There's no such thing as an objective measurement in macroeconomics. You're always measuring from some normative frame. In other words, relative to what you think *ought* to be true about the world.
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It's decidedly less efficient for everyone who benefits from the manipulations (possibly unpopular, but I'd argue most Americans benefit at the expense of the 3rd world).
I do think btc is objectively more fair.. participants have a much stronger expectation of being treated equally.. but to your point. Whether or not you think fairness is good is a different matter. Most would say they think fairness is important, but they betray themselves quickly by talking about who NEEDS to be excluded.
I do think btc is objectively more fair.. participants have a much stronger expectation of being treated equally.. but to your point. Whether or not you think fairness is good is a different matter. Most would say they think fairness is important, but they betray themselves quickly by talking about who NEEDS to be excluded.
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