Re:In second largest DeFi hack, Blockchain Bridge loses $320...
by jollybean on Friday February 04, 2022 @01:47AM
(#30203597)
"I would have liked to see what would happen in a pandemic if Bitcoin were the world's reserve currency;"
We already know the answer to it: the economy would collapse in a hulking mass.
The 'advantage' of Bitcoin, which is 'integrity' (i.e. can't be debauched) becomes a big 'disadvantage' during a time of crisis, when reallocation has to happen.
It's like nailing your boat with a plank to the dock: string and reliable. But then the tide goes out and everything breaks: better in the long run to use ropes.
BTC is inflationary, people would rush to it during a crises and credit would evaporate, the dominos would all fall down.
Something 'unforeseen' will always happen, meaning we have to be able to change the rules sometimes.
Much like a pandemic situation, a lot of the normal rules for operating the economy go out the window. Vaccine production and distribution is fully socialised, not part of normal healthcare etc..
And yes, it's a giant double edged sword which is why there's no excuse for not having 'intelligent, comptetent and responsible leadership' at all times.
We already know the answer to it: the economy would collapse in a hulking mass.
The 'advantage' of Bitcoin, which is 'integrity' (i.e. can't be debauched) becomes a big 'disadvantage' during a time of crisis, when reallocation has to happen.
It's like nailing your boat with a plank to the dock: string and reliable. But then the tide goes out and everything breaks: better in the long run to use ropes.
BTC is inflationary, people would rush to it during a crises and credit would evaporate, the dominos would all fall down.
Something 'unforeseen' will always happen, meaning we have to be able to change the rules sometimes.
Much like a pandemic situation, a lot of the normal rules for operating the economy go out the window. Vaccine production and distribution is fully socialised, not part of normal healthcare etc..
And yes, it's a giant double edged sword which is why there's no excuse for not having 'intelligent, comptetent and responsible leadership' at all times.