this post was submitted on 06 Dec 2024
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The fundamental problem with cryptocurrencies is that the people with the enthusiasm to make them (libertarians), are too stupid (libertarian) to understand why a deflationary asset cannot work as a currency.
It's inherently a speculative investment. Nobody is going to spend something that might be worth dramatically more tomorrow and nobody is going work for something that might be worth dramatically less tomorrow.
As much as I like to refer to Hanlon's Razor—“Never attribute to malice that which is adequately explained by stupidity.”—I discourage using the word "stupidity" as personal slights. First of all, heated subjects should be met with deescalating vocabulary because it's already so hard to find common ground. Secondly, everyone is a product of their environment; more often than not ignorance, tradition, inertia, peer pressure, et cetera, is to blame. Not raw incapability of comprehending things.