Comment by constantcrying
3 years ago
>replace cash
That is the most important concern. Not even crypto can beat cash for convenience and anonymity.
But having a way to transfer money outside of large corporations and instead through a government regulated service is a good thing.
The ban on bearer bonds should be repealed. People worry about cash because it is the only legal option left.
It makes me question why we allow government to be in charge of our money, and the price of money (interest rate meddling by govt contractor federalreserve). I suppose we grow up with it and don't question it.
Go ahead and question it. What do you think is a reasonable alternative? Actually game it out.
Money wasn’t always the sole dominion of government. There is a reason we’ve ended up at this point. I find it to be entirely reasonable.
>It makes me question why we allow government to be in charge of our money
This isn't true. Private currencies exist(ed) and are afaik still legal.
The reason we put governments in charge of our money is that up until about a decade ago it was either the government or a corporation as a decentralizes currency was not really implementable. Do you want to get paid in amazon coins only redeemable on amazon? No, you do not.
>interest rate meddling by govt contractor federalreserve
You need to do that. Any currency needs some mechanism to control issuing. If not the government who else could do that?
> This isn't true. Private currencies exist(ed) and are afaik still legal.
For most of my life, those were ancient history or theoretical. Then in 2009, something changed.
And ever since then, I've seen nothing less than the most zealous propaganda campaign to undermine those... it's bizarre to watch it unfold. I keep side-eyeing everyone, wondering if I'm the only one that sees it. Sure, it doesn't help that the cryptocurrency people are whackjobs that might have screwed it all up without any outside help. But I guess they couldn't trusted to do that, so the help was provided.
Saying that it's "legal" doesn't change the fact that if someone were to come up with a private currency, gigantic forces, government and not, would be arrayed against them to put an end to it.
> Any currency needs some mechanism to control issuing. If not the government who else could do that?
I think the implication here is: who could be trusted to do it in a way that doesn't favor some at the expense of others?
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The Federal Reserve sets the interest rate that it loans money at. You are free to loan money to anyone at a lower rate if you wish.
I mean, that is true in the same way that if I want to create some shrutebucks and loan them out at the schrute reserve rate you are also free to loan out shrutebucks at whatever rate you want.
The fed may have a small advantage you are willfully overlooking.
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Because it enables monetary policy which is in large part responsible for the most successful economic century in human history. Why do you think the "natural" interest rate is better than the feds?
We have independent central banks because we don't want the "government" (I mean politicians) to control our money.
Because you get bombed if you don't accept it. There's no "we have allowed", it is "they have imposed", and you and I were born into a slave system. Thank God there are ways to escape, such as crypto and foreign accounts.
You can't escape the US of all places with foreign accounts. You're actually famously unable to do that.
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