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Wealth shouldn't be conflated with currency units or the value of assets which are denominated in currency units, especially in a system where the total number
by jongjong 1y ago
Wealth shouldn't be conflated with currency units or the value of assets which are denominated in currency units, especially in a system where the total number of currency units is not fixed.
A lot of economic activities are rewarded simply by virtue of the fact that they found a short path of low-resistance from a public money printer to somebody's bank account. There are many government money printers around the world which can be tapped into. Normal value-creating businesses can't compete with such schemes.
Just look at Bitcoin as an example; it uses the same amount of electricity as the nation of Argentina to process a measly 4 transactions per second max (even though there are countless alternatives which are way faster, just as secure and less harmful to the environment). It's worth a lot of money, not worth a lot of value.
Helping corrupt dictators to move around their money globally with impunity while baking the planet, does not add value to society; it destroys value.
- BurningFrog 1y agoMoney isn't wealth, but is measured in money units. Simple example: I have a Shmoo that's worth $40 to me and $70 to you. You buy it for $50. I'm now $10 wealthier, and you are $20 wealthier.