<story><title>Crypto, the Left and Technofeudalism</title><url>https://www.yanisvaroufakis.eu/2022/04/23/discussing-crypto-the-left-technofeudalism-with-evgeny-morozov-crypto-syllabus-long-interview/</url></story><parent_chain></parent_chain><comment><author>tphyahoo2</author><text>Yanis:&lt;p&gt;&amp;quot;The Gold Standard is, indeed, a great source of insight into how dangerously primitive Bitcoin maximalist thinking is. Suppose Bitcoin were to take over from fiat currencies. What would banks do? They would lend in Bitcoin, of course. This means that overdraft facilities would emerge allowing lenders to buy goods and services with Bitcoins that do not yet exist. What would governments do? At moments of stress, they would have to issue units of account linked to Bitcoin (as they did under the Gold Exchange Standard during the interwar period).&amp;quot;&lt;p&gt;The reason governments could do this with gold is that gold is easy to counterfeit, hard to store securely, and expensive to transact with at a distance. So it makes sense to keep it all in a giant vault (a bank, or central bank) and trust the vaultkeeper to issue ious and transact in those.&lt;p&gt;But bitcoin does not suffer from these defects.&lt;p&gt;I don&amp;#x27;t think Yanis understands this.&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;nassimtaleb.org&amp;#x2F;2016&amp;#x2F;09&amp;#x2F;intellectual-yet-idiot&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;nassimtaleb.org&amp;#x2F;2016&amp;#x2F;09&amp;#x2F;intellectual-yet-idiot&amp;#x2F;&lt;/a&gt;</text></comment>
<story><title>Crypto, the Left and Technofeudalism</title><url>https://www.yanisvaroufakis.eu/2022/04/23/discussing-crypto-the-left-technofeudalism-with-evgeny-morozov-crypto-syllabus-long-interview/</url></story><parent_chain></parent_chain><comment><author>epolanski</author><text>Maybe slightly out of topic, but I&amp;#x27;m incredibly impressed by the intelligence of this man, and how easily he can communicate on complex topics in such a simple language even a teenager without most of the context could grasp.</text></comment>