Comment by constantcrying
3 years ago
>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.
Thousands of private currencies exist right now.
Nobody would care about your currency, since it is useless, and as such worthless. A centralized currency is an enormous social asset. Nobody wants private currencies.
>who could be trusted to do it in a way that doesn't favor some at the expense of others?
Just try to imagine a currency controlled by amazon. Do you think they won't do some hyperinflation making you poor once a decade?
The controller of a currency has enormous power. If the government can't handle it nobody can.
> Just try to imagine a currency controlled by amazon. Do you think they won't do some hyperinflation making you poor once a decade?
Do you think that the US government and the fed don't do this? You don't see it, of course, because they also report the numbers you use to decide if there is inflation.
And who says that it has to be controlled at all, in the sense that some singular entity controls it, rather than an algorithm?
> The controller of a currency has enormous power.
Yeh, and it's no less a problem when it's the government rather than Amazon.
> If the government can't handle it nobody can.
That's always been my point.
>Do you think that the US government and the fed don't do this? You don't see it, of course, because they also report the numbers you use to decide if there is inflation.
Inflation is an objective measure it is the price increase for a certain basket of goods. Yes, you can fake it to a certain extent, but this is true for everything.
>You don't see it, of course
What? That is totally false. Inflation is one of the easiest metrics to spot.
>And who says that it has to be controlled at all, in the sense that some singular entity controls it, rather than an algorithm?
Practicality. Either the algorithm is extremely simple (BTC) or you will ruin your economy.
>Yeh, and it's no less a problem when it's the government rather than Amazon.
Total nonsense.
I have thought about building an algorithmic stable coin kind of like RAI but the problem is that actually defining and measuring a price level is the hard part.
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