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kleinbl00  ·  1707 days ago  ·  link  ·    ·  parent  ·  post: Bitcoins Are Being Tokenized on Ethereum Faster Than They Are Mined

    "shifting who creates wealth and how we create trust in that wealth does not necessarily create an egalitarian economic system."

Got it in one. There's an aggressively libertarian philosophy at the heart of cryptocurrency. And once it's in place and being used there isn't anything you can do about it. Now - granted: you can still pay people in dollars, you can still require stores to take dollars, you can still issue dollars. But the fact that theoretically, there will be another more portable currency that floats based on something other than your central bank means your central bank just got demoted to scrip.

    Long story short, I've learned since then, that from small companies like construction companies and restaurants all the way up to big international firms, almost everyone operates, on some level, on trust networks.

This is the fundamental idea behind Niall Ferguson's The Square and the Tower. He and Graeber are polar opposites; I always try to read the two of them back to back to balance out the angry radical leftist academic with a pompous self-assured right-wing academic.