Bitcoin frim their damaging impact.
And remember that Existing financial systems do a lot of good, they are a core part of our societies.
Bitcoin and other crypto doesn’t provide any legitimate benefit to our societies, it damages and undermines them.
This is what I call extreme whataboutism.
Trying to paint the other in a very bad light so you don’t have to account for your own ‘misdeeds’.
No need for some kind of political discussion.
If Coinbase went and handed out a trillion $ worth of BTC to the wealthiest corporations in America over the past year, I would have my wealth in a different asset. Coinbase didn't do that with BTC though, the Fed did it with USD. I worked hard to earn this cash, why should I let someone else devalue my work without consulting me first?
https://louwrentius.com/cryptocurrencies-are-detrimental-to-...
> I can trust crypto because I can predict what it will do in terms of affordances and supply.
That sounds like a delusion. BTC is very volatile. When the music stops, there won't be enough chairs...
The Fed did hand out USD but that is for a very, very good reason: to keep society up and running, to keep it from total collapse.
I understand that keeping society operational is not very profitable for you, but I think it's rather nifty.
Seems like you misread this part of my statement and replaced it with "price."
> to keep society up and running, to keep it from total collapse
Inflating the global reserver currency won't have this effect, it will only prolong the inevitable outcome. The reason we're in this situation in the first place is because of the US govt's mismanagement of the USD over the past five decades. I want out and crypto is my ticket, who are you to tell me I shouldn't be allowed to make this decision? I'm not telling you to stop using USD. I just want you to stop arguing for a crypto ban.
As for a benefit, if you consider crypto as a mode of protest alone it has value.
People are allowed to smoke and destroy their health (and of those nearby), people are allowed to gamble, people are allowed to buy to biggest truck that pollutes to no end. How is that legitimate and how does that benefit more to society?
It's a weak system one that works only when it has no competition.
So, what's left? Oh, the climate. Where to even begin here? Call me when hash function workers create smog in a small city. Until then, our industry seems quite capable of killing the planet by itself.
It's better for the world long term if people that care about it are not poor. So, do make money and improve the world in other ways. Clearly you can offset with good deeds whatever energy will be wasted.