Crypto asset: Difference between revisions

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 {{a|devil|
-{{iomage|BTC price chart|png|A way of defeating the capricious price swings of fiat currencies, compared with those fiat currencies,yesterday.}}}}Silly ones like [[Bitcoin]], [[onecoin]], and sensible ones like the [[unitary settlement coin]] — [[crypto asset]]s are digital “assets”  — it is a loaded term — having no [[Res extensa|physical extension]], and creating all kinds of metaphysical issues which dusty old lawyers are having to get their arms around.
+{{image|BTC price chart|png|A way of defeating the capricious price swings of fiat currencies, compared with those fiat currencies,yesterday.}}}}Silly ones like [[Bitcoin]], [[onecoin]], and sensible ones like the [[unitary settlement coin]] — [[crypto asset]]s are digital “assets”  — it is a loaded term — having no [[Res extensa|physical extension]], and creating all kinds of metaphysical issues which dusty old lawyers are having to get their arms around.
 I mean, are they a [[chose in possession]] or a [[chose in action]]? Or just another delusion of the mad crowd, evidence that we are properly untethered from the flat plate of the world, and deep in the turtles.
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 It’s hard not to enjoy the hubris in the [[FTX]]/Alameda memeplex collapse. Wider implications as we see them.
-Crypto maximalists are staying strong: see [https://youtu.be/Ytaa_5liwMA this discussion] between the babbling, gibbering wreck that we now know as [[Chance the Gardener]] and the more articulate crypto libertarian Erik Vorhees.
+{{crypto technocracy}}
-The crypto-libertarian take: crypto promises to fix the technocratic problem of regulation by substituting it with code. Code is law.
-But the problem of regulation is not technocratic but ''human''. Libertarians, of all people, should understand regulations not as abstract technical artefacts that create bad incentives — though, sure, they do this — but as a by-product of hard-wired human, self-interested behaviour. Regulations make ''and get made'' by inevitable, self-interested human behaviour: acquiring social influence (and therefore political power); establishing market dominance and then extracting rent. The behaviour is reflexive, and there are feedback loops here. The regulatory ecosystem is as organic a market and complex a system as the market itself. It is part of the market.
-Crypto does not — ''cannot'' — stop or fix hard-wired human behaviour.
 ===Crypto as an asset class===