The purpose of crypto was never technological progress. It was to create a financial system that could operate beyond the reach of the state, regulators, and democratic accountability.
Amnd given what Spud wants to do to everyone why not?
The purpose of crypto was never technological progress. It was to create a financial system that could operate beyond the reach of the state, regulators, and democratic accountability.
Amnd given what Spud wants to do to everyone why not?
He’s wrong again.Bitcoin could be the first example of Byzantine Fault Tolerance in a decentralized network deployed and actually working as opposed to on paper. Escaping the grasping clutches of the King of the Potato People is another benefit but it relies on the innovation.
Whenever I hear the leftist phrase “democratic accountability” (aka central control), I want to reach for a revolver…
“Democratic accountability” actually means the demos being able to get rid of the cunts, but somehow the cunts never see it that way.
It’s not even just, exactly, state.
It’s Coutts closing Farage’s account. It’s political parties not being able to use Visa. And because it’s such a high barrier to entry to create a bank…
Crypto’s not very efficient, but it gives people freedom. I’m not exactly surprised that a Jemima at the FT disapproves. The FT should be a newspaper about glorious free market capitalism but it’s a load of statist wankers.
Absolutely this. It’s truckers in Canada having their bank accounts frozen and money stolen for having the temerity to question Justin Trudeau. Murphy thinks he will always be on the side of the freezers and stealers, but the cunt has never heard what happened to Robespierre.
Crypto is neoliberalism made into computer code. It promises that individuals can create value out of nothing, that markets can exist without governments, and that rules are unnecessary if everyone pursues their own self-interest. In other words, it is the digital reincarnation of the same ideology that has already failed us in the real economy.
Like neoliberalism, crypto’s rhetoric is claimed to be about empowerment. Its reality is about exploitation. Early adopters, miners, and exchange owners reap vast speculative gains. The rest are left with losses, or worse, with stolen savings and no recourse.
That is not freedom. It is feudalism rebuilt on a blockchain.
At least it isn’t ‘racist’ of ‘fascist’?? And the notion that state control has ‘succeeded’ in the real economy is surely some kind of attempt at comedy.
“It promises that individuals can create value out of nothing”
Isn’t this the basis of MMT?
But that is different because they have good intentions
He has neatly demonstrated he doesn’t know what he’s talking about.
He’s claiming crypto is a currency. A currency is a token of value used in commerce. So it cannot have value as of itself. It’s value therefor will be what it can be exchanged for.
Which is, of course, the underlying flaw in MMT.
State control worked just fine for Benito Mussolini, didn’t it?
Stop stop I’m sold on crypto where do I sign?
@southerner – use Coinbase (or alternatives).
Because its digital, you don’t need to buy a whole coin. If you just want to test the water, buying a small fraction of one is probably a good idea (current Bitcoin value is over £90k)
No, the current Bitcoin price is £90k. It’s value is indeterminate.
True… I sometimes wonder whether anyone, especially a “bitcoin billionaire”, has ever tried to convert a substantial holding into real hard cash – and if they did, was it successful?
No of course not, any more than Elon Musk has billions of paper dollars under his mattress from selling his stake in various companies.
I do wonder what the most expensive good or service bought with any crypto currency is.
I wasn’t thinking of the “Scrooge McDuck” strategy… More along the lines of converting bitcoin into more “normal” equities or property via cash.