Earlier quoted context omitted.
I'd go even further than that. The mismanagement of markets by central planners set the stage for cryptocurrencies. We're living in an era of speculative mania. Savings accounts have a negative real interest rate. This currency must go somewhere. Centralized payment services are vulnerable to regulators, see eGold and Liberty Reserve. Note that BTC emerged shortly after these services were destroyed. Anti-terror legi…
> Centralized payment services are vulnerable to regulators, see eGold and Liberty Reserve. Note that BTC emerged shortly after these services were destroyed. Anti-terror legislation was used. According to Wikipedia, Liberty Reserve was used to launder over $6B stolen from offshore banks. That sounds like a pretty legitimate reason to shut a service like that down to me. You argue that central banks are incompetent a…
Meanwhile physical cash is preferred for criminal acts. Would you similarly blame the issuer of cash for these crimes? What about footwear? Most criminals wear shoes or boots. Running shoes can be used to evade capture. Should we hold Nike accountable?
>does anything but benefit those with the most resources in the system. As long as that remains true, how do we expect it result in a more fair system than what we already have?
If fairness is the virtue we are seeking, then how does the plunge protection team protect fairness?
If fairness is the virtue we are seeking, then how do Cantillon effects factor into your argument?
If fairness is the virtue we are seeking, then how does a central bank formed by the blue-blood oligarchy advance this cause?
If fairness is the virtue we are seeking, then why does the central bank protect financial markets at the cost of all participants in the market?
(Pseudo?) Anonymity is what protects individuals from regulatory overreach and confiscations of wealth. True to the form described by regulatory capture, the IRS disproportionately attacks the income of small business owners vs. the super rich, who can afford to keep a small army of tax accountants, lawyers and lobbyists on retainer. Meanwhile the tax code grows ever more byzantine by the year.
https://en.wikipedia.org/wiki/Richard_Cantillon#:~:text=Furt....
https://www.mdtaxattorney.com/resources/irs-targeting-small-....
https://en.wikipedia.org/wiki/Working_Group_on_Financial_Mar...
https://en.wikipedia.org/wiki/Laffer_curve#:~:text=In%20econ....
https://www.marketplace.org/2015/10/20/how-secret-meeting-je....