[v4dok]

I was in many crypto presentations during the 2018 BTC rise. The crypto-anarchists (left and right leaning) were getting their spotlight and laying out their "dream". Basically an updated version of Kropotkin's and Bakunin's work for the blockchain-era.

I really don't get what is the hate with the central banks getting control over the money. Yes they are not appointed by the Government but it does not matter, the moment they gain such power, they will become political.

At least, at allows countries to have complete control over their currency and cut the middleman when it comes to monetary policy. ECB and FED throw all this money into quantitative easing now, and the real economy gets nothing.

BTC as a global reserve is a pipedream, the only global and eternal reserve are big guns. BTC as a means of transaction is a dystopia ready to happen. No country is able to increase BTC supply, hence its a highway to unbelievable inequality, and no monetary policy control. Also, good luck enacting fiscal policy in an economy purely based on untraceable cash.

[nine_k]

Look, there was a gold-pegged currency without any digital equivalent, all in the form of untraceable cash. It was, for instance, the US dollar as late as 50 years ago. Back in 1950s people in the US were economically secure at currently unbelievable levels. Or, say, 100-120 years ago the US experienced colossal economic growth, while levels of inequality were lower than today's.

I would rather posit that central banks doing monetary policy tricks with fiat money are increasing inequality and give rise to crazy and detrimental financial schemes.

I agree about the big guns, though.

[seibelj]

Statists forget that insane monetary policy and extreme wealth inequality happened under their own fiat banking system. We are in a debt-based world where savers are punished for trying to improve their lives. It’s absurd.

[bufferoverflow]

> I really don't get what is the hate with the central banks getting control over the money

Because every single CB in the world devalues the currency they govern.

Bitcoin and other coins, on the other hand, are deflationary by design. Which means, while they can drop in value, they will not do so because somebody decided to turn the printer on and print a few trillion BTC. BTC is capped at 21 million coins. And some of it gets lost every day, so its cap is actually shrinking.

(not all cryptocurrencies are deflationary by design, in case I wasn't clear)

[kyboren]

Bitcoin is not deflationary, it is disinflationary. The Bitcoin supply is still inflating, currently around 1.8% per year. However, that inflation rate will continue to fall to 0%.

[bufferoverflow]

Since the cap is known, that's already baked in. And since the coins are constantly lost, it is de facto deflationary.

[rsrx]

Care to elaborate how is bitcoin untraceable exactly?

[biolurker1]

I don't understand why BTC as optional means of transaction is dystopic