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> the selling point of crypto was never curing inequality The genesis block of Bitcoin disagrees with you completely.

by numair 4y ago

aeternum 4y ago
The genesis block includes a headline about bank bailouts not on inequality.
- numair 4y ago
  Inequality is implicit. If you believe the banking system is a mechanism for enabling plutocracy, you don’t want the banks bailed out. There’s that, and also all of the writings on the forums in which Satoshi hung out.
  - UncleMeat 4y ago
    BTC solves the problem of techies not being as rich as bankers, not inequality. It simply shifts who is on top.
    - JumpCrisscross 4y ago
      > BTC solves the problem of techies not being as rich as bankers Wall Street is having a bonanza with crypto. It's normalized the plundering of retail investors to a level not seen in a century.
imtringued 4y ago
So what? The gold standard is known for driving inequality and bitcoin is modelled around it. Have you never wondered why abandoning the gold standard was inevitable the moment the global economy started growing? Maintaining a gold standard by force would be the same as never letting globalization happen and thereby abandon billions of people in their poverty.
nfin 4y ago
With fiat money the cantillon effect [1] plays a big role. In Bitcoin (fixed supply cap) that part is very very different. One big difference is that fiat/political money (political because political decisions decide how money is created and spent first before it inflates and arrives to the rest of the population). Like El Salvador: they use the Dollar. But do they get some of the newly (for free) created trillions? Or do they only see the consequence of that money, meaning seeing their money inflated away… their part of the pie stays constant while the rest of the pie got inflated/bigger. [1]: just google “cantillon effect”. It is interesting (the power is not only in the hands of the money holders but also in the political decision makers and those who have good relationships with them… a bit like it used to be with religion and the state… but now still with money and the state)
- FabHK 4y ago
  Do you have any evidence that the Cantillon effect plays any significant role? I hasten to add that BTC currently experiences money supply growth of 1.7% p.a. (though of course BTC inflation has approached 100% in the last half year).

> the selling point of crypto was never curing inequality The genesis block of Bitcoin disagrees with you completely.

by numair 4y ago

> the selling point of crypto was never curing inequality The genesis block of Bitcoin disagrees with you completely.

aeternum 4y ago

The genesis block includes a headline about bank bailouts not on inequality.

numair 4y ago
Inequality is implicit. If you believe the banking system is a mechanism for enabling plutocracy, you don’t want the banks bailed out. There’s that, and also all of the writings on the forums in which Satoshi hung out.
- UncleMeat 4y ago
  BTC solves the problem of techies not being as rich as bankers, not inequality. It simply shifts who is on top.
  - JumpCrisscross 4y ago
    > BTC solves the problem of techies not being as rich as bankers Wall Street is having a bonanza with crypto. It's normalized the plundering of retail investors to a level not seen in a century.

imtringued 4y ago

So what? The gold standard is known for driving inequality and bitcoin is modelled around it. Have you never wondered why abandoning the gold standard was inevitable the moment the global economy started growing? Maintaining a gold standard by force would be the same as never letting globalization happen and thereby abandon billions of people in their poverty.

nfin 4y ago

With fiat money the cantillon effect [1] plays a big role. In Bitcoin (fixed supply cap) that part is very very different. One big difference is that fiat/political money (political because political decisions decide how money is created and spent first before it inflates and arrives to the rest of the population). Like El Salvador: they use the Dollar. But do they get some of the newly (for free) created trillions? Or do they only see the consequence of that money, meaning seeing their money inflated away… their part of the pie stays constant while the rest of the pie got inflated/bigger. [1]: just google “cantillon effect”. It is interesting (the power is not only in the hands of the money holders but also in the political decision makers and those who have good relationships with them… a bit like it used to be with religion and the state… but now still with money and the state)

FabHK 4y ago
Do you have any evidence that the Cantillon effect plays any significant role? I hasten to add that BTC currently experiences money supply growth of 1.7% p.a. (though of course BTC inflation has approached 100% in the last half year).