4 ms·

I have no love for the banks. But crypto is open source in name only. The deflationary nature of it ensures that expansion of adoption is exclusively to the enr

I have no love for the banks. But crypto is open source in name only. The deflationary nature of it ensures that expansion of adoption is exclusively to the enrichment of current holders. It’s a glorified ponzi scheme, posturing behind sham principles of openness and inclusion.

monero-xmr 3y ago
I feel like you are at an inflection point of understanding. The fiat economic system, which has been the global system since the gold standard went away, is a glorified Ponzi scheme! You are so close
- qwytw 3y ago
  > gold standard Was an objectively awful system. The 19th century economy was on a permanent boom and bust cycle alternating between severe inflation and deflation. 2009, let alone what has happened over the last few years would've been very mild by gold standard standards. > I feel like you are at an inflection point of understanding It's funny that the edgy people who are so excited about the gold standard/bitcoin/deflation are so clueless about economic history.
- leereeves 3y ago
  Neither is a ponzi scheme, but I think you're both trying to say that each rewards the already rich, which is true. But replacing one "rich get richer" economic system with another is not an improvement, except for a very few people who might become rich during the transition.
  - qwytw 3y ago
    > trying to say that each rewards the already rich, which is true However deflationary currencies reward them significantly more than inflationary ones.
  - monero-xmr 3y ago
    I am using a rhetorical technique to point to the traditional economic system to contrast it with the crypto system, and in this way crypto is at least equally bad (if not (much!) better). That technique is for observers of the thread. Unfortunately, if you have a problem with “rich get richer”, I believe you are arguing against fundamental requirement of technological improvement. It takes patience to do anything of value. Anything. Learning a skill, mastering a job, earning the trust of your peers, becoming a leader - this requires time, dedication, and discipline. A government cannot simply mandate that everyone can read, or everyone can be rich for that matter. All risk has tradeoff. It takes those with more stuff in order to risk enough stuff to subsidize a lot of experiments, some of which will bear fruit. I would argue that even in the smallest communities, with everyone starting equal, very soon some will have more and some have less. This is simply human nature.
    - qwytw 3y ago
      > crypto is at least equally bad It's objectively much worse. Especially bitcoin. > government cannot simply mandate that everyone can read To be fair they did and it turned out it's possible. It just took a while. More or less everyone can read nowadays.
    - leereeves 3y ago
      > It takes patience to do anything of value. Anything. Learning a skill, mastering a job, earning the trust of your peers, becoming a leader I don't have a problem with "the hard working get richer", as in your examples. I have a problem with the way crypto would reward people for simply owning it as they did nothing.
      - monero-xmr 3y ago
        It sounds like you have a problem with property in general. If I bought equities, or bonds, or a house, and sat on them for years, I would be rewarded for “doing nothing”. I took risk and was rewarded.
        qwytw 3y ago

monero-xmr 3y ago

I feel like you are at an inflection point of understanding. The fiat economic system, which has been the global system since the gold standard went away, is a glorified Ponzi scheme! You are so close

qwytw 3y ago
> gold standard Was an objectively awful system. The 19th century economy was on a permanent boom and bust cycle alternating between severe inflation and deflation. 2009, let alone what has happened over the last few years would've been very mild by gold standard standards. > I feel like you are at an inflection point of understanding It's funny that the edgy people who are so excited about the gold standard/bitcoin/deflation are so clueless about economic history.
leereeves 3y ago
Neither is a ponzi scheme, but I think you're both trying to say that each rewards the already rich, which is true. But replacing one "rich get richer" economic system with another is not an improvement, except for a very few people who might become rich during the transition.
- qwytw 3y ago
  > trying to say that each rewards the already rich, which is true However deflationary currencies reward them significantly more than inflationary ones.
- monero-xmr 3y ago
  I am using a rhetorical technique to point to the traditional economic system to contrast it with the crypto system, and in this way crypto is at least equally bad (if not (much!) better). That technique is for observers of the thread. Unfortunately, if you have a problem with “rich get richer”, I believe you are arguing against fundamental requirement of technological improvement. It takes patience to do anything of value. Anything. Learning a skill, mastering a job, earning the trust of your peers, becoming a leader - this requires time, dedication, and discipline. A government cannot simply mandate that everyone can read, or everyone can be rich for that matter. All risk has tradeoff. It takes those with more stuff in order to risk enough stuff to subsidize a lot of experiments, some of which will bear fruit. I would argue that even in the smallest communities, with everyone starting equal, very soon some will have more and some have less. This is simply human nature.
  - qwytw 3y ago
    > crypto is at least equally bad It's objectively much worse. Especially bitcoin. > government cannot simply mandate that everyone can read To be fair they did and it turned out it's possible. It just took a while. More or less everyone can read nowadays.
  - leereeves 3y ago
    > It takes patience to do anything of value. Anything. Learning a skill, mastering a job, earning the trust of your peers, becoming a leader I don't have a problem with "the hard working get richer", as in your examples. I have a problem with the way crypto would reward people for simply owning it as they did nothing.
    - monero-xmr 3y ago
      It sounds like you have a problem with property in general. If I bought equities, or bonds, or a house, and sat on them for years, I would be rewarded for “doing nothing”. I took risk and was rewarded.
      - qwytw 3y ago