> As a whole I think people need to ask what money is again and have some serious conversations about what money and the monetary system should be.
Money is not some concrete thing that has some inherent value. It's never been that. It's always been a promise, an abstract thing backed by collective trust.
Fractional reserve banking was not a coup d'etat of an elite few performed to disenfranchise the 99% in order to ballast the 1%. It was a considered decision by rational actors and was necessary to enable economic growth since its introduction.
In many ways it's wonderful that the current generation is questioning the old ways of doing things. This is how progress is made. I'm down. But money, government, everything which is the product of historical trial-and-error is a Chesterson's Fence: you really do need to understand why it's there before you try to rip it out and replace it with something else. And it's just so clear to me that basically nobody trying to replace fiat currency with crypto or whatever actually understands why fiat came to be.
Money is not some concrete thing that has some inherent value. It's never been that. It's always been a promise, an abstract thing backed by collective trust.
Fractional reserve banking was not a coup d'etat of an elite few performed to disenfranchise the 99% in order to ballast the 1%. It was a considered decision by rational actors and was necessary to enable economic growth since its introduction.
In many ways it's wonderful that the current generation is questioning the old ways of doing things. This is how progress is made. I'm down. But money, government, everything which is the product of historical trial-and-error is a Chesterson's Fence: you really do need to understand why it's there before you try to rip it out and replace it with something else. And it's just so clear to me that basically nobody trying to replace fiat currency with crypto or whatever actually understands why fiat came to be.