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A comment on Ask HN: Is anyone else glad the crypto market is crashing?. Parent comment

Re:Ask HN: Is anyone else glad the crypto market is crashing? by pa7ch on Thursday May 12, 2022 @03:36PM (#31359217)
Please propose a theory of change then instead of handwaving[1]. We need effective people to make the world better. I've seen lots of complaining about the fed from crypto people but almost no theory on how to manage our economy and incentive systems to bring a more prosperous world.

[1] http://www.aaronsw.com/weblog/theoryofchange

[ Parent | on HN ]
Re:Ask HN: Is anyone else glad the crypto market is crashing? by jonathan-adly on Thursday May 12, 2022 @04:17PM (#31359662)
The whole crypto system is basically a real, evolving mechanism of evaluating different monetary systems. Don't like it how Bitcoin is structured? Fork it and see how the market reacts.

Wants a centralized version of Ethereum when checks and balances? Israel is building that.

You can even build an Islamic monetary structure enforced by smart contracts (addressing sibling comment: historically Islamic financial systems collapsed because they are enforced by corruptible people).

Like all things, most experiments would fail (and most people shouldn't put their savings in experiments!). We might end up with even a worse monetary system (unlikely imho, because I believe the markets are free to accept and reject those experiments). I won't fight it though - the markets are brutal, and in time, kills bad ideas. I do want the experimentations to happen though!

[ Parent | on HN ]
Re:Ask HN: Is anyone else glad the crypto market is crashing? by azth on Thursday May 12, 2022 @03:57PM (#31359453)
Look at how Islam addresses these problems. From prohibiting interest, to having a built in "wealth tax" (Zakat), to prohibition of selling what you don't own, to no gambling, etc. Solid principles that work.
[ Parent | on HN ]