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Culture War Roundup for the week of October 31, 2022

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How someone can look at the abuses possible with a central authority and immediately dump on the decentralized alternatives is incredible. No argumentation, just blind ignorant assertions.

Scams can be prevented using the same techniques used to prevent fiat scams. You can still let entities like banks take custody of your coins and get all the benefits around that if you want to. You can have wallets smart enough to deny transfers to shady addresses or in shady amounts without being signed by another person.

The crypto hype cycle is not fundamental to crypto itself but the speculative nature of the space. Stable coins can and do exist to remove exposure to volatility. This is like saying web can't be the future because the dotcom bubble proves it's too volatile of a place to do business.

Stable coins are like money in a bank. Stable until the whole thing collapses, but without the benefit of FDIC insurance.

There is nothing at all that prevents an FDIC like insurance to be applied to crypto.

Isn't the whole point of crypto that it is decentralized? You could apply FDIC like insurance to any asset. The government can spend it's money however it wants.

My point is there isn't an FDIC like system now and proponents of crypto over normal banking and fiat currency are big on the fact they aren't beholden to governments.

FDIC like insurance doesn't make you beholden to the government(it's less about a government in particular and more about Central entities with the government being the largest such entity)

FDIC is safe because it's the government. In the worst case, they can literally just print the missing dollars. To even get close to that level of security with a private entity, you're looking at a large regulated financial organisation.

So either it's the government, or someone they have a lot of control over. Yes, the government doesn't have to apply regulation to your coin when you do this, but they can, and they will.

Normal insurance schemes can be applied to any organization taking custody of coins without state involvement if that kind of safety is something that appeals to you.