| I could have been more specific, you're right! I believe the value of cryptocurrency is to neuter governments' abilities to inflate or devalue currency with the push of a button, and to improve our ability to transact freely with one another. I absolutely agree with you that money needs limitations, such as hard rules on supply increases. A money supply that is uncontrolled in such a way that you can make more or less whenever you personally feel like it regardless of the other users' intentions won't be useful for very long. I personally think of cryptocurrency like a constitution but for money - whereas before whoever had the biggest guns could decree How It Is Now, the guns will be powerless to what is written down. In this way, it removes power of a select few to control the supply of money for their benefit. I don't know how this ends. Is it a net negative to the human experience? Anarchy? The select few who got into bitcoin early wielding all the power now? Taxation falling to the wayside and a deterioration of quality of life? Each of these is somewhat possible, but as someone who has 2nd hand experience of what a country can do when it has free reign to issue whole new currencies and remove old ones or devalue the existing one into oblivion, I don't really care. Let's ride this puppy and annoy some people. EDIT: some phrasing |
Besides, government will stop all of this before we get to anarchy, if we want anarchy (or even moving in that direction, instead of the opposite as we're doing now) we need to get there politically.
Any government can say at any time: "Everyone holding cryptocurrency is a terrorist and will be persecuted" and use their monopoly on violence to enforce it.
Incidentally, that's the reason I never invested in BTC (and missed out on this generation inequality wealth transfer).