this post was submitted on 07 Apr 2025
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If done right(it won't be), it could replace cash.
But you know it won't be. They'll control the backend of it entirely and it will never be any sort of open standard that isn't endlessly mintable or manipulated by their whims and wishes.
At this point, I wouldn't be surprised to find the US lying about what it prints to curb inflation. Could you even imagine that with zero oversight?
how are you people still doing this. every other cryptonut on the planet finally moved on from this talking point in 2022 when it was very clear that beenz.com was and is not the backbone of any kind of stable anything
and, for the love of god, having the economy slightly inflationary, physical, fiat, not public, and manipulatable by an administration according to changes in market demand -- is a goddamn feature of the system, not a bug. it's actually both good and critically important that the US is capable of changing things like interest rates to maintain an economy
Why is everything as free and open as it can be but the second someone suggests doing it to cash, you all have a universal meltdown?
Double standards, much? I hate the crypto market but I saw the potential in the technology. It could have a use but goddamn forbid, right?
Oh pray tell, what is the potential you saw in the technology? Was it the part where every transaction costs immense amounts of power and time and resource usage grows superlinearly with respect to usage? Or the part where the monetary system can be controlled by a few oligarchs with the most computing power or market cap of the currency instead of full nation states? Or the part where making payments comes with a built in fee, a bit like a tax without the upside of funding anything?
Or maybe you just like the part where governments can't print money to enact keynesian new deal style spending because boo hoo muh inflation. Maybe you think money should be made of magic yellow metal so that you can't invent more of it when needed? If you want to try what it's like when the state can't arbitrarily mint more cash, try living in the Eurozone. Some of us are fine, but many sure think they could use that moolah printer. Somehow not getting to conjure up new Euros at the drop of a hat has not brought in the triumph of the People's Economics.
Money without a state is not a better money, it's just nonsense. Money is always a tool of vertical power structures. A state government is just about the least worst entity to have control over money. Don't privatize money, consider abolishing it instead.