That comparison to USD strikes me as disingenuous.
Currency is a measure of social trust; it allows social contributions to be measured in a fungible unit. Cryptocurrencies erase this concept of social trust under the purported claim that anonymous transfer of “money” is good for society, forgetting why humans created currency in the first place. Anonymity abets money laundering, illicit drug trade, human trafficking/slavery, and CSAM, along with a raft of other antisocial behaviors.
Yes, you can do all of the above with USD, but you’ll have to put a lot more effort into doing so. Hence, it is fair to lump the bad in with the good for crypto (IMO) because it’s unclear how the benefits of crypto outweigh the antisocial behavior it enables. What has society gained in return?
Currency is a measure of social trust; it allows social contributions to be measured in a fungible unit. Cryptocurrencies erase this concept of social trust under the purported claim that anonymous transfer of “money” is good for society, forgetting why humans created currency in the first place. Anonymity abets money laundering, illicit drug trade, human trafficking/slavery, and CSAM, along with a raft of other antisocial behaviors.
Yes, you can do all of the above with USD, but you’ll have to put a lot more effort into doing so. Hence, it is fair to lump the bad in with the good for crypto (IMO) because it’s unclear how the benefits of crypto outweigh the antisocial behavior it enables. What has society gained in return?