[duguxu]

People living in these country here. Thank you for pointing out these concerns. Besides currency manipulation, another issue with cryptocurrency is about responsibility and accountability. For traditional central bank, before a greedy bad policy made, local governors must carefully think about the aftermath like unrest and they might be held for account and get punished. In the worst scenario, people keep the choice to overthrow old bureaucracy to change the policy by force. But this is not the case for cryptocurrency. There might be no one punished for terribly wrong decision, just because the public have no idea who the decision maker is, or he/she is in another country and escapes the rule of law. Just like 1997 financial crisis for southeast asian people.

[svd4anything]

> But this is not the case for cryptocurrency. There might be no one punished for terribly wrong decision, just because the public have no idea who the decision maker is, or he/she is in another country and escapes the rule of law. Just like 1997 financial crisis for southeast asian people.

What kind of “decision” are you imagining? I thought part of the point of cryptocurrencies is to remove power to even have these “decisions”. So I’m not sure what the scenario you imagine is.

What if Gold was used as currency easily, is there a problem that would occur?

[duguxu]

I don’t know if i’m correct on this. but i think members of the libra have the power to manipulate exchange rate more or less, although they might choose not to use it. Also, upgrading cryptocurrency with improper algorithm or parameters could influence the market, targeting certain countries for instance.

There are decisions in cryptocurrency. and they are “democratically” made in the computing power sense, which means, as a less computationally powerful country, it might lose policy independence in the global voting.

For gold, there would be much less space for policies, both good and bad, and hence less benefits and problems at the same time. I think that’s one of the reasons why it’s not widely adopted anymore.