The Simple English Argument Against Crypto(stephendiehl.com)
stephendiehl.com
The Simple English Argument Against Crypto
https://www.stephendiehl.com/blog/simple.html
5 comments
The only things that matter are goods and services. Everything else is just accounting. Removing middlemen and counterparty risk is a beautiful thing. That's why the blockchain has better uptime than your bank. Better price performance than your bank. Pays better interest than your bank. It's why Ukraine is publicly begging for and has received $100M of crypto. You see lines at ATMs and people having their money stolen in mass by government's inflation, and bail in's and outs. Things are so bad because the governments made them so. Look around you, everything you see that is good around you was made and distributed by business. I'd rather trust math than man. P.S. If Mr. Diehl has the courage, I'm happy to have a live debate any time.
Frankly, both you and Diehl are a net negative for the community. Diehl because he rejects everything, and you because it’s too easy to fool idiots in handing over their ether for ponzinomic gains. Diehl at least is trying to protect the ignorant from your twists and schemes, so I give him points for that.
Richard. You are in a top position on the planet now. You have the means and ability to make the world actually better. This is not about flashy attention getting donations, it’s about doing some real work in your life for once. Why do people love Elon? Because he does stuff. Even as a figure head, his actions mean good electric cars and space travel. You can fund something great. We don’t need more tokens. We need people to make things and build companies that provide services in the real world.
Richard. You are in a top position on the planet now. You have the means and ability to make the world actually better. This is not about flashy attention getting donations, it’s about doing some real work in your life for once. Why do people love Elon? Because he does stuff. Even as a figure head, his actions mean good electric cars and space travel. You can fund something great. We don’t need more tokens. We need people to make things and build companies that provide services in the real world.
While I think overall this is a decent post, some choices of words like "very weird" in:
> The people who built this project had very weird ideas about regulation, the history of finance and what makes a good money.
felt to me like they undermined his credibility, sounding more emotional than reasonable. I mean, specifically, I want to know what about it was weird. I actually have no clue. Or maybe I do but I want to make sure I'm not missing something.
Overall still enjoyed the post though.
> The people who built this project had very weird ideas about regulation, the history of finance and what makes a good money.
felt to me like they undermined his credibility, sounding more emotional than reasonable. I mean, specifically, I want to know what about it was weird. I actually have no clue. Or maybe I do but I want to make sure I'm not missing something.
Overall still enjoyed the post though.
Couldn't disagree more. Good money is money you own outright and control entirely. Before crypto this usually meant precious metals and cash. A loan is not your money, and excessive loaning and renting will quickly spiral out of control and cause inflation (like we're seeing now). Paying people a living wage and not taxing the poor to death is what actually makes an economy stronger.
Debt based economies are the height of stupidity. If apps offering micro-loans for fast food isn't evidence of a total system failure then I really don't know what is.
>A lot of history scholars warned this was a repeat of the Gilded Age. Rich people became richer, and poor people became poorer. Crypto made that worse.
A Bitcoin will rob you like a spoon will make you fat. People made it worse. And if we're going to make appeals to historical lessons, maybe it's time to rethink the seriousness with which we treat monopoly bucks in general.