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Except that massive swaths of people disenfranchised by the conventional systems of economics are also shut out of crypto by its byzantine entry requirements. Y

Except that massive swaths of people disenfranchised by the conventional systems of economics are also shut out of crypto by its byzantine entry requirements. Yes, people with massive amounts of disposable income interested in trading but with no ability to competitively trade against private firms can find a home in crypto, sure. That has nothing to do with the wealth inequality faced by someone who, say, has to work six days a week at minimum wage to support a family and doesn't have the time or energy to figure out how to benefit from this stuff.

rmbyrro 5y ago
Then we need to think how to make crypto accessible to them. There's huge opportunity to create real value to society in this space. These folks are being smashed by inflation. They're getting poorer everyday. We have to figure out how to allow them to quickly escape this rat race through a non-inflationary currency.
- dmitriid 5y ago
  > how to allow them to quickly escape this rat race through a non-inflationary currency. And into a rat race of "how much can you HODL and get rich quick through scams and/or currency trading"
  - toolz 5y ago
    We have legalized and normalized gambling almost everywhere in the world. I'm not sure that society wants or has the ability to get rid of "get rich quick scams", but believing crypto is nothing but scams is just revealing a heavily inaccurate biased information source.
    - dmitriid 5y ago
      > but believing crypto is nothing but scams is just revealing a heavily inaccurate biased information source. There is no other source. If there was, crypto proponents would actually provide one. As it stands, though, there are exactly three types of crypto projects: - scams (the absolute vast majority) - can be and have been implemented in a better, more efficient, and more scalable way without blockchain. And as such, are borderline scams - circular. The vast majority of "DeFi" which mostly exists to rotate and speculate on cryptocurrencies And there are exactly two types of people in the crypto space: - people who know exactly what's up - gullible fools
      - rmbyrro 5y ago
        And there are two types of judgement about crypto and blockchain: - Ones who look at them as tools that can be used for good or evil, just like anything else - The cynical ones
- jack_pp 5y ago
  If you earn X and your bills are say 80% of X then you can not afford to risk putting your money in any cryptocurrency because if it drops by more than 20% then you can not afford to pay your bills and you might wind up without electricity or not even being able to pay your rent. This is an argument for having limits on brokerages for you being already wealthy because if you are not then there's a big chance you will wind up on the streets and that's bad for society.
  - rmbyrro 5y ago
    You're missing the point. They need to be able to pay the 80% without being held hostage to the FED. Fiat currencies are a scam as well. Crypto isn't a scam inherently, scams exist because there's too many gullible and greedy people. But Fiat is designed to be a scam. A few folks control the supply and effectively steal from everyone when they increase it. You cannot arruficially increase supply of most crypto. We need to stop thinking about "how much is crypto X is worth in dollars" and actually cut the dollar out, let people buy everyday needs directly with crypto.
    - dmitriid 5y ago
      > We need to stop thinking about "how much is crypto X is worth in dollars" and actually cut the dollar out, let people buy everyday needs directly with crypto. And so you will have the ultra-rich who've hoarded the coins at the very beginning, and the rest, who will be getting smaller and smaller scraps.
      - rmbyrro 5y ago
        Today the rich control money supply. There's no chance for the poor. They cab increase their gains by 10%, but it will be taken out from them with little effort. Whoever actually serves society and earns coins for their service will keep their value in the long run. In one generation, or less, it will be possible to ascend from a poor level. Just like it was possibke and happened all the time earlier, when currencies were pegged to non-inflationary assets, like the gold.
- FridgeSeal 5y ago
  Why is a deflationary currency better for people in disadvantaged situations? Seems to me the issue isn’t inflation it’s lack of wage growth, and with proper wage growth, far more people would have been able to benefit from the market growth we’ve had.
  - rmbyrro 5y ago
    They can grow their wage as much as they want, it will always be easy to take the value back from them by increasing money supply and artificially reducing their share.
deleted 5y ago
[deleted]

rmbyrro 5y ago

Then we need to think how to make crypto accessible to them. There's huge opportunity to create real value to society in this space. These folks are being smashed by inflation. They're getting poorer everyday. We have to figure out how to allow them to quickly escape this rat race through a non-inflationary currency.

dmitriid 5y ago
> how to allow them to quickly escape this rat race through a non-inflationary currency. And into a rat race of "how much can you HODL and get rich quick through scams and/or currency trading"
- toolz 5y ago
  We have legalized and normalized gambling almost everywhere in the world. I'm not sure that society wants or has the ability to get rid of "get rich quick scams", but believing crypto is nothing but scams is just revealing a heavily inaccurate biased information source.
  - dmitriid 5y ago
    > but believing crypto is nothing but scams is just revealing a heavily inaccurate biased information source. There is no other source. If there was, crypto proponents would actually provide one. As it stands, though, there are exactly three types of crypto projects: - scams (the absolute vast majority) - can be and have been implemented in a better, more efficient, and more scalable way without blockchain. And as such, are borderline scams - circular. The vast majority of "DeFi" which mostly exists to rotate and speculate on cryptocurrencies And there are exactly two types of people in the crypto space: - people who know exactly what's up - gullible fools
    - rmbyrro 5y ago
      And there are two types of judgement about crypto and blockchain: - Ones who look at them as tools that can be used for good or evil, just like anything else - The cynical ones
jack_pp 5y ago
If you earn X and your bills are say 80% of X then you can not afford to risk putting your money in any cryptocurrency because if it drops by more than 20% then you can not afford to pay your bills and you might wind up without electricity or not even being able to pay your rent. This is an argument for having limits on brokerages for you being already wealthy because if you are not then there's a big chance you will wind up on the streets and that's bad for society.
- rmbyrro 5y ago
  You're missing the point. They need to be able to pay the 80% without being held hostage to the FED. Fiat currencies are a scam as well. Crypto isn't a scam inherently, scams exist because there's too many gullible and greedy people. But Fiat is designed to be a scam. A few folks control the supply and effectively steal from everyone when they increase it. You cannot arruficially increase supply of most crypto. We need to stop thinking about "how much is crypto X is worth in dollars" and actually cut the dollar out, let people buy everyday needs directly with crypto.
  - dmitriid 5y ago
    > We need to stop thinking about "how much is crypto X is worth in dollars" and actually cut the dollar out, let people buy everyday needs directly with crypto. And so you will have the ultra-rich who've hoarded the coins at the very beginning, and the rest, who will be getting smaller and smaller scraps.
    - rmbyrro 5y ago
      Today the rich control money supply. There's no chance for the poor. They cab increase their gains by 10%, but it will be taken out from them with little effort. Whoever actually serves society and earns coins for their service will keep their value in the long run. In one generation, or less, it will be possible to ascend from a poor level. Just like it was possibke and happened all the time earlier, when currencies were pegged to non-inflationary assets, like the gold.
FridgeSeal 5y ago
Why is a deflationary currency better for people in disadvantaged situations? Seems to me the issue isn’t inflation it’s lack of wage growth, and with proper wage growth, far more people would have been able to benefit from the market growth we’ve had.
- rmbyrro 5y ago
  They can grow their wage as much as they want, it will always be easy to take the value back from them by increasing money supply and artificially reducing their share.

deleted 5y ago

[deleted]