Get out of here with this.
Cryptocurrency is a bunch of people thinking their bets are more important than the government's control levers of monetary and fiscal policy. They'd rather make a quick buck and disregard the fact that this takes away our government's sovereignty. Our government's ability to bail out the economy, protect its most vulnerable.
It's more important that the Winklevosses and early supporters get all the economic upside, and it's just fine if the US dollar slides into the abyss. Lower income folks surely won't get screwed by this.
Nevermind the fact that cryptocurrency is destroying the environment. That's just a minor detail.
Cryptocurrency is selfishness and hubris.
All the smart people working on this insanity would be doing the planet much better if they were working on fixing social media or making tools for cancer researchers. I'm not for telling people what to do with their lives, but this observation seems pretty obvious to me.
How did the bailouts in 2008 help the vulnerable people who were subjected to predatory loans and lost their homes?
> Nevermind the fact that cryptocurrency is destroying the environment. That's just a minor detail.
Can you back this up with any data? Just went through a paper published on this topic by a couple of environmental researchers and the methodology was quite awful, and the authors did not understand mining.
I'm happy to discuss any data you have.
I'm a bit pessimistic because you don't sound open to the idea that cryptocurrencies have any value at all.
They didn't but they kept the banking infrastructure alive. What I never understand however is that the government doesn't give that bailout money in exchange for newly issued shares which they then sell for a profit once the bank is back on its feet.
This isn't true. For every person buying Bitcoin thinking they are hedging themselves against inflation there is someone who sells Bitcoin because they think the exact opposite. So this doesn't take the government's sovereignty because someone ends up with a lot of USD at the other end and you can still apply things like negative interest rates on accounts with huge balances.
Ironically Bitcoin is a very poor inflation hedge because of its periodic bubbles and extreme volatility. The bubble can pop exactly the moment inflation goes up and ruin the "hedge" until the next bubble exceeds the current all time high again.
We don’t want to cure cancer (don’t know how). We want to free the world of the tyranny of central banking, debt-based economies and theft of savings through inflation. It is a noble endeavor. Selfishness is continuing along the old broken road. There are new, better ones.
You've been living the last 20 years under the tyranny of lack of fiscal stimulus. The biggest problem with the Fed is that it's the job of the government to distribute the money fairly for everyone and since Obama nobody did the necessary fiscal stimulus but this is changing thanks to Biden.
>debt-based economies
That just means more unemployment than necessary.
> and theft of savings through inflation.
What about theft of future potential through deflation? Does the future generation really owe you more than you worked for yourself?
>It is a noble endeavor.
Noble as in for the aristocracy, who have inherited and did nothing with their wealth but grew it anyway?
>Selfishness is continuing along the old broken road.
Biden has already left the old broken road.
