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Yet all of the people getting rich on cryptocurrency seem to live in those 11%. So much for "power to the people."

xiphias2 5y ago
They may live there, but a lot of them are immigrants. I'm an example for that: I migrated to western countries and started to feel that the direction they are taking is similar to what I have experienced in my country when I was young. I decided to quit the government based financial system, as I lost trust in it. Sadly lot of people who don't understand the reason just do lots of day trading, which is a modern version of casino, that's how exchanges make so much profit.
kobalsky 5y ago
the part that matters is that everyone has access to it, not that someone who isn't you is making money with it.
- glutamate 5y ago
  Who do you think they are making money from?
- UncleMeat 5y ago
  When the wealthy deign to give "access" to the poor while using the arms of capitalism to enrich themselves, that's not charity. People getting rich off financial derivatives of the transactions of the rest of the world are just getting rich. They aren't providing value.
  - kobalsky 5y ago
    No one gives access to crypto, you have access. If you open your wallet and you find a global reserve currency then you should buy the book that was linked earlier about privilege. Maybe it's just me, but when you live in a place where it's illegal to purchase foreign currency and you are forced to convert all your income from exports into a currency that evaporates in front of your eyes, your view of crypto changes dramatically.
    - giaour 5y ago
      I believe GP was referring to access to capital markets, not permission to use cryptocurrency. "Access" to an empty cryptocurrency wallet is worthless no matter where you live.
    - unmole 5y ago
      > Maybe it's just me, but when you live in a place where it's illegal to purchase foreign currency And what happens when the country decides to make buying cryptocurrencies illegal?
fleddr 5y ago
"Power to the people" in reference to crypto does not mean a redistribution of pre-existing wealth. How would that even work? Crypto sells your house? The humanitarian aspects of crypto are "banking the unbanked", protection against seizures/extreme inflation of the local currency in specific countries (Libya, Turkey, etc, the ability for refugees to cross borders with their wealth, and the ability of immigrants to send money back to their families back home.

They may live there, but a lot of them are immigrants. I'm an example for that: I migrated to western countries and started to feel that the direction they are taking is similar to what I have experienced in my country when I was young. I decided to quit the government based financial system, as I lost trust in it. Sadly lot of people who don't understand the reason just do lots of day trading, which is a modern version of casino, that's how exchanges make so much profit.

kobalsky 5y ago

the part that matters is that everyone has access to it, not that someone who isn't you is making money with it.

glutamate 5y ago
Who do you think they are making money from?
UncleMeat 5y ago
When the wealthy deign to give "access" to the poor while using the arms of capitalism to enrich themselves, that's not charity. People getting rich off financial derivatives of the transactions of the rest of the world are just getting rich. They aren't providing value.
- kobalsky 5y ago
  No one gives access to crypto, you have access. If you open your wallet and you find a global reserve currency then you should buy the book that was linked earlier about privilege. Maybe it's just me, but when you live in a place where it's illegal to purchase foreign currency and you are forced to convert all your income from exports into a currency that evaporates in front of your eyes, your view of crypto changes dramatically.
  - giaour 5y ago
    I believe GP was referring to access to capital markets, not permission to use cryptocurrency. "Access" to an empty cryptocurrency wallet is worthless no matter where you live.
  - unmole 5y ago
    > Maybe it's just me, but when you live in a place where it's illegal to purchase foreign currency And what happens when the country decides to make buying cryptocurrencies illegal?

fleddr 5y ago

"Power to the people" in reference to crypto does not mean a redistribution of pre-existing wealth. How would that even work? Crypto sells your house? The humanitarian aspects of crypto are "banking the unbanked", protection against seizures/extreme inflation of the local currency in specific countries (Libya, Turkey, etc, the ability for refugees to cross borders with their wealth, and the ability of immigrants to send money back to their families back home.