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A few interesting takes here including: > Inscribed in the code of bitcoin is the following phrase, “The Times 03/Jan/2009 Chancellor on brink of second bailou

by CPLX 5y ago

A few interesting takes here including: > Inscribed in the code of bitcoin is the following phrase, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Both crypto and the anti-monopoly movement are reactions to the destruction wrought by neoliberalism. > Both financial crisis reformers and bitcoin proponents believe that the existing financial order is a collusive arrangement between large banks who are supported by government power. Money laundering, tax evasion, criminal activity, and fraud are fine as long as you are an insider in this system, and the Federal Reserve and various other government institutions will not only not stop corrupt insiders, but will subsidize and bail them out if necessary. Meanwhile, the rest of us have to live with foreclosures, high interest rates on credit cards, and high fees for middlemen in every aspect of the economy. Indeed, it’s hard to see how our social contract is legitimate or fair.

zepto 5y ago
> Both crypto and the anti-monopoly movement are reactions to the destruction wrought by neoliberalism. Such a weird statement, given that crypto represents the financialization of everything, and has the exact same rich-get-richer dynamics as neoliberal capitalism. I guess satoshi was just wrong about how it would play out.
- RedBeetDeadpool 5y ago
  Exactly how do the rich get richer in denominations of bitcoin? If I hold onto bitcoin in my wallet does it multiply the number of bitcoin I have? No it does not. So how do the rich get richer in a bitcoin ecosystem? To be honest I don't know. Conversely, if I'm a USD bank, how do I multiply the number of USD I hold? Simple, lend out the amount I own to multiple entities multiple times. By holding more money, I can hold even more money of the exact same thing.
  - zepto 5y ago
    > Exactly how do the rich get richer in denominations of bitcoin? Weird question. We don’t live in a world where there is only Bitcoin, and nobody exists in a ‘Bitcoin ecosystem’. That’s pure fantasy. We live in a world where Bitcoin is a speculative asset that is traded just like everything else.
    - RedBeetDeadpool 5y ago
      In a closed USD ecosystem the entity with more USD can increase the amount of USD they hold simply by holding more of it. Replace USD with BTC and it no longer holds true. My argument is that when it comes to the rich getting richer its the USD that promotes that mechanism and does not need BTC at all for it to happen. Your claim that BTC is a scheme for the rich to get richer is only true because of the existence of USD, otherwise that wouldn't be possible. What I'm saying is its your fantasy that allows rich get richer to even be possible in BTC, not the other way around.
      - zepto 5y ago
        > In a closed USD ecosystem the entity with more USD can increase the amount of USD they hold simply by holding more of it. That closed USD ecosystem is just as much a product of fantasy as is the closed Bitcoin ecosystem. > Your claim that BTC is a scheme for the rich to get richer is only true because of the existence of USD, otherwise that wouldn't be possible. USD does in fact exist, so I guess you are agreeing with me. > I'm saying is its your fantasy that allows rich get richer to even be possible in BTC, not the other way around. Erm, are you now claiming that USD is my fantasy? That’s what it sound like.

by CPLX 5y ago

zepto 5y ago

> Both crypto and the anti-monopoly movement are reactions to the destruction wrought by neoliberalism. Such a weird statement, given that crypto represents the financialization of everything, and has the exact same rich-get-richer dynamics as neoliberal capitalism. I guess satoshi was just wrong about how it would play out.

RedBeetDeadpool 5y ago
Exactly how do the rich get richer in denominations of bitcoin? If I hold onto bitcoin in my wallet does it multiply the number of bitcoin I have? No it does not. So how do the rich get richer in a bitcoin ecosystem? To be honest I don't know. Conversely, if I'm a USD bank, how do I multiply the number of USD I hold? Simple, lend out the amount I own to multiple entities multiple times. By holding more money, I can hold even more money of the exact same thing.
- zepto 5y ago
  > Exactly how do the rich get richer in denominations of bitcoin? Weird question. We don’t live in a world where there is only Bitcoin, and nobody exists in a ‘Bitcoin ecosystem’. That’s pure fantasy. We live in a world where Bitcoin is a speculative asset that is traded just like everything else.
  - RedBeetDeadpool 5y ago
    In a closed USD ecosystem the entity with more USD can increase the amount of USD they hold simply by holding more of it. Replace USD with BTC and it no longer holds true. My argument is that when it comes to the rich getting richer its the USD that promotes that mechanism and does not need BTC at all for it to happen. Your claim that BTC is a scheme for the rich to get richer is only true because of the existence of USD, otherwise that wouldn't be possible. What I'm saying is its your fantasy that allows rich get richer to even be possible in BTC, not the other way around.
    - zepto 5y ago
      > In a closed USD ecosystem the entity with more USD can increase the amount of USD they hold simply by holding more of it. That closed USD ecosystem is just as much a product of fantasy as is the closed Bitcoin ecosystem. > Your claim that BTC is a scheme for the rich to get richer is only true because of the existence of USD, otherwise that wouldn't be possible. USD does in fact exist, so I guess you are agreeing with me. > I'm saying is its your fantasy that allows rich get richer to even be possible in BTC, not the other way around. Erm, are you now claiming that USD is my fantasy? That’s what it sound like.