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Some people consider that a feature of crypto, not a bug. They want a currency that isn’t manipulated by governments.

Of course they fail to realize that the manipulation just gets shifted to the core developers.

The greatest feature of a centralized currency is the ability for the governing body to step in and become a lender of last resort when once a century crises hit to stave off a depression that could take decades to repair. The trouble is that once a century is becoming once a year now.

We don’t have a lot of good history on this, but there’s basically only one instance of such a deep and lasting depression and it occurred after central banking was established, not before.

> there’s basically only one instance of such a deep and lasting depression

Because we didn’t measure for it. (18th-century GDP is post hoc estimated.) The 19th century, during the free banking era, featured multiple 30%+ drawdowns in business activity, greater than the Great Depression, albeit against a smaller baseline [1].

[1] https://en.m.wikipedia.org/wiki/List_of_recessions_in_the_Un...

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