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Why do you think that it's a reasonable expectation that an economy offers a 1000X multiplier on your money? Where is this value supposed to come from? By alter
by wils1245 9y ago
Why do you think that it's a reasonable expectation that an economy offers a 1000X multiplier on your money? Where is this value supposed to come from? By altering the means of exchanging capital a significant number of people get 1000X richer?
Those kinds of gains can only come at the expense of other "investors".
- jondubois 9y agoYes, assuming that cryptocurrency takes over and it becomes a whole new ecosystem, the gain will be at the expense of everyone who doesn't hold cryptocurrency especially the wealthy elites whose net worth is mostly tied up in the current fiat system. More people will start offering services on a blockchain and anyone with computing power will be able to run a node for the service and will profit directly from customer payments made to their blockchain address. The key here is that anyone with moderate technical skills will be able to assist in providing a service by setting up a node on the relevant blockchain - It's not like in the current fiat system where I can't just run my own machine to help service Google users for example (in exchange for a commensurate portion of the proceeds). It's a fundamentally better system because it takes out the middleman. The current fiat system is all about locking people out while the new system will be able making it impossible to lock people out of opportunities.
- quirkot 9y ago> especially the wealthy elites whose net worth is mostly tied up in the current fiat system Single parents hovering at the poverty line also have their entire net worth tied up in the current fiat system and they're far more likely to be hurt than someone with the means to be flexible
- jondubois 9y agoHurt? Their net worth is negative. They'd love nothing more than seeing their net worth rise to $0.