Discussion about this post

Commenting has been turned off for this post
Roy Brander's avatar

What I want from crypto is what this computer scientist that's been studying it for many years wants from crypto:

https://www.currentaffairs.org/2022/05/why-this-computer-scientist-says-all-cryptocurrency-should-die-in-a-fire

...that it should "die in a fire".

It's only effect upon the world, so far, is to enable crime, and transfer money from the dumb and unlucky. The Pollyanna crap about getting money in to the suffering in "authoritarian regimes" (like the Taliban! Send some Dogecoin to Spin Boldak!) has never happened. No examples were given, notice? Bitcoin transactions leveled off in 2011, and nothing in 11 years except tax dodging and ransoms, other criminal transfers. And endless scams.

You know what HAS created great economic opportunity for the world's beleageured? Simple bank transfers through WhatsApp are changing India. The power to move money so effortlessly, without a physical bank, in a tiny village, is the true Great New Thing. Whether you have to trust some central authority (like you do if you want water, sewage and power) is not a big deal except for libertarian loonies. You know who's never lost my data to hacking? My bank. Yes, I do trust them. So does 99.999% of the population.

The author is trying to sound "balanced", but her fairy tales about Good Deeds to unnamed foreign victims, her use of the industry marketing term "stablecoin" - now a joke since one of them utterly collapsed - reveals that she's trying to keep a skeptical audience from fleeing, while, basically, marketing. The use of the term "crypto investments", when there's no evidence any more that they ARE "investments", by any non-tulip-bulb standards, confirms my suspicions.

Canada is renowned for its excellence in financial management, worldwide. We didn't lose any banks in the Global Financial Crisis, caused by deregulation of Wall St. and City of London - none went bankrupt, none needed any bailouts. (We didn't de-regulate.) We came out of the Crisis in the best financial shape of any in the G7, they reckoned. The same with the pandemic recently, best in the G7. (And name another country that had to donate a finance minister to serial-screwup Britain, after they'd helped cause the crisis, then suffered worst from it via Austerity and triple-dip.)

So let's not screw that up by jumping on the latest fad in scamming the low-information investors. Canada's reputation, long run, will be much more enhanced, in the financial community of investors, by crypto-hostility.

Expand full comment
Thomas Martin's avatar

...This will in turn make Canada less competitive for a technology sector that Canada should be a world leader in.

We can't be leaders in every sector. That is just not possible.

So let's concentrate on staying world leaders in two sectors where we have no rivals, namely in woke addled virtue signaling and lachrymose apologies.

Just a suggestion.

Expand full comment
63 more comments...

No posts