Yes, volatility is on a spectrum, can’t expect complete absence of volatility, but *come on*.
So I think Bitcoin is a radical, interesting, and useful innovation in theory. In practice it is kind of a mess.
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Also, the free market isn’t magically producing good financial institutions to enable desirable fluidity.
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Also a problem that stems from Bitcoin being used as a speculative vehicle rather than a day-to-day medium of exchange.
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Without a robust internal volume of trade, Bitcoin’s value is totally dependent on exchange to fiat currency. Exchanges are not great...
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… and can be regulated or put out of business by sovereign governments.
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@sarahjeong I think of it as a fascinating alpha. See also https://al3x.net/2013/12/18/bitcoin.html … -
I also think it’s an alpha.
@mathpunk
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@sarahjeong Qualify "radical." Innovative, yes. Never-before-seen, yes. But does it really get to the root of anything? -
Yes! A decentralized money separates economy from the state as a project, guts state power (for better or for worse).
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@sarahjeong@KevinCarson1@legind That's what worries me about Bitcoin: no more public schools, highway maintenance, public health service? -
@kragen@KevinCarson1@legind 1) hard to dismantle states; imo cryptocurrency unlikely to harm schools/roads more than the govt irl does -
@kragen@KevinCarson1@legind 2) it’s *possible* to organize a voluntaristic commons. and that opens another can of worms w/r/t debate, but -
@kragen@KevinCarson1@legind if your concern is that pragmatically, domestic public goods are under threat by cryptocurrency. I doubt it. -
@kragen@KevinCarson1@legind all of those things are much more threatened by austerity than this stuff, which is pretty pie-in-the-sky -
@sarahjeong@kragen@KevinCarson1 I think it's good to play out the scenarios of cryptocurrency-based macromarkets though, if just for fun - 1 réponse de plus
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@sarahjeong ...illicit trade under the state's radar, but for facilitating exchange in relocalized economies it sucks. -
@KevinCarson1 But not for intrinsic, immutable reasons, which is why I remain interested in cryptocurrencies in general. -
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@sarahjeong Yeah, I love the idea of anonymous encrypted currency. I'd just like to see it applied to something like Greco's accting system -
@KevinCarson1 There’s a lot of cool implications, it’s just in a quagmire of “DEFLATION GOOD” right now. -
@sarahjeong@KevinCarson1 They see the issue as quantity ("too much currency") rather than distribution. -
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@bpsycho1@sarahjeong What I like about Greco's system is money isn't an asset -- just a unit of account. So there is no "money supply"...
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