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IMHO wealth is not something you 'own'. It's more like a contract, for the rest of society to repay you for the value you've created for them. Of course that
by jacknews 6y ago
IMHO wealth is not something you 'own'.
It's more like a contract, for the rest of society to repay you for the value you've created for them.
Of course that ideal is far from the current reality, but bitcoin doesn't really move us toward that ideal, in fact I think exactly the opposite is true.
- chii 6y agowhy not? Bitcoin has the property that it is hard to forge, and difficult to double spend, etc (not easy for an electronic medium). Like gold, trust could be placed in it - and thus, has value like gold has value in today's economic system.
- jacknews 6y agoit's value is the work other people will do for you in exchange for it. In the case of bitcoin, it seems like that contract is an incredibly poor deal for most people, and an amazing windfall for a few.