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Accounting issues with wages are not as important when savings are possible. In today's ever-inflated economy many people have zero savings and a lot of debt. P
by oleganza 11y ago
Accounting issues with wages are not as important when savings are possible. In today's ever-inflated economy many people have zero savings and a lot of debt. People live from pay cheque to pay cheque. But when savings are enabled by Bitcoin, then wage is merely an addition to the existing balance and its adjustment to the market prices is not so dramatic.
- maxerickson 11y agoInflation makes debt cheaper to hold. So a thesis that says that saving is easier if you make debt more expensive has some problems.
- oleganza 11y agoDebt does not create savings. Savings are created by putting the real money for later spending (not IOUs, but real collectible: land, commodities, bitcoin). Making debt cheaper via inflation is simply a form of taxation: money is being reallocated from savers to spenders without asking savers' opinion. While savings are made 100% voluntarily without extracting anything from anyone. Also: people need less debt if they have savings. And it's much safer to save your own money (when it's allowed) and have 100% control of your business/investment, than to borrow capital and be a slave.
- maxerickson 11y agoI guess I don't understand what step 2 would be here: 1. Bitcoin 2. ? 3. Savings
- oleganza 11y agoThere are two steps only and they are already happening since Jan 3rd 2009.