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Comment by dustingetz | Hacker News Reader

...is hypothesized to solve. Do we know of any actual economist who endorses cryptocurrency as a soln to central banks?

I listen to macro voices. They pointed out that wealth is so sharply concentrated in bitcoin that if all the cash in the world was replaced by crypto equivalent, it would instantly mint an oligarchy of cryptokings with nationstate levels of resources and it would cause a world war. Obviously the current world order would resist that.

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Nope! Most cryptocurrencies are even more deflationary and are designed to benefit the protocol designers and early investors. That doesn't mean we should stop trying! I haven't seen any good arguments for why a cryptocurrency cannot possibly work. Once the dot-com phase of crypto ends, there may be more serious efforts to make a currency that's actually useful. I'd argue that people in Greece could use one right now if there was a sane way to bootstrap the process.

I agree that innovation is good and cryptocurrency is innovative. Jack Rasmus (economist) wrote a great book "Looting Greece" of which I read the first 10%. Rasmus argues that Greece has been subjected by the EU to financial imperialism and colonial-like wealth extraction. In essence it has been conquered. I don't see how cryptocurrency is useful in preventing a group of elites from conquering another. In practice, it only changes who the elites are.

https://www.amazon.com/Looting-Greece-Financial-Imperialism-...

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