3 ms·

> is creating a decentralized, deflationary money Deflationary money means "whoever got in early and got the most money is going to be ultra-rich forever, unli

• Mistletoe 4y ago
  These graphs seem to say otherwise. Leaving the gold standard seems to have ushered in the current dystopia we find ourselves in. The gold standard wasn’t perfect for sure, but having to have money rooted in something instead of nothing seems to have kept wage improvements for all classes, not just the elite. https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/ If you think about it when you turn on a money printer, those closest to it (elites, the well connected) are going to catch most of it.
  • dmitriid 4y ago
    > These graphs seem to say otherwise. Which graphs? I wasn't talking about 1971 or the largely US-specific chart of not compensating people. I'm talking about deflationary currency. With a deflationary currency people who got in early and got the larger part of the pie will for ever be ultra rich, and get richer. Because the money you get now will only increase in value over time. So you got in early and got a single coin X for something. Congrats, you're nearly infinitely richer than, say, your grand kids who'll be getting fractions of a percent of that coin for that same something.
• shakow 4y ago
  I;m not going to comment on the crypto side, but I would argue that your conclusion also applies to the traditional currency system; it's not like created money was freely handle to the poorest.