Comment on SEC says it will deregulate cryptocurrencies with 'Project Crypto'

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Lumisal@lemmy.world ⁨3⁩ ⁨days⁩ ago

Yeah, because the last time humans tried decentralized money it also caused a ton of problems.

Bitcoin and other cryptocurrency isn’t inventing anything new, it’s just doing the same old localized bank notes system again, but with computers™

Even if crypto had any actual physical value, and solved the stability problems, lack of inflation, etc, it would still end up having control issues, because those already wealthy in a lot of it could manipulate the value easily by simply exchanging it or dumping it.

So basically you’d just end up with the problems of current currencies + all the problems crypto has, which were the same problems localized notes had 200 or so years as well.

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