And as a clarification of my own: first, I think you're mostly on the mark, and I'm just quibbling for the sake of it. I don't mean to give you the idea that I'm super-aligned with libertarianism, either politically or economically. Second, the number of crypto scams which are currently coming to light is giving me a great deal of pause - and reinforcing your original criticisms.[Dimetrodon] wrote: ↑Mon Jan 09, 2023 9:22 pm To clarify my positions on this, I am not saying our current financial system is great. It is very much set up to give the wealthy leverage over the common man, and is in all but name, a legalized scam meant to keep us living paycheck to paycheck while those on the top live in opulence.
The problem is that crypto was created to skirt what little protections we have left to protect regular people. The problem is insufficient FDR style regulation, while cryptobros want no regulation whatsoever. Effectively they want more of the very problem with our system as opposed to a solution.
I also think you're more or less right about the problem and solution; of course, there is absolutely no chance of such a solution happening because of the political climate - and when you have actual fascists in the mix, which is the case with the current government, any chance for a commons-based wealth system starts to look good. There are always periods of turmoil when a new economic system is developed: there's a reason why economists are constantly throwing around "confidence" and "stabilization" as things to work towards. This is as true with virtual specie as with actual. It remains to be seen whether or not the virtual contenders can gain these things. (Perhaps with an independently democratized oversight component? No idea...) Is it better to have our money at the hands of insufferable techbros or at the hands of global capitalist boardroom gangsters? That isn't an easy question to answer.
In this country particularly, that describes a vast majority of the population. If we could get them to identify as something other than "temporarily embarrassed billionaires", we probably wouldn't need an alternative currency.
Point taken, but a better system, in whatever degree, would still need money, and the global capitalist class will kill to keep theirs - and therefore keep their power. There's a limit to how good of a system you can have in such a case.
As I said, a lot of this is just handwavery on the higher concepts of macroeconomics, a concept I'm far from an expert at.