While they will use bad actors as excuses to shut down this flow outside their direct control, the effects from them having a monopoly are far far worse than the free wheeling consequences that came before, and ecompass many of the same problems.

Much of this crypto is a scam, and gamble stocks, and bad for the environment, yet the idea, money moving outside the control of the banks and governments, is a neccessity to prevent the worst case scenarios we are staring down the barrel of right now. There are worse things than unregulated currency, and an all powerful government(s) run by the worst most malicious people in the world are one of them.

[–] RaskolnikovsAxe@lemmy.ca 2 points 22 hours ago (1 children)

You honestly believe power will move away from the banks to you, holding a miniscule fraction of crypto (probably) if you're lucky enough not to have it stolen in a pump and dump? Do you seriously believe that power won't just concentrate somewhere else? That removing economic control won't cause unintended effects?

[–] hector@lemmy.today 1 points 22 hours ago (1 children)

Not at all I've no faith in any of the scams out there right now. But concentrating all of that power into banks under the control of our governments will lead to even worse outcomes. Hopefully some worthy alternatives will arise at some point.

[–] RaskolnikovsAxe@lemmy.ca 0 points 21 hours ago (1 children)

Power is distributed by implementing and enforcing effective regulation, not by removing it.

[–] hector@lemmy.today 1 points 17 hours ago

We will see how it plays out, obviously the US isn't going to be regulating anything for the better. Anything they have their hands in will be worse, so there's that.