The "oh but there's crime in fiat" argument holds no water.
Sure, HSBC facilitated money laundering and drug trafficking in Mexico. And when it came out, the fiat response was a huge outcry and putting a stop to it.
The crypto response is to say "screw the laws, let's go all in with money laundering and drug trafficking".
It's like noticing that kitchen knives are occasionally used for murder, and then concluding that it's a good idea to sell machine guns at every corner.
Fiat is indispensable, and (due to regulation) better for legitimate purposes than for crime.
Crypto is entirely dispensable, and (due to its inherent limitations (inefficient, slow, cumbersome)) better for crime than legitimate purposes.
Fiat currencies have collapsed in the past due to bad monetary policy (regulation is only good right?). Ask Argentinians how they feel about stablecoins after rapid inflation.
Alternative currencies offer competition and access. Why is that such a problem?
Fiat is not indispensable, hello. Did you forget that human societies used to primarily have metallism-based economies before central banks managed to entrap the entire world in a system of debt slavery?
FabHK|1 year ago
Sure, HSBC facilitated money laundering and drug trafficking in Mexico. And when it came out, the fiat response was a huge outcry and putting a stop to it.
The crypto response is to say "screw the laws, let's go all in with money laundering and drug trafficking".
It's like noticing that kitchen knives are occasionally used for murder, and then concluding that it's a good idea to sell machine guns at every corner.
Fiat is indispensable, and (due to regulation) better for legitimate purposes than for crime.
Crypto is entirely dispensable, and (due to its inherent limitations (inefficient, slow, cumbersome)) better for crime than legitimate purposes.
simpsond|1 year ago
Alternative currencies offer competition and access. Why is that such a problem?
desumeku|1 year ago