3 ms·
> 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 g
by jcbrand 6y 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 6y 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.