| > I am a libertarian and I fundamentally believe the current central banking model is not only hopelessly corrupt but morally evil. The problem is that your alternative has proven to be worse. But also, lets assume that everyone in Argentinia is going to convert all of their currency into cryptocurrency. What kind of repercussions is this going to have? Well, for one, the currency in which people get paid is still the Argentinian one, not a cryptocurrency. Keep that one in mind, because its going to be affected by the rest. What is going to happen next is massive tax fraud. People are not going to pay taxes over their belongings (you might agree with that as 'libertarian' but its going to hurt the government income for sure). This is going to result in a weaker government, and a weaker coin. With a weaker government and a weaker coin, people get less value out of their currency. Remember that the people were paid in the national currency? Its worth less now. And also, what is going to happen when the government runs weaker? More crime, less public health, outsourcing to private entities, and defacto you will get something akin to some libertarian paradise where the top on the pyramid can actually survive and have opportunities, while the rest ends up on the bottom of cannon fodder. With cryptocurrency, there's no such thing as accountability or paying your taxes. Such libertarian dreams are going to have the effect that the government becomes weakened and eventually you get that survival of the fittest in an unhealthy way. Without accountability and without taxes you'll get more corruption, not less. If you want an example of that, just look at Russia. Meanwhile, all of these people are heavily dependent on? On what you think? Exchanges. Which, as proven by Mt. Gox, are not always going to be pure in their effort. So spare me the independence bullshit. Centralized banking works, as long as there's accountability. You reach accountability by rule of law, by regulations. Cryptocurrencies try to avoid these, but neglects the reasons these were enacted in the first place. They're a massive step backwards in that regard. |