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0 pointsleetcrew4y ago0 comments

this is a really unconvincing example, at least to me. despite the name, bitcoin doesn't function much like a currency. that is to say, someone who would otherwise hold $1mm cash would probably not want to convert that to bitcoin, at least not for legal transactions. so if a meaningful amount of people would rather use BTC than fiat, the problem is not that people are allowed to buy BTC. the problem is that the government has failed spectacularly at issuing a stable currency, which is one of its main jobs.

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allie14y ago

It might not be a pertinent example for btc, it was just used as an example.

The US did something similar with gold - https://en.m.wikipedia.org/wiki/Gold_Reserve_Act#:~:text=The....

The main point is, the govt has a mandate to take actions that benefit the whole, even at the cost of individuals.

Yes it will make mistakes, and yes it sometimes will be corrupt and abuse that mandate, but in those cases the country can appoint a different group of people to try and fix things, that’s its only option that addresses the problem and is not “benefiting the individual and harming the whole”.

labawi4y ago

Sometimes a foreign force will overthrow your elected government, because they want your oil, appoint a dictator instead and provide him with support in exchange for military interest. After decades, he is ousted, foreign relations are understandably sour and your neighbor decides to invade, so the powers provide support lest he be defeated and you are pronounced a country non-grata.

More to the point, it shouldn't be the or a country that appoints leaders. They should be appointed by the people, but for various reasons it has a rather poor success rate.

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