Cryptocurrency is an abject disaster
drewdevault.com

My stake in all cryptocurrency is $0.

  • null_radix
    31·
    3 years ago

    Fiat money is an abject disaster. My stake in fait 0.

        • sexy_peach@feddit.deOP
          11·
          3 years ago

          What do you think about them? What do you think about GNU Taler?

          circles has this built in

          Inflation#

          In order to disincentivize hoarding and to encourage economic activity, the system will introduce an annual inflation schedule. This is demurrage by other means, where all personal currencies will issue progressively larger amounts of tokens per year, paid out per second. New users will always start issuing at a rate that is consistent with all other personal currencies.

          Also to have UBI we don’t need a digital currency at all. So I don’t get it.

          • null_radix
            1·
            3 years ago

            GNU Taler is orthogonal to blockchain. The system need to be backed by some other consensus mechanism which determines who has what. Taler opts for banks, but there is no reason you couldn’t replace the bank with a blockchain.

            Also to have UBI we don’t need a digital currency at all

            It’s certainly easier to bootstrap and experiment. Most currency creation face enormous opposition from the state. Creating on top of an old currency would mean you would have to change the old currencies monetary police, also hard to do.

            • sexy_peach@feddit.deOP
              1·
              3 years ago

              But we already have consensus mechanisms over currency and they work through the government?

              • null_radix
                1·
                3 years ago

                Yes we do have a consensus mechanism run by the banks and that is the problem. Crypto is in part an ideological attack against the current regimes that control finance. I would argue that the banking industry has more direct control over finance and is what crypto disrupts, and that industry has substantial power within most of the world’s governments. But undermining the current financial regime also doesn’t mean explicitly attacking the current government structures. On the contrary, we may see successful governance fully embrace the cryptozation of finance.