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At the very least it makes me want to check my watch is still on when someone tries to convince me it's an "anti-elite" invention, despite appearances, as this

At the very least it makes me want to check my watch is still on when someone tries to convince me it's an "anti-elite" invention, despite appearances, as this article seeks to do.

bogota 5y ago
I’ll read the article again with this in mind but on first read it didn’t come across as trying to convince of anything other than using the gini coefficient isn’t insightful and he pointed out the flaws as he sees it.
secondaryacct 5y ago
It's like every attempt at a great replacement: the incentive is for a group of people to replace another and get the same benefits. Be it a communist revolution, the crypto alt finance or whatever, the hardest is always to build an all encompassing compromise to let people have moderate increase in comfort while not totally shifting the balance in the opposite direction.
imtringued 5y ago
I don't see how it is an anti elite invention. Deflation scales with your networth. The bigger your networth the bigger the income from deflation. The only difference is that the system is new and the elites haven't established themselves yet but it is starting to get old. Give it another 10 years and it will be just as bad as everything else. Inflation scales with your networth too but it doesn't reward you. You'll have to find an income source to cover the loss. Most inflation protected income streams rely on employing humans. If you were to pay out a fixed UBI to all people and finance it with inflation then basically people with above average deposits would see the value of their bank account decrease and approach average wealth and people with below average deposits would see the value of their bank account increase and approach average wealth as well. Assuming inflation = low unemployment holds then incomes would rise vs wealth which would be a reasonable approximation of the theoretical UBI I proposed above.

At the very least it makes me want to check my watch is still on when someone tries to convince me it's an "anti-elite" invention, despite appearances, as this article seeks to do.

bogota 5y ago

I’ll read the article again with this in mind but on first read it didn’t come across as trying to convince of anything other than using the gini coefficient isn’t insightful and he pointed out the flaws as he sees it.

secondaryacct 5y ago

It's like every attempt at a great replacement: the incentive is for a group of people to replace another and get the same benefits. Be it a communist revolution, the crypto alt finance or whatever, the hardest is always to build an all encompassing compromise to let people have moderate increase in comfort while not totally shifting the balance in the opposite direction.

imtringued 5y ago

I don't see how it is an anti elite invention. Deflation scales with your networth. The bigger your networth the bigger the income from deflation. The only difference is that the system is new and the elites haven't established themselves yet but it is starting to get old. Give it another 10 years and it will be just as bad as everything else. Inflation scales with your networth too but it doesn't reward you. You'll have to find an income source to cover the loss. Most inflation protected income streams rely on employing humans. If you were to pay out a fixed UBI to all people and finance it with inflation then basically people with above average deposits would see the value of their bank account decrease and approach average wealth and people with below average deposits would see the value of their bank account increase and approach average wealth as well. Assuming inflation = low unemployment holds then incomes would rise vs wealth which would be a reasonable approximation of the theoretical UBI I proposed above.