[blatchcorn]

You make a large assumption that people don't want a permanent log. If the system works then you do want it to be permanent. The only reason why you propose forgetting the transactions of the current system is that it is distorted by politicians. Politicians cannot distorted crypto markets in the same way they can with the USD, therefore is no need to ever forget crypto transactions

[beepbooptheory]

I think you give politicians too much credit, they have influence, but at the end of the day we all have one master in this world. There is something importantly impersonal and algorithmic about the circulation and allotment of capital and currency, and that is the ultimate reason we live in the unjust and unforgiving world we do. A persistent totalizing ledger would only reify these systems more. It would absolve the system of any traces of humanity it might incidentally have, leaving nothing but transactions.

There is not a more egalitarian capitalism hidden under the machinations of corrupt politicians, it is itself a dark, destructive thing. I am confident that money will save no one at the end. Money is not the salvation you are looking for.

[dgb23]

I'm saying "the system" doesn't work because it doesn't serve its purpose and on a deeper level it is inherently based on imagination.

Politicians and the financial system are not entities that can isolated from each other. The financial system is in of itself a form of trade regulation: to make rules about what costs what, who owes who, what can be traded how and so on. Finance is the bureaucracy of trade. It is failing because it shifted its purpose from regulation and quantification of value to a life of its own and has become in large parts speculative and non-proportional. Even some of the most libertarian thinkers like Adam Smith have warned us about this.

A crypto market is one such thing, but not only is it already disjoint from its purpose, which is enumerating value, credit and regulating trade. The speculative and volatile nature of crypto markets show that. But it also doesn't enable the use of a safety break - that has been used time and time again in larger history but also in smaller interactions - to repair the economy from becoming fantastical to real again. Crypto has also no alternative solution of doing that.

What happens when you don't do that for long enough is that the people will do it for you. They will at some point burn it all down. Debt and profits that are disjoint from actual value and become more so through financial mechanisms erode trust. And currently that is exactly what you can see happening since a few years. People are quitting their jobs, joining protests, unions and so on because they intuitively understand that they are being screwed.