F. A. Hayek's classic had for years been on my mind but not until this week did I get my hands on his classic economic and philosophical support for individualism and classic liberalism.
"Freedom to order our own conduct in the sphere where material circumstances force a choice upon us, and responsibility for the arrangement of our own life according to our own conscience, is the air in which moral values are daily re-created in the free decision of the individual. Responsibility, not to a superior, but to one’s conscience, the awareness of a duty not exacted by compulsion, the necessity to decide which of the things on values are to be sacrificed to others, and to bear the consequences of one’s own decision, are the very essence of any morals which deserve the name."
- F.A. Hayek, The Road to Serfdom
The historical context draws immediate reference with Keynes' post WW 2 economic development ideology. The comparison between the theories of Hayek and Keynes can be viewed from the perspective of decentralized autonomy versus centralized formal planning. This book was all about Hayek's vision for a post war economy with maximum individual discretion in their sphere of commerce. As opposed to collectivist ideologies and political factions which vastly preferred coordinating the resources of the State in the affairs of individuals.
So what is the crypto road to serfdom? Where are the hidden risks in the system? Tether? Centralized Exchanges?
That's some good stuff right there, are we doing what we feel we need to because of outside pressures or because of what we feel is right and true.
As far as your question: The hidden risks to me are market manipulation and foul play. I think tether, if it's not backed should go, but something could easily rise in it's place that is actually backed.(bitUSD or similar) Centralized exchanges are always going to be a riskl. And government/central banking is the big one to me. They don't want this, it means loss of control. Watch for shenanigans this year and stay strong is my advice.
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So true, had to quote the man F.A. Good points btw. The thing those risks have in common is the centralization of trust in an actor with the incentives adverse to your own. Tether and Centralized Exchange do indeed lead to Serfdom.
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@john-robert,,it beena long time I drink from your well of knowledge.
YOU KNOW WE ARE ALL PRODUCT OF OUR CHOICES, OUR DECISION IS OUR DESTINY,YOU CAN DECIDE EITHER TO BE FREE OR NOT TO BE FREE, EITHER WAY THE KEY IS IN YOUR HAND
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Thanks @mike4christ. Hope you're doing well and learning a great deal.
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