Ryan Grim
@ryangrim
The philosophical objection is also sorted of rooted in history. In the 18th and 19th century US banks created a different kind of cryptocurrency and we had countless versions circulating. Lots of opportunity for speculation and arbitrage and it avoided regulation by the Crown and then by the federal government and the result was some people got rich but most people got ruined in scams, bubble pops, etc. it was a disaster and I don’t see how this won’t also be one https://daily.jstor.org/banks-own-private-currencies-in-19th-century-america/
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depatchedmode
@depatchedmode
Ah, I forgot about those! Thanks for the link. It’s not quite an apples to apples comparison, but your concerns about *unhealthy* levels of speculation and arbitrage are legit. And shared by absolutely every serious actor in the blockchain space. Some things to consider: + a substantial amount of on chain volume is literally the USD, with a more close comparison being the global Eurodollar markets + appropriate levels of speculation and arbitrage can help keep a market functioning + regulation should *compel* me to act justly, not prevent me from acting Nobody in this space expects daily business to be transacted in volatile units.
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depatchedmode
@depatchedmode
Also, cryptocurrency might be the only practical way for me, a Canadian, to protect my wealth against American misbehaviour — to put it lightly. And the Canadian government! When they froze bank accounts during the trucker protest, the whole political spectrum was aghast. So, philosophically, I like that blockchains provide individuals and their communities with self-determination.
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