1 Bitcoin is currently worth about AUD$108,000. The current total value of all Bitcoin is around $1.5 trillion USD; of all Ethereum, around $280 billion USD. If only I had some of this negligible value for myself!
Perhaps you deplore that rogue states and organized crime are among the holders of cryptocurrency. May I nonetheless point out that the majority of paid evil that has been done in the world, was and is paid for using old-fashioned national currencies?
At this point, crypto is just another medium of exchange. Like national fiat-based economies, the crypto economy extends from the realm of ordinary practical transactions, all the way up to a realm of “whales” whose cryptic movements decide whether the currency is going up or down in value. Yes, the commanding heights of crypto must contain some sinister elements. Meanwhile, traditional currency and commodity markets are shaped by decisions of war and dictatorship, and I would guess that 99+% of the wealth of the world’s oligarchs is held in assets other than crypto. If you want to clean up the Augean stables of world finance, crypto probably isn’t very high on the list.
May I nonetheless point out that the majority of paid evil that has been done in the world, was and is paid for using old-fashioned national currencies?
You may not point it out if you’re being rational.
In order to compare how easy to abuse things are (or to make just about any similar comparison) you need to consider base rates. The majority of paid evil has been done without cryptocurrency being available, so the fact that it doesn’t use cryptocurrency doesn’t mean much.
Furthermore, cryptocurrency is abusable in specific ways and not all evil is done using those ways.
1 Bitcoin is currently worth about AUD$108,000. The current total value of all Bitcoin is around $1.5 trillion USD; of all Ethereum, around $280 billion USD. If only I had some of this negligible value for myself!
I did not mean market value. I meant the kind of value that makes the world better.
Perhaps you deplore that rogue states and organized crime are among the holders of cryptocurrency. May I nonetheless point out that the majority of paid evil that has been done in the world, was and is paid for using old-fashioned national currencies?
This argument seems invalid to me. It is the equivalent of saying: “Perhaps you deplore that some criminals have guns. May I point out that the majority of crime is committed without guns?”
If you want to clean up the Augean stables of world finance, crypto probably isn’t very high on the list.
This sounds as though you have some kind of action in mind. What do you suggest?
I did not mean market value. I meant the kind of value that makes the world better.
One person’s market value is another person’s purchasing power. If I had just a tenth of a bitcoin, I should be able to keep at bay, for a few more crucial months, certain evil consequences which I do not presently know how I will otherwise avoid.
In other words, cryptocurrency is a currency and it enables all the mundane things, like purchase of goods and services, and transfer of purchasing power, which are among the benefits of money in general.
This sounds as though you have some kind of action in mind.
I don’t (and unfortunately I don’t have the luxury to think about how to reform it, right now). World finance is complicated and it is part of the social machinery that feeds and clothes billions. I think it’s not easily judged, or changed for the better.
Note: I have never owned any cryptocurrency.
1 Bitcoin is currently worth about AUD$108,000. The current total value of all Bitcoin is around $1.5 trillion USD; of all Ethereum, around $280 billion USD. If only I had some of this negligible value for myself!
Perhaps you deplore that rogue states and organized crime are among the holders of cryptocurrency. May I nonetheless point out that the majority of paid evil that has been done in the world, was and is paid for using old-fashioned national currencies?
At this point, crypto is just another medium of exchange. Like national fiat-based economies, the crypto economy extends from the realm of ordinary practical transactions, all the way up to a realm of “whales” whose cryptic movements decide whether the currency is going up or down in value. Yes, the commanding heights of crypto must contain some sinister elements. Meanwhile, traditional currency and commodity markets are shaped by decisions of war and dictatorship, and I would guess that 99+% of the wealth of the world’s oligarchs is held in assets other than crypto. If you want to clean up the Augean stables of world finance, crypto probably isn’t very high on the list.
You may not point it out if you’re being rational.
In order to compare how easy to abuse things are (or to make just about any similar comparison) you need to consider base rates. The majority of paid evil has been done without cryptocurrency being available, so the fact that it doesn’t use cryptocurrency doesn’t mean much.
Furthermore, cryptocurrency is abusable in specific ways and not all evil is done using those ways.
I did not mean market value. I meant the kind of value that makes the world better.
This argument seems invalid to me. It is the equivalent of saying: “Perhaps you deplore that some criminals have guns. May I point out that the majority of crime is committed without guns?”
This sounds as though you have some kind of action in mind. What do you suggest?
One person’s market value is another person’s purchasing power. If I had just a tenth of a bitcoin, I should be able to keep at bay, for a few more crucial months, certain evil consequences which I do not presently know how I will otherwise avoid.
In other words, cryptocurrency is a currency and it enables all the mundane things, like purchase of goods and services, and transfer of purchasing power, which are among the benefits of money in general.
I don’t (and unfortunately I don’t have the luxury to think about how to reform it, right now). World finance is complicated and it is part of the social machinery that feeds and clothes billions. I think it’s not easily judged, or changed for the better.