Really dramatic steps like this could be disastrous, but in general I'm concerned about how the banking system creates money. https://twitter.com/MrsEmpressWife/status/1037742447466565633 …
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Replying to @HbdNrx
A steady transition to crypto that cannot be minted or controlled by any singular party eases things greatly.
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Replying to @HbdNrx
That's the interesting thing about crypto. It backs itself in the same way any fiat currency does - faith in its stability and trustworthiness. The people who do not have faith in it, do not understand it, or DO understand it and hate what it could do to the banking cartel.
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Replying to @The_Petrichory @HbdNrx
The former faithless sort can be assuaged by making it so easy to deal with that the technical aspects are no longer concerning to them. Most people don't know how any other type of currency works either. The latter have power, and the only real threat to it is outlawing it.
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Replying to @The_Petrichory @HbdNrx
Outlawing it may Streisand-Effect it into true ubiquity and ensconce it as valid and essential. I think world powers know this, which is why most of them have avoided that unintended consequence.
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Replying to @The_Petrichory
What I really mean is that all current cryptocurrencies have a true price of zero and arguments that they should have valur are all circular. In contrast, fiat is backed by government force and its tax demands.
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Replying to @HbdNrx @The_Petrichory
If a currency can be "backed" by government force it can be "backed" by censorship resistance.
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Replying to @Outsideness @The_Petrichory
That doesn't really define a value in the same way taxes do
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Crypto has been on that problem for a while. Good summary here: https://queue.acm.org/detail.cfm?id=3136559 … ...
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... See especially the evolution from Hashcash to Bitcoin.
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Replying to @Outsideness @The_Petrichory
I'm not seeing how proof of work (or any of the rest) creates an asset of value
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