> crypto feels like a solution in search of a problem
Well, to me the problem is absolutely real. Decades ago, my country suffered from hyperinflation. We went through several inflationary currencies like it was nothing until some economist managed to dupe everyone into believing it was gonna be different this time. Not before desperate attempts to control inflation were implemented, though. In the 90s the president just froze everybody's bank accounts.
I simply don't trust governments. I want them to have zero authority and influence over my money. I don't care what it costs to achieve this, as long as governments are successfully exorcised from this economy it's worth it. The way I see it, pure blockchain solutions are the only way this could possibly work and even then only if sufficiently decentralized. Exchanges are the complete opposite of this vision, they're literally banks with all of the downsides and none of the upsides.
In order for a cryptocurrency to be the solution to that problem - an authoritarian government routinely destabilizing a currency, or freezing financial accounts - that cryptocurrency would have to be ubiquitously in use by everyone involved in any financial interaction. Grocery stores, clothing outlet malls, lawyers, healthcare services, rent/mortgage services, etc. would all have to be on-board with using that cryptocurrency and have the infrastructure to facilitate it. If they didn't, you might as well have a frozen bank account, or a hyper inflated currency.
If you're in a state that can freeze bank accounts and completely retool the national currency on a whim, what prevents them from strong-arming every one of those above-mentioned institutions into not accepting that cryptocurrency? If you can freeze everyone's bank account, you can certainly enforce jail time for a store owner who is found to be doing transactions in whatever cryptocurrency.
Basically, for cryptocurrency to solve the problem you describe, it would have to become the same structure that caused/causes the problem to begin with. You'd be back to square one.
Or you make that your central bank is independent from your president, and that only qualified majority + accords from your judicial power can modify the target of your central bank. (Edit: to be clear: target and not policy. The central bank can still choose how they will reach their target).
But you need an effective republic for this, and one that have a hint of democracy.
Well, to me the problem is absolutely real. Decades ago, my country suffered from hyperinflation. We went through several inflationary currencies like it was nothing until some economist managed to dupe everyone into believing it was gonna be different this time. Not before desperate attempts to control inflation were implemented, though. In the 90s the president just froze everybody's bank accounts.
I simply don't trust governments. I want them to have zero authority and influence over my money. I don't care what it costs to achieve this, as long as governments are successfully exorcised from this economy it's worth it. The way I see it, pure blockchain solutions are the only way this could possibly work and even then only if sufficiently decentralized. Exchanges are the complete opposite of this vision, they're literally banks with all of the downsides and none of the upsides.