What happens when coinbros buy a ship to build a libertarian utopia?
If you ever wondered that, well, here's your answer:
https://www.theguardian.com/news/2021/sep/07/disastrous-voyage-satoshi-cryptocurrency-cruise-ship-seassteading
Spoiler warning: it didn't work out.
It's fascinating to me how libertarian coinbros are trying to remove both trust and regulation from society.
Seems to me regulation usually kicks in where trust can not be relied on -- history shows I cannot just *trust* food vendors not to poison me, so they need to be regulated.
And conversely, regulation is not necessary (it's detrimental, even) where trust works well.
Trying to do away with both is a pretty sociopathic idea, I'd say.
Personally, I don't see any motives behind zealot cryptocurrency advocacy other than speculative profits of insiders. Amway from 90's comes to mind. Transaction volumes are needed for money laundering and ransomware collections, so you add a bit of libertarian bullshit and a crowd of fellow travellers does the job for you.
Large parts of stocks market, certainly yes. Everything with high price/earning ratios is probably undistinguishable from Bitcoin, minus the ransomware factor. Significant part of the stocks market however still does the thing it was originally invented for - provide private funding for companies that actually do something useful.
how does that work, really? I mean, most times stocks are traded, the company doesn't see any of the it, it's just ownership over a fraction of the company changing hands. how does that fund companies to do something useful? yeah, there are IPOs, buybacks and share-splits, but how significant are those among all the speculation?
@kravietz @rysiek The fact that it performs some additional function doesn't preclude it being a pyramid scheme.