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The government can't print 1.9 trillion more Bitcoin overnight so the unions and lobbies they serve can get a bail out.

yunohn 5y ago
You’re explaining how no more Bitcoin can be generated once all is mined. That’s not solving any wealth inequality. More so because lower income people own almost zero BTC.
- rawtxapp 5y ago
  I don't think wealthy inequality will ever be "solved" and I don't think it's necessarily a bad thing unless it's extreme inequality. We need some kind of incentives for people to go ahead and build stuff. Imagine if you were paid in BTC or saved money into BTC, you won't get diluted over a long enough time, that's the promise. When you get paid in BTC, someone gives you theirs, it's a zero-sum game. Also, since nobody can print more of it, if someone goes ahead and plays around with high leverage and gets wiped out, their losses won't be socialized by bailouts.
  - yunohn 5y ago
    I’ve literally never heard of anyone refusing to work for fiat currency, due to concerns that it will be diluted. On the other hand, I’ve heard from innumerable people that crypto’s volatility drives them away.
    - rawtxapp 5y ago
      Because they never had the alternative to fiat. Some professional players [1], tech workers [2], city workers [3], etc, are starting to get portions of their salaries in BTC. You can always take fiat from work and save it in BTC as well. It won't be this volatile forever, as the market cap gets larger, the volatility goes down. 1: https://ftw.usatoday.com/lists/nfl-draft-trevor-lawrence-cryptocurrency-bitcoin https://ftw.usatoday.com/lists/nfl-draft-trevor-lawrence-cry... 2: https://finance.yahoo.com/news/olaf-carlson-wee-first-coinbase-142339436.html https://finance.yahoo.com/news/olaf-carlson-wee-first-coinba... 3: https://www.newsweek.com/miami-passes-resolution-allow-paying-city-workers-bitcoin-attempt-woo-big-tech-1568784 https://www.newsweek.com/miami-passes-resolution-allow-payin...
      - yunohn 5y ago
        But all of these people make significantly larger sums than any average person. And, for sports stars, they make lots of side-money via endorsements. To reiterate my earlier points, none of them are doing this due to dilution concerns; rather the usual crypto speculation to cash out massive gains. This neither fixes nor mitigates any sort of wealth inequality.
        wufufufu 5y ago
        What happens to wages when the QE occurs? Nothing, they stagnate. What happens to real estate and securities? They skyrocket. I don't care if it's cryptocurrency that we end up using. As long as we can pay people in some kind of security that cannot be inflated, then wages cannot be silently garnished via inflation.

You’re explaining how no more Bitcoin can be generated once all is mined. That’s not solving any wealth inequality. More so because lower income people own almost zero BTC.

rawtxapp 5y ago
I don't think wealthy inequality will ever be "solved" and I don't think it's necessarily a bad thing unless it's extreme inequality. We need some kind of incentives for people to go ahead and build stuff. Imagine if you were paid in BTC or saved money into BTC, you won't get diluted over a long enough time, that's the promise. When you get paid in BTC, someone gives you theirs, it's a zero-sum game. Also, since nobody can print more of it, if someone goes ahead and plays around with high leverage and gets wiped out, their losses won't be socialized by bailouts.
- yunohn 5y ago
  I’ve literally never heard of anyone refusing to work for fiat currency, due to concerns that it will be diluted. On the other hand, I’ve heard from innumerable people that crypto’s volatility drives them away.
  - rawtxapp 5y ago
    Because they never had the alternative to fiat. Some professional players [1], tech workers [2], city workers [3], etc, are starting to get portions of their salaries in BTC. You can always take fiat from work and save it in BTC as well. It won't be this volatile forever, as the market cap gets larger, the volatility goes down. 1: https://ftw.usatoday.com/lists/nfl-draft-trevor-lawrence-cryptocurrency-bitcoin https://ftw.usatoday.com/lists/nfl-draft-trevor-lawrence-cry... 2: https://finance.yahoo.com/news/olaf-carlson-wee-first-coinbase-142339436.html https://finance.yahoo.com/news/olaf-carlson-wee-first-coinba... 3: https://www.newsweek.com/miami-passes-resolution-allow-paying-city-workers-bitcoin-attempt-woo-big-tech-1568784 https://www.newsweek.com/miami-passes-resolution-allow-payin...
    - yunohn 5y ago
      But all of these people make significantly larger sums than any average person. And, for sports stars, they make lots of side-money via endorsements. To reiterate my earlier points, none of them are doing this due to dilution concerns; rather the usual crypto speculation to cash out massive gains. This neither fixes nor mitigates any sort of wealth inequality.
      - wufufufu 5y ago
        What happens to wages when the QE occurs? Nothing, they stagnate. What happens to real estate and securities? They skyrocket. I don't care if it's cryptocurrency that we end up using. As long as we can pay people in some kind of security that cannot be inflated, then wages cannot be silently garnished via inflation.