Comment by lxgr
8 hours ago
Unfortunately it's also pretty clunky for tax reasons in many places and inherently deflationary (and as such problematic from an economic point of view).
Sure, great if you don't trust your government or whoever issues your local currency, but if you can, there are better alternatives. Trust is an asset, not just a liability.
Well-placed trust is a small asset, but misplaced trust is a massive liability.
It might not always be warranted, but where it was, increased trust in society, institutions, and systems has been the enabler for economic growth and human development in the past centuries. Talk it down at your own (or more accurately, at all our) peril.
Economic growth and human development over the last several centuries has been the result of a complex web of interleaved prerequisites, that said, trust wasn't one them.
People trusted institutions for thousands of years prior to the scientific revolution. Europe had plenty of trust in religious institutions between the collapse of the Roman empire and the scientific revolution, and you know what it got them? Superstition, witch hunts, barbarism in the name of proselytizing, failed pandemic responses, and a near complete stall in technological and scientific breakthroughs for a millennium.
What the scientific revolution brought us was the decision to not trust, but to reason, to measure, to hypothesize, to verify. Facts matter. Humans are stupid and it is human nature to place trust exactly where trust is least warranted.
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