ghostinmachine

> And yet, two posts up you complained about control of people's freedom

I'm a supporter of reasonable freedoms not unlimited freedoms. I would like checks and balances on power and it's accumulation whether it's a person or group of persons. Just like voting rights, we at least try to achieve equal voting share for each person. Money is power it needs reasonable checks and balances so that wishes of few do not affect many. No one needs $100 million to survive or live a reasonably good life. If you need more for an endeavor you're free to appeal to others to invest into your effort. Point is, large changes needs to be made by proportionate amount of wills.

> Do you no see the irony in that contradiction?

There's no contradiction. It's just a suggestion to avoid a few of such problems, but if you have a better suggestions, I welcome it.

>Hah! What a huge "if"

Yes that's a big 'if', just like for any other idea. Only fools are certain of things, those without power have only hope.

I do understand. It's not an outcome of specifically cryptocurrency but distributed nature of it. The losses that we see are because of the uncertainty surrounding it. It's a form of currency and should be used as one. In the current market it's being used as more like trading stocks than currency.

Currently it's not completely distributed, from the people hoarding it to the ICOs to the whales and to centralized exchanges, it all needs to be taken into account, those would be bugs. I would like the idea of limiting amount of money one can hold and spend in a limited period to avoid such disasters. This would limit the freedom too. But we will have to talk about how much freedom does one person/entity need, (yours ends where mine begins).

It's not perfect yet, but it's a nice idea. If perfected it would a lot harder to artificially manipulate than the current system. At the very least, a lot many people would be responsible for any disaster instead of a few.

I'm not sure why it wasn't the first thing that was said, but let me say it.

It's to give freedom. Freedom to make and distribute your own currency without borders, rules or monopoly.

An outcome of this would be elimination of an artificial recession. There's a reason why Bitcoin paper was published in 2008.

Another outcome would be reduction in the authority of banks and governments. There's a reason why all the banking institutions and governments are quick to call it evil. Reason is that control of money grants banks and governments great control over citizenry.

There's no denying that it's far from perfect and has to be updated to solve all the bugs, many resembling to fiats.