<
https://onezero.medium.com/when-crypto-exchanges-go-broke-youll-lose-it-all-53cfd3c4476>
"If you’ve spent much time around cryptocurrency people, you’ve probably heard
a rant or two about “sound money” and the need to “depoliticize money.” This is
a foundation of blockchainism: the belief that money is born separate from
states, and states invade on the private realm when they “meddle” in the money
system.
There are at least two serious problems with this ideology. First, it’s plain
wrong on the historical facts. Money did not emerge from barter systems among
people. Money was and is a product of states:
https://www.theatlantic.com/business/archive/2016/02/barter-society-myth/471051/
But even if you stipulate that money didn’t originate among private markets
(and I’m fully aware that there are many Reply Guys who will @ me to tell me
that they disagree), there’s another serious historical problem with “sound
money.”
It’s this: Central banks didn’t emerge to usurp the private sector’s control
over money. Central banks were created because without them, finance was
subject to wild, terrifying, ruinous boom/bust cycles. What’s more, without a
central bank, money was subject to naked political meddling, which central
banks (sometimes) moderated."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
