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> you've had ten years to acquire some That makes it a ten-year-old pyramid scheme. It may be born from noteworthy ideals, but its flaws have become more appar

> you've had ten years to acquire some That makes it a ten-year-old pyramid scheme. It may be born from noteworthy ideals, but its flaws have become more apparent over the years. Stephen Diehl succinctly puts why the bubble has lasted so long: “Writing about bitcoin for a lay audience is challenging. If people know enough about tech alone they might think there's no problem, if they know enough about finance alone they might think there's no problem. If people know enough about both then they know it's all a big scam.” —https://twitter.com/smdiehl/status/1363898199010852869 https://twitter.com/smdiehl/status/1363898199010852869 > The existing fiat currencies suffer the same issue. Bitcoin touting to be the future of money while having the same if not more problems than fiat currencies is exactly why it deserves all the scrutiny it can get.

jcbrand 5y ago
> Bitcoin touting to be the future of money while having the same if not more problems than fiat currencies is exactly why it deserves all the scrutiny it can get. I'm totally on board that Bitcoin should be scrutinized and examined critically. Concerning the Cantillon effect, in the fiat system, the beneficiaries are the already rich and well connected insiders. Recent central bank monetary interventions are major drivers of inequality by pushing up the asset prices of the rich while the poor suffer joblessness and inflation. With Bitcoin, new units are created in fierce and open competition, and not handed out to insiders.
- CynicusRex 5y ago
  >in the fiat system, the beneficiaries are the already rich and well connected insiders. Same with crypto“currencies”, hence why they're a pyramid scheme. >Recent central bank monetary interventions are major drivers of inequality by pushing up the asset prices of the rich while the poor suffer joblessness and inflation. Again, crypto“currencies” do the exact same thing; increasing inequality by creating another elite who hoard their wealth. >With Bitcoin, new units are created in fierce and open competition, and not handed out to insiders. New units are mined by the already filthy rich because mining on regular PCs has become obsolete.

jcbrand 5y ago

> Bitcoin touting to be the future of money while having the same if not more problems than fiat currencies is exactly why it deserves all the scrutiny it can get. I'm totally on board that Bitcoin should be scrutinized and examined critically. Concerning the Cantillon effect, in the fiat system, the beneficiaries are the already rich and well connected insiders. Recent central bank monetary interventions are major drivers of inequality by pushing up the asset prices of the rich while the poor suffer joblessness and inflation. With Bitcoin, new units are created in fierce and open competition, and not handed out to insiders.

CynicusRex 5y ago
>in the fiat system, the beneficiaries are the already rich and well connected insiders. Same with crypto“currencies”, hence why they're a pyramid scheme. >Recent central bank monetary interventions are major drivers of inequality by pushing up the asset prices of the rich while the poor suffer joblessness and inflation. Again, crypto“currencies” do the exact same thing; increasing inequality by creating another elite who hoard their wealth. >With Bitcoin, new units are created in fierce and open competition, and not handed out to insiders. New units are mined by the already filthy rich because mining on regular PCs has become obsolete.