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Re:On anti-crypto toxicity by tablespoon on Wednesday April 20, 2022 @09:37AM (#31096742)
> Problem is that this democracy/central bank is not stable in every country. So crypto provides real "internet money", with all benefits and drawbacks.

Except that, from a practical perspective, if you live in a country without a stable "democracy/central bank," using fiat from a stable country (e.g. dollars or euros) is a better solution than cryptocurrency in pretty much all cases. AFAIK, cryptocurrency isn't in proper circulation anywhere, so you're likely going to have to do the same kind of forex transactions to get it, plus you're going to need a computer and internet to use it. Also stable-country fiat also doesn't come with weird ideological monetary policy ideas baked in (e.g. "money should be deflationary!").

Re:On anti-crypto toxicity by snapcaster on Wednesday April 20, 2022 @09:56AM (#31097002)
Well on your last point it does. "Money should be inflationary" is a "weird ideological monetary policy idea" it's just one that you agree with?
Re:On anti-crypto toxicity by tablespoon on Wednesday April 20, 2022 @11:03AM (#31097966)
> Well on your last point it does. "Money should be inflationary" is a "weird ideological monetary policy idea" it's just one that you agree with?

The idea that money should be stable with mild inflation seems to be the consensus view of the people (in multiple countries!) who actually have responsibility for the economy as a whole, and the economies that have stumbled into deflation don't seem very healthy.

Deflationary money seems to mainly appeal to people who are most concerned about jealously guarding the value of their little private hoard. Bitcoin was likely designed by someone like that who happened to be a talented programmer.

Re:On anti-crypto toxicity by imtringued on Wednesday April 20, 2022 @04:34PM (#31102613)
Deflation implies that the medium of exchange function of money has malfunctioned. You can't use money both as a medium of exchange and a store of value at the same time. It just doesn't work.

Inflation ruins the store of value function of money, but a little inflation isn't a bad tradeoff if the medium of exchange function of money keeps working.

The reason for this bias is that our society defines itself through a high degree of the division of labor. If money stops flowing, the division of labor stops and without the division of labor we are going straight back to the stone age (hyperbole). This is why economic recessions and depressions are feared more than economic booms.

Re:On anti-crypto toxicity by koonsolo on Wednesday April 20, 2022 @01:04PM (#31099919)
> using fiat from a stable country (e.g. dollars or euros) is a better solution than cryptocurrency

So how do you get your money out of the country when you are not allowed to get your money out of the country? Strap dollar bills on your chest, or just use crypto?

Re:On anti-crypto toxicity by tablespoon on Wednesday April 20, 2022 @01:57PM (#31100612)
> So how do you get your money out of the country when you are not allowed to get your money out of the country? Strap dollar bills on your chest, or just use crypto?

For that scenario, the better question is: how are you supposed to get cryptocurrency if you're not allowed to get your money out of the country?

But that's not the scenario I was addressing, what I was addressing the circumstances that lead to the very real practice called "dollarization":

https://en.wikipedia.org/wiki/International_use_of_the_U.S._...

> The U.S. dollar is also the official currency in several countries and the de facto currency in many others, with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation.

A list is here: https://en.wikipedia.org/wiki/Currency_substitution#US_dolla...