Re:Cryptocurrencies’ Carbon Footprint Underestimated
by xadhominemx on Tuesday October 05, 2021 @04:23PM
(#28765106)
> Bitcoin at least was a deliberate response to what I would paraphrase as the "socialism for the rich, capitalism for the rest" policies of the last global financial crisis.
Was it actually, though?
Re:Cryptocurrencies’ Carbon Footprint Underestimated
by pshc on Tuesday October 05, 2021 @04:40PM
(#28765324)
Ostensibly, yes, with the genesis block containing the string "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
Re:Cryptocurrencies’ Carbon Footprint Underestimated
by xadhominemx on Wednesday October 06, 2021 @08:43AM
(#28772440)
Ostensibly, ya. But really, I don’t think so.
Re:Cryptocurrencies’ Carbon Footprint Underestimated
by paulmd on Tuesday October 05, 2021 @04:42PM
(#28765350)
> Bitcoin at least was a deliberate response to what I would paraphrase as the "socialism for the rich, capitalism for the rest" policies of the last global financial crisis.
And ironically it works the same way in crypto. I bet the traditional financial markets wish they could "roll back" financial calamities like the Ethereum DAO hack - the founder of ethereum lost money so oops, hit the undo button, roll back every transaction on the whole network. That's the exact same sort of "socialism for the elites, capitalism for the rest" as crypto boosters complain about with USD.
I'm not going to say it will be successful in that aim, but the idea that governments can simply create currency by fiat, donate it to their powerful, insolvent friends, pass the cost along to your grandchildren and/or degrade the value of your savings is not what I consider to be a democratic system.