you are viewing a single comment's thread.

view the rest of the comments →

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (6 children)

Big banks help big criminals get away with crimes. Crime will happen. The bigger crimes do faaaaaar more damage, and when there's less big crime the little people do better and need to commit crime less.

But that's assuming they're private. If all our banks where nationalized we could quite easily keep a public log of transactions, or at the very least have it audited on a regular basis. Furthermore, any crimes that happen in a public bank is a public issue, and reflects quite poorly on elected officials, who may very well be voted out in the next election, should they take part in any corruption.

This is obviously assuming we've already solved the corruption problem, which has to come first and foremost. We can't do anything until the cronies are out.

Cryptos are bottom up alternative solutions to centralized currency (that sadly can also be bought up/out).

You already noted the problem with this: it can be bought up. Some rich whales could go in and start buying up all the cryptos, and then all the sudden it's top-down. That's what happened with Bitcoin.

It also experienced severe deflation, which while increasing the value of individual bitcoins can cause turmoil in a real economy. Geoffrey Michael, Investopedia, The Dangers Of Deflation

Nationalizing the banks will never happen

I wouldn't say never. It would require a lot of work, but if we want to fix the system we have to fight the bankers tooth and nail anyways.

We need to decentralize the banks - by supporting local banks and ensuring they won't ever sell out (trusts, credit unions, cooperatives, etc).

Yes, I believe that credit unions are the solution. I believe that we need strong public banks, but credit unions should be more common and deal with day-to-day banking.

But we can still have decentralized public banks. I believe that we should empower the states to have their own banks. The US is way too big to just have one, big, central bank. We can have a central bank, but it has to be small.

Regional banks won't let their money be used somewhere else - so it stays in the community.

This is a reason why I support state banks. It's also why I support regional currencies. If the states decide they don't want to use the US dollar, they should be allowed to use something else, or if they decide they want both the dollar and something, that should be their choice to make.

In the US, only one state bank has managed to survive: https://en.wikipedia.org/wiki/Bank_of_North_Dakota.

That's because private banks have been starving them to death! They don't want the People to be in control of their lives — no, they want to enserf us with debt, they want to make us into debt slaves! The only solution is to outright ban private banking institutions. They have to go.

Cryptocurrency would only help private banks, at the expense of breeding crime and degeneracy. Bitcoin is largely used to pay for drugs, murder, trafficking, and other horrible stuff.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (5 children)

Bitcoin is largely used to pay for drugs, murder, trafficking, and other horrible stuff.

The USD is used for these things too. That's not a good argument against it.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

The keyword is "largely".

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

It's largely used for trading/speculation, that other stuff would be a tiny fraction in comparison.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

A larger fraction than that of the USD, which is speculated in more than any other currency. The fact of the matter is that cryptocurrency is made for crime. It's supposed to hide who's behind the money, and ensure it can't be traced. Try buying anything illegal with your USD-powered bank account. You'd be caught within days.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety. Ciao

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

But you're okay with giving up your freedom to drug dealers.