4 ms·
My thinking, probably wrong goes like this: what is money? It is a messaging system that allows people to decide what to do in a decentralized fashion. We need
by talkingtab 8y ago
My thinking, probably wrong goes like this:
what is money? It is a messaging system that allows people to decide what to do in a decentralized fashion. We need more food, the price of food goes up, more people grow food. What happens when you make money from money? Dysfunction. World currencies are increasingly dysfunctional - the most profit comes not from productive economic activity but from speculation, arbitrage, etc.
Bitcoins are completely dysfunctional because they are not tied to any productive economic activity, they are completely speculative. The idea of cryptocurrencies is great, but without being tied to real economic activity, they are ... well speculative.
Would love some explanations on why this thinking is wrong.
- empath75 8y agoThey’re tied to economic activity — buying drugs, money laundering, paying ransoms, funding intelligence operations. Just nobody is using them to buy legitimate products.