this post was submitted on 04 Dec 2023
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I think it's a little more nuanced, but that is the biggest concern I personally have about crypto; once it engulfs more of the financial system it could potentially make it harder to use redistribution to resolve the problems of wealth inequality, by being somewhat beyond the reach and control of the state. That said, our system of debt based fiat currency is itself an engine driving wealth inequality and the worst abuses of capitalism. Just about every dollar in existence is owed by someone somewhere back to the federal reserve, and they and everyone they have employed with their borrowed capital is obligated to claw it back and more by any means. Monetary policy is often explicitly intended to do things like suppress wages. Cryptocurrency poses a clear threat to the dollar, which could possibly do more good than harm, but I'm on the fence about it in that respect.