One of the biggest problems with cryptoland is that the vast majority of people in it conflate technological know-how with monetary & financial system know-how.
If you don't understand how banking works, that's fine! But for god's sake stop deluding yourself and others about it.
If you don't understand how banking works, that's fine! But for god's sake stop deluding yourself and others about it.
https://twitter.com/adam3us/status/1393140674606911491
There are a lot of sovereign citizen crazies out there that have convinced themselves that they've discovered the cheat codes to The Law and the Constitution. But of course, they haven't, they're making a dumb person's idea of what a good legal argument sounds like.
The same is true for a significant portion of the crypto community that believes banks lend out reserves, or multiple deposits by 10x via "fractional reserve banking," and can't understand the difference between "100% reserves" and a money market fund-style balance sheet.
You're not edgy, you aren't rendering the law obsolete, you haven't discovered a brilliant hack to the financial system, you're just repeating the same kinds of plays that shadow banks have played for generations & deluded yourself you're different because you added 'tech' to it
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