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Shortages are the result of mispriced electricity. Taking advantage of such mispricing is a good thing.
by djbebs 5y ago
Shortages are the result of mispriced electricity. Taking advantage of such mispricing is a good thing.
- abduhl 5y agoFor whom?
- bitxbitxbitcoin 5y agoThe people taking advantage of the price difference, but also “the market” as a whole.
- recuter 5y agoA lot of people in Lebanon get 2 hours of a electricity a day, if that. Regional slumlords are renting out generators and smuggle oil. The electricity is not so much "mispriced" as it is controlled by various mafias and terrorist organizations. Sometimes cool cyberpunk theories crash upon the harsh shores of reality.
- bitxbitxbitcoin 5y agoThen the market isn’t a benefactor because it isn’t properly functioning/free (from corruption) as they so often aren’t. Harsh shores of reality also crash on capitalism.
- recuter 5y agoThere is almost an insight here.
- jdasdf 5y agoYes, people in lebanon don't value electricity as much as the miner, and so are allocating their resources in a more effective way. Who loses here?
- recuter 5y ago82% of the people in Lebanon are currently in poverty, many are living on $2/day and have to choose between food, fuel, and medicine. They have no resources to allocate. It is a failed state. The miner in this case would be, once again to be painfully clear, a warlord. https://en.wikipedia.org/wiki/Project_Cassandra https://en.wikipedia.org/wiki/Project_Cassandra https://www.politico.com/interactives/2017/obama-hezbollah-drug-trafficking-investigation https://www.politico.com/interactives/2017/obama-hezbollah-d... The losers predominantly would be the people of Lebanon, forever subsisting on the largesse of the UN and foreign powers with their own interests - their meager allowances paid out in dollars only to be completely squandered (the more UN donates the higher the prices will go, reliably soaking up all foreign assistance completely) on an artificially inflated energy "market" that enables narco terrorists to launder money via bitcoin.
- goodpoint 5y agoPeople in Lebanon in general. Especially the poorest. Obviously.
- kevinventullo 5y agoSo some newborns will freeze to death, but hey at least the markets are efficient!
- jdasdf 5y agoFor everyone. The one doing the mining is being compensated with wealth. And society in general is being compensated with a more effective allocation of resources.