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Bitcoin will benefit anyone who wants to save (create capital). It will not be kind on those who merely want to consume. It's low time preference vs high time p
by sparkie 6y ago
Bitcoin will benefit anyone who wants to save (create capital). It will not be kind on those who merely want to consume. It's low time preference vs high time preference.
Not all rich people have low time preferences. Particularly those who are involved in the fiat system and who benefit from the expansion of debt. They think in quarters.
And not all poor people have high time preferences, but under fiat, saving money is highly discouraged because it loses purchasing power. People are encouraged to spend or invest in stonks - where the markets are rigged to benefit the big players.
Everyone benefits in a society where capital is accumulated, rather than debt.
As for "rich versus poor," this is a distraction because their is nothing you can do about it besides resorting to theft, which makes the problem worse.
The problem has always been "thieves versus hard workers." The current system is one where central banks and those close to them are stealing the time that other people have put into labour by deliberately devaluing their money.