4 ms·

Not only that, things you need like energy food and education aren’t included in core inflation. So what happens is, the finance people use freshly printed mon

Not only that, things you need like energy food and education aren’t included in core inflation. So what happens is, the finance people use freshly printed money to buy up the things all the poor little people need. But let’s not call it speculation. Crypto is a democratizing force in a corrupt and unaccountable world.

simias 8y ago
So your point is that the current system is broken because our currencies are not truly inflationary if you're super rich and powerful because you get to print money so we should switch to a currency that's deflationary by design so that they don't even have to bother printing money? How does that work? >Crypto is a democratizing force in a corrupt and unaccountable world. Assuming that cryptocurrencies are successful they might cause some turmoil in the top 1% as early adopters with thousands of BTCs become the new 1% and current rich people who missed the bus might drop among the pleb. But after this initial period what happens? People who HODLed thousands of BTC will be hugely rich and remain so, people who don't have a lot of money still have to pay for housing and food so they can't save money to bridge the gap. And I don't really see how Bitcoin are going to help with corruption and accountability when one of its main use cases today (beyond speculation) are powering online black markets.
- smokeyj 8y ago
  > So your point is that the current system is broken because our currencies are not truly inflationary No, I'm arguing traditional currency is no longer necessary. Rich people don't own currency, they own assets. Currency is for poor schmucks who don't know how finance works. Currency is for a convenient way of taxing the masses and devaluing their life's savings at the behest of the 1%. What's the solution? Asset backed certificates. Store your savings in a diversified portfolio backed by the incredibly valuable "means of production". These certificates can be settled in real-time given their levels of liquidity. Merchants can sell things denominated in one asset, and customers can pay with arbitrary certificates (say, apple stock) - settlement occurs at transaction time instantly.
mywittyname 8y ago
> Crypto is a democratizing force in a corrupt and unaccountable world. Howso? The ultra-wealthy elites managed to seize control of crypto in like two years. They control all of the major mining ops and a huge % of the coins themselves.
s73v3r_ 8y ago
"Crypto is a democratizing force in a corrupt and unaccountable world." People say this all the time without backing it up. Tell us, exactly how is that true? What is the exact feature of BTC that somehow makes it incorruptible, and changes millenia of human behavior? What exactly about BTC would prevent the wealthy people from buying up all the things the poor little people need?

simias 8y ago

So your point is that the current system is broken because our currencies are not truly inflationary if you're super rich and powerful because you get to print money so we should switch to a currency that's deflationary by design so that they don't even have to bother printing money? How does that work? >Crypto is a democratizing force in a corrupt and unaccountable world. Assuming that cryptocurrencies are successful they might cause some turmoil in the top 1% as early adopters with thousands of BTCs become the new 1% and current rich people who missed the bus might drop among the pleb. But after this initial period what happens? People who HODLed thousands of BTC will be hugely rich and remain so, people who don't have a lot of money still have to pay for housing and food so they can't save money to bridge the gap. And I don't really see how Bitcoin are going to help with corruption and accountability when one of its main use cases today (beyond speculation) are powering online black markets.

smokeyj 8y ago
> So your point is that the current system is broken because our currencies are not truly inflationary No, I'm arguing traditional currency is no longer necessary. Rich people don't own currency, they own assets. Currency is for poor schmucks who don't know how finance works. Currency is for a convenient way of taxing the masses and devaluing their life's savings at the behest of the 1%. What's the solution? Asset backed certificates. Store your savings in a diversified portfolio backed by the incredibly valuable "means of production". These certificates can be settled in real-time given their levels of liquidity. Merchants can sell things denominated in one asset, and customers can pay with arbitrary certificates (say, apple stock) - settlement occurs at transaction time instantly.

mywittyname 8y ago

> Crypto is a democratizing force in a corrupt and unaccountable world. Howso? The ultra-wealthy elites managed to seize control of crypto in like two years. They control all of the major mining ops and a huge % of the coins themselves.

s73v3r_ 8y ago

"Crypto is a democratizing force in a corrupt and unaccountable world." People say this all the time without backing it up. Tell us, exactly how is that true? What is the exact feature of BTC that somehow makes it incorruptible, and changes millenia of human behavior? What exactly about BTC would prevent the wealthy people from buying up all the things the poor little people need?