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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
by 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 agoYou'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 agoToday 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.
- dmitriid 5y ago> There's no chance for the poor. You're literally describing cryptocurrencies > They cab increase their gains by 10%, but it will be taken out from them with little effort. Gas fees > Whoever actually serves society and earns coins for their service will keep their value in the long run. Ahahahha, no. > Just like it was possibke and happened all the time earlier, when currencies were pegged to non-inflationary assets, like the gold. Yeah, we all know about the incredible rags-to-riches stories en masse in the "before time". Which are those, exactly?