The Handwavy Technobabble Nothingburger of Crypto

Stablecoins are dangerous because they have the potential to change the current selection effects on the elite. For one thing, stablecoins subvert the ability of the Federal Reserve to print money and give it to their friends at Goldman Sachs et al --- normally this is supposed to result in their friends have a larger fraction of money than they previously had. You start with 1 dollar, David at Goldman Sachs starts with 1 dollar, you each have 50% of the wealth in the "nation." David and his friends start printing themselves money, soon they have 99 dollars and you have 1, and you can't compete because they'll lock you up with violence for being a "counterfeiter." That's how inflation works.

When there's stablecoin, you just put your dollar in stablecoin before they print the money, the dollar inflates, stablecoin goes up proportionately, you spend the stablecoin and things remain fair.

This obviously curtails the ability of the ruling class to reproduce itself. More than that, if the pool of people getting billions through stablecoins is more random than the pool of people who got rich on the dollar, then the ruling class will change to be more representative of the population as a whole.

This could cause massive cultural changes, consequently.

"As deaths due to covid increased, the percentage of deaths due to car crashes has decreased"

I somehow think that doesn't mean we made any progress in car/traffic safety. And should not be used as an argument to dismiss/minimize the impact of traffic fatalities.

Not your keys not your coins. Unless you trust some central authority to take care of you, which you should by now understand that doesn't always work, and when it doesn't work, it's usually a spectacular failure.

So to answer your questions. Although possible, no reconcile is the pure spirit of a trustless network. Now? you make sure to avoid custodian services and keep your keys safe. or stay away from crypto until/if it becomes as ubiquitous as the Internet.

> Control by a majority, not a minority. (democratic)

In what way is that even remotely true for any major cryptocurrency?

>Open ecosystem that visible and able to be analysed by anyone (transparent)

Right. How is that Tether audit going again? And how did all that transparency prevent this week's multimillion dollar Oopsie?

> Immutable (no one makes up assets without everyone knowing about it)

Except, you know, the entire thing being made up by people who automatically get ridiculously large shares of the pie as "early adopters".

> Fair. Same price for everyone at all times, no chance of a monopoly.

See above. And do you have any idea how rampant market manipulation is?

How is it true and factual? The inflation rate is set, it is high now and will be lower in the future to account for that. If you are planning to keep millions/billions sitting around in cash for a decade, instead of investing into assets where it works for you and everyone else, you are the reason we have the inflation rate and deserve to lose out to inflation.

A set yearly inflation rate incentivizes actual investment instead of currency speculation. Basically the system we have now exists to prevent what crypto enthusiasts are trying to push on us: a return to a super volatile currency that when it crashed wasn’t able to be fixed by just printing more money temporarily.

When you hear about things as complex as Monetary Policy, it is best to assume that lots of people have thought about why it is the way it is and why that’s preferable. The “gold standard” and the hoarding of wealth allowed things like feudalism to exist where lords just sat on their land and gold and were richer every year.

Yeah you can pull the “the rich get richer today too” card but so do poor people if they invest in assets, and the difference is that every wealthy person has almost all of their wealth invested in the US economy in order to beat the risk free and inflation rate.

I really, really am sick of the bullshit around the big L Libertarian party (and the crypto enthusiasts who identify with them.) Spreading lies about the evil fed and the evil inflation rate, both of which are a huge improvement over the constant depressions we had prior to this century.

It took thousands of years for people to develop the sophisticated monetary policy we currently have that allows our economy to be extremely stable and continuously grow, generations of very bright people, and anarcho-capitalists want to throw that away to go back to “basics.” At the very least you could do all those people, and the citizens of the world, the courtesy of understanding why were all in favor of yearly inflation (even if we bitch about prices going up.)