4 ms·

Cryptocurrency, definitely yes. Bitcoin, hopefully not. I’m fundamentally opposed to rewarding that particular wealth redistribution scheme.

• dpc_pw 11y ago
  Is current wealth redistribution scheme so much better? With forced taxation, shady fractional reserve system, central banks manipulating markets, rich getting richer, etc. I don't think so. Actually Bitcoin is very fair. Everything is Open Source, verifiable, public. There is no insiders, no trusted parties changing rules, everything is publicly know: number of coins and their distribution scheme. The price of Bitcoin is a fair price. It corresponds to current market knowledge about it's usefulness and chances to be more/less useful (valuable) in the future. Anyone is allowed to participate, and noone is forced to participate. People holding Bitcoin are rewarded for their risk of holding risky asset. People trading it, are rewarded for providing liquidly, people mining it are rewarded for keeping the p2p network running. Bitcoins is the fairest game in the town. And any wealth redistribution it causes is a fair redistribution.
  • rue 11y ago
    It’s not an either-or question. The current system is a travesty; replacing it with another that rewards those with means and early adopters at the expense of others isn’t any better.
• CyberDildonics 11y ago
  I'm seeing criticism but no suggestions.
• shadowmoses 11y ago
  Can you elaborate as to why?