4 ms·
One aspect I rarely see mentioned is that it undermines capitalism. The idea of capitalism is that wealth allocation is 'fair', because people get rewarded for
by agent008t 5y ago
One aspect I rarely see mentioned is that it undermines capitalism. The idea of capitalism is that wealth allocation is 'fair', because people get rewarded for doing things that benefit others. Put simply, you work hard, you save, you invest, you provide goods and services that others want.
When instead, speculation in cryptocurrencies becomes the road to riches (or creating a startup that never ends up profitable for that matter) that are mostly unattainable by other means, you have a problem. If you work hard, you save, you invest, you provide goods and services that others want, but are still priced out of, say, owning a house by people that provided no value, it creates a dangerous situation.
- GoldenMonkey 5y agoCapitalism is not about fair wealth allocation. I think you would like the Psychology of Money. Trend/Sectors can succeed, individual companies fail. And, success is often due to luck. I'd be curious to ask you, 'what is money'? It seems to you, it's about working hard.
- agent008t 5y agoNo, not about working hard. Digging a hole and covering it up is working hard, but helps nobody. Money essentially is promises by other people to provide its holder with goods and services, in return for goods and services that someone once provided them with.
- pydry 5y ago>The idea of capitalism is that wealth allocation is 'fair' Every system of power comes up with excuses for why it is fair and most are transparently self serving.
- agent008t 5y agoA system can both be self-serving and be better than other systems - both philosophically and in terms of better outcomes for people living under the system.