Comment on Over 2 percent of the US’s electricity generation now goes to bitcoin
Sanyanov@lemmy.world 10 months agoCrypto capitalism is super bad idea exactly because it’s uncontrollable, i.e. all the bad stuff of capitalist economy, uncaged.
It encourages money hoarding, which cripples the capitalist economy, it does not allow to control emission, which is actually bad because it’s essential to driving economy out of crises, it does not allow to block criminals’ access to money and transactions, it severely complicates taxation and other important economic actions.
Crypto capitalism has the potential to exacerbate inequality, and cause a giant slew of problems sending modern economy into chaos. But yes, your 500 ADA salary will be truly yours.
I’m pro-crypto, by the way. While posing new risks, crypto can be super helpful as means of unsanctioned money transfer, breaching artificial limitations, keeping governments in check by always being able to support protesters, etc. But making it the world go-to currency is a bad idea.
TypicalHog@lemm.ee 10 months ago
Ok, but thinking crypto won’t be widely adopted is just wishful thinking. Do you honestly see a reality in the future where it’s not widely adopted?
If so, I would be curious to hear how that would work and what would people use instead?
Sanyanov@lemmy.world 10 months ago
Uhm…people would use traditional finances? Banking system ain’t going nowhere, and CBDCs make their turn - as dystopian as they are, it’s super easy to force them upon people.
What would be wishful thinking is assuming most countries will happily adopt crypto. And besides - that’s even more of a dystopian scenario.
TypicalHog@lemm.ee 10 months ago
What makes you think the FIAT system won’t end up in a hyperinflation? And if it doesn’t (lol), what makes you think people won’t wake up and realize crypto only goes up against FIAT and it’s fixed supply? And if we do get CBDCs (which I believe we will, especially since that’s probably the only way they can try to save and transition the current system into something that doesn’t implode), what makes you think people will just gladly welcome them and not opt out for the alternative (crypto)? I hold strong belief we will live in a hybrid CBDC + crypto world fairly soon.
Sanyanov@lemmy.world 10 months ago
People had 15 years to “wake up” now, yet they didn’t. Partly due to volatility which makes planning near economic future impossible, but most importantly because they still get their wages in fiat, pay for products in fiat etc.
The state doesn’t have incentive to change the regulations that favor crypto because crypto is generally worse as actual money as opposed to store of value for the reasons described above.
Crypto bros will shill “crypto everywhere soon” narrative every time they can, and I’ve seen it since at least Mt. Gox era. But until the regulations will be there (and they won’t), nothing is gonna happen.