alt Hacker NewsYour argument here appears to be "crypto is no better than fiat, because you can build the same systems on top of them."
What you put on top is not the core value proposition of cryptocurrencies? It's what's underneath that's different, that was always the point. Fiat currency is built on a foundation of gov't control, whether it's the physical currency or the money in your bank account. Cryptocurrencies, fundamentally, are under no such control. If you're stupid enough to go get a 5mil loan in bitcoin from a bank who is only holding 1.7mil, and the delivery of said bitcoin is a slip of paper saying "iou btc lol" that's not the currency failing you, it's you acting stupidly.
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The financial system being under government control is the only proposition consistent with reality.
We, the people, make the rules. Replacing our democratic processes with finance controlled by the one with the most computing power, control of the software, or having horded the most of the tokens, is in no way desirable or realistic.
Even if the proposition wasn't borderline idiotic in the first place, there is no clear explanation how such a system should reward early adopters and allow them to cash out at a profit many times exceeding inflation.
It's all a scam.
No; the argument is much closer to "if you don't make cryptocurrency basically the same as fiat, by building the same systems on top of it, it's useless to the vast majority of people."