Reasoning seems strange. All thing financial can crash. It is more about control
Netherlands must ban cryptocurrencies immediately: CPB head
91–100 of 211 posts
Re: Netherlands must ban cryptocurrencies immediately: CPB head
#92Earlier quoted context omitted.
I think their argument is that cryptocurrencies not just (PoW) but (PoS) too are just a meme with no social benefit (unlike the stock market), yet people put large amounts of money on them and it will end in tears.
I mean, this type of thinking was applied to the early internet as well. “No one will ever buy anything over the internet, people want stores!” The same lack of imagination is leading to most of these takes.
Except the fundamentals of the Internet were sound and scalable: near instant global communication and commerce. Cyroptocoin fundamentals don't offer much (any?) value over digitized fiat systems once externalities are considered.
Re: Netherlands must ban cryptocurrencies immediately: CPB head
#93Earlier quoted context omitted.
Fiat is backed by weapons. The same weapons that defend your house from other countries and force you to give up half your salary. My main criticism to cryptocurrencies is that they're mostly unbacked. The ones that are backed by Fiat have similar problems to Fiat currency (why would I need that?), the ones that are backed by physical assets are much more interesting - but they don't seem to be the mainstream ones, p…
> Fiat is backed by weapons. This is one of the most hilarious misunderstandings of how monetization works. Is someone from the army going to come shoot me if I charge too many USD for a hamburger?
> Fiat is backed by weapons.
I interpret this to mean:
The major fiat currencies are ultimately backed by their respective government's willingness to use war to preserve their economic interests.
The other fiat currencies are based on the level of mutual interest in economic partnerships or trade relations between the majors and the non-majors.
...
This is intuitively sensible to me, but I am not an economist.
Re: Netherlands must ban cryptocurrencies immediately: CPB head
#94So this pretty much came out of the blue. The Netherlands has been a pretty good place for cryptocurrencies. Not actively promoting them like some places but also not actively campaigning against it like others and the taxes on it are light. It needs to be mentioned that the CPB head is saying this as a personal opinion, so it has people wondering what his agenda is.
this is a bunch of bs if you ask me. in today’s world everyone is an expert in everything.
you can’t have X! Why? It’s for your own protection!!!1
what about Y? this looks bad and should also maybe be banned? no, no, no. you don’t understand this stuff. there’s reasons and people’s livelihoods depend on it and pepe silva.
Look at drugs. You have alcohol which by any measures is bad that’s widespread and people do dumb stuff while on it all the time. Ban it? Nah fam, it’s just good fun. And people enjoy it and it doesn’t hurt anyone, right? RIGHT?
And you have “hard drugs” that are bad for ya and you’ll end up doing hard time if you ever get caught remotely near it. It’s for your own PROTECTION!!!1
Re: Netherlands must ban cryptocurrencies immediately: CPB head
#95Earlier quoted context omitted.
Fiat is backed by weapons. The same weapons that defend your house from other countries and force you to give up half your salary. My main criticism to cryptocurrencies is that they're mostly unbacked. The ones that are backed by Fiat have similar problems to Fiat currency (why would I need that?), the ones that are backed by physical assets are much more interesting - but they don't seem to be the mainstream ones, p…
> Fiat is backed by weapons. What does this mean? It's the currency of a country that has weapons. If someone steals my USD, will US use their weapons to get it back for me? If the value of their currency drops substantially, will they go to war with some unknown power that's causing this drop and reverse the change? Countries also change currencies, often during times of inflation. This is an effectively meaningless…
> If the value of their currency drops substantially, will they go to war with some unknown power that's causing this drop and reverse the change?
They might - that’s essentially what the U.S. has done (or, at least, did for a while) when other nations tried to break the petrodollar system.
Re: Netherlands must ban cryptocurrencies immediately: CPB head
#96> "Cryptocurrencies are essentially neither money nor a financial product, but an example of what Nobel laureate Robert Shiller calls a 'contagious narrative': a contagious story in which people believe because other people believe in it." Which is exactly what money is, to begin with.
Like the stop sign bubble. Those stop signs dont actually stop cars, they just work because of the contagious narrative
well, there's also the force of law behind stop signs.
Re: Netherlands must ban cryptocurrencies immediately: CPB head
#97It makes a lot of sense for a country that has significant portions of its territory below sea level. But, I wonder. For years I was absolutely baffled by how the world decided to ignore crypto environmental footprint. Then, out of the blue, a few months ago, it looks like EVERYBODY is talking about it. Then, the G-7 wants to impose the beginning of a global tax regime upon the developed nations (that's what it is ba…
He cites: "citing fraud, criminal use, and financial instability" - not environmentalism. Also, that argument only applies to PoW coins, not PoS coins.
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Re: Netherlands must ban cryptocurrencies immediately: CPB head
#98Re: Netherlands must ban cryptocurrencies immediately: CPB head
#99> "Cryptocurrencies are essentially neither money nor a financial product, but an example of what Nobel laureate Robert Shiller calls a 'contagious narrative': a contagious story in which people believe because other people believe in it." Which is exactly what money is, to begin with.
Like the stop sign bubble. Those stop signs dont actually stop cars, they just work because of the contagious narrative
Small difference: neither currency nor stops sign have speculation as rhe primary usage.
Re: Netherlands must ban cryptocurrencies immediately: CPB head
#100Earlier quoted context omitted.
> Fiat is backed by weapons. What does this mean? It's the currency of a country that has weapons. If someone steals my USD, will US use their weapons to get it back for me? If the value of their currency drops substantially, will they go to war with some unknown power that's causing this drop and reverse the change? Countries also change currencies, often during times of inflation. This is an effectively meaningless…
The answer to both your specific questions is yes. Although a war won't necessarily restore the value of a currency.
The implied threat of war is usually sufficient. Or regime change, "police action," targeted sanctions, and so on.