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> most democratic type of currency/money/property in the world, how can you argue against that? Accepting any currency that's not a stablecoin, gives power (no
by mathnmusic 5y ago
> most democratic type of currency/money/property in the world, how can you argue against that?
Accepting any currency that's not a stablecoin, gives power (not just purchasing power) over you to those who bought it really cheap without doing as much labour or as much spending as much capital as the late ones. Bitcoin has been more of a security - like a startup's shares - benefiting early investors at the expense of late ones. It's the opposite of "democratic".
- danlugo92 5y agoPlease walk me through the steps to buy any US security, say some Apple stock, btw I'm Venezuelan. Here's the steps to buy bitcoin: 1) Create wallet 2) Buy from anyone in the world who wants to sell.
- haswell 5y agoThe mechanics of buying have very little to do with market dynamics. It doesn't matter if I can acquire bitcoin telepathically if the market is such that early adopters hold all of the power.
- danlugo92 5y agoThat's like saying don't buy Apple stock because you didn't get in in the 80s lol.
- haswell 5y agoThis is unrelated to the point I was making. The reality of market dynamics has nothing to do with whether you should or should not buy Apple stock. The point is that the ease of buying something doesn't necessarily change the fundamental concentration of power, which is still concentrated among earlier adopters. You may still choose to invest regardless, and that may be perfectly acceptable.
- mathnmusic 5y agoSo we agree that Bitcoin is more like a stock than a currency. Nobody calls Apple stock "most democratic type of currency/money/property in the world". There's a reason why SEC heavily regulates issues of security which promise future upside - regulations that Bitcoin circumvented.