[estaseuropano]

HN is about hacker news, there are various viewpoints. Not everyone has to believe in the long-disproven invisible hand.

I think crypto is a dangerous destabilising factor. If not reigned in, it will come crashing down on all of us when it begins to destroy the public finances of (first) smaller countries and enables he usual suspects to evade all taxes, store value in non-localisable assets, etc.

[heidar]

I’m not sure I follow. People/governments can use crypto and continue paying taxes, I don’t see the connection here.

[javagram]

One of the main features of crypto is that it enables tax evasion. No need to worry about carrying suitcases of cash, gold or jewels onto an airliner anymore and getting caught when you want to move money across a border without a recorded transaction.

Supposedly that’s one reason it’s big in China since miners can generate coins to move wealth outside of the country more easily than moving their Chinese fiat.

[emteycz]

No, that supposition is absolutely wrong. You can lose your head for that in China, and Bitcoin is very trackable. Nobody is doing that.

[puranjay]

People owning their own money outside of autocratic state control is now a bad thing?

[puranjay]

Crypto is breaking the financial establishment and ruining Wall Street's never ending party. DeFi is bringing the same synthetic assets that Wall Street creates out of thin air to everyone. If you're not bullish on crypto, you haven't studied it closely enough.