Re:Why All Cryptocurrency Should Die in a Fire
by Digit-Al on Sunday May 15, 2022 @06:11AM
(#31386550)
> want to have protections against government haircuts
I feel like you may have been auto-incorrected there, but I can't work out what you may have been trying to type that got changed to "haircuts".
Re:Why All Cryptocurrency Should Die in a Fire
by roenxi on Sunday May 15, 2022 @06:54PM
(#31391955)
I typed what I meant to (unusually?). Haircut as in they go through accounts and trim the balance down by some %.
Although to be fair those sort of manoeuvres generally mean that a bank is going under, so a % loss can be a better outcome than losing everything. It depends.
1) Able to donate money without it being blocked (examples: Wikileaks, eight-wing political activism).
2) No trace of activity that can be used against me (examples: WWII, looks like it might happen again in the near future, situation is tense post-COVID).
3) When the next recession hits, want to have protections against government haircuts (a la Cyprus or the bail in mechanisms that were prepared after 2008).
Cryptos fit quite neatly into a threat model where my government going rogue seems to be possible but unlikely. It makes a lot of sense to me to have $1-10k in Monero as a weird emergency fund/political tool. Dunno how it will work out, this isn't really territory that has been open before. If cryptos weather the next recession and hold >50% of their value then I'd start looking to put more serious money in.