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loving Hightowers recent foray into BTC on twitter [1] [1] https://twitter.com/kelseyhightower/status/1496223472208740354 https://twitter.com/kelseyhightower/s

loving Hightowers recent foray into BTC on twitter [1] [1] https://twitter.com/kelseyhightower/status/1496223472208740354 https://twitter.com/kelseyhightower/status/14962234722087403...

shagie 5y ago
There's a question to be asked... From Dan of The Line Goes Up on The Financial Diet - https://youtu.be/8St36RjHd2E?t=757 https://youtu.be/8St36RjHd2E?t=757 (please pardon the wall of text transcription) > But the why are crypto and NFTs bad? It's like they're socially destructive and they represent crypto. I really want to stress that NFTs are an extension of crypto and crypto is a socially destructive experiment that goes to great lengths to concentrate even more wealth and even more power into the hands of the few. They're deflationary by design, which traps -- so the long-term outcome of these would be that late comers, which -- you have to consider that, oh, well, what does a late adopter look like in crypto? And it's like well, if we're talking on a timeline, its people who are kids right now. So let's imagine this hypothetical future where where crypto becomes like mainstream. Let's say it wins and it takes over. Well, it's like, oh, well, you should have bought in early. It's like, well I couldn't buy in early. I was five. I now have to buy in late because the passage of time dictates it. And it's like, Ok, how is it going to behave when those people have to buy in? And it's like, oh, not good, not well. It's going to be terrible. And deflationary economies trap ordinary people into irrecoverable cycles of debt that just leads towards serfdom.
- sweetbitter 5y ago
  Not all cryptographic currencies are deflationary.
  - kragen 5y ago
    Bitcoin probably is deflationary, though, like gold. We should take seriously the prospect that Bitcoin will return us to some aspects of the economic regime that was in effect during the time of the gold standard, roughly 700 BCE to either 1933 or 1971 CE.

loving Hightowers recent foray into BTC on twitter [1] [1] https://twitter.com/kelseyhightower/status/1496223472208740354 https://twitter.com/kelseyhightower/status/14962234722087403...

shagie 5y ago

There's a question to be asked... From Dan of The Line Goes Up on The Financial Diet - https://youtu.be/8St36RjHd2E?t=757 https://youtu.be/8St36RjHd2E?t=757 (please pardon the wall of text transcription) > But the why are crypto and NFTs bad? It's like they're socially destructive and they represent crypto. I really want to stress that NFTs are an extension of crypto and crypto is a socially destructive experiment that goes to great lengths to concentrate even more wealth and even more power into the hands of the few. They're deflationary by design, which traps -- so the long-term outcome of these would be that late comers, which -- you have to consider that, oh, well, what does a late adopter look like in crypto? And it's like well, if we're talking on a timeline, its people who are kids right now. So let's imagine this hypothetical future where where crypto becomes like mainstream. Let's say it wins and it takes over. Well, it's like, oh, well, you should have bought in early. It's like, well I couldn't buy in early. I was five. I now have to buy in late because the passage of time dictates it. And it's like, Ok, how is it going to behave when those people have to buy in? And it's like, oh, not good, not well. It's going to be terrible. And deflationary economies trap ordinary people into irrecoverable cycles of debt that just leads towards serfdom.

sweetbitter 5y ago
Not all cryptographic currencies are deflationary.
- kragen 5y ago
  Bitcoin probably is deflationary, though, like gold. We should take seriously the prospect that Bitcoin will return us to some aspects of the economic regime that was in effect during the time of the gold standard, roughly 700 BCE to either 1933 or 1971 CE.