Bitcoin Bubble


#523

Yes sir!!! :rofl:


#524

I think most of the wealth gap is caused by financial engineering caused by paper money. Rich people become rich due to their financial savvy with inflation and better connection to government. Poor people are poorer due to inflation and they don’t financial savvy to store their excess labor in an inflation fighting vehicle


#525

??? Absolutely not the case. Wealth gap is due to some people more talented at making money than others.


#526

@tomato you seem to be most clued in to the latest on crypto currencies. Would you point me to some credible information sources so I can educate myself further? Thanks for the reddit link!


#527

That talent in making money is less useful in an economy without inflation and leverage.

The talent you refer to is to make money out of money with the help of paper money printing government.

Without inflation and without paper money, most people just work, save and retire. There would be very few billionaire and even millionaires.

Without paper money, there would be subprime crisis and you won’t be able to buy house as deep discount.


#528

I think you are so blinded by cryptocurrencies’ rise that you have lost track on trying to understand good economic principles, or even just some common sense… the arguments you used to support bitcoin are just :joy:


#529

I agree with that. I would think most of society was like this 200 yrs ago. One drawback of this structure is that it’s also more difficult to rise up in wealth. Wealthy stay wealthy and poor / middle-class find it more difficult to increase their net worth to the next level.


#530

No, everyone’s mind is clouded by Keynes and clouded by the perma inflation caused by paper money. Think back 100 years ago. Economy has been around for 3 thousand years, fiat money has such a short history that it does not provide any significance in terms of economic history study


#531

Was Zuckerburg or Musk very wealthy already when they were born? They were able to amass a fortune because of their talent. There’s no glass ceiling here in America to prevent any poor person from rising to the top as long as they have the talent and make proper use of that.


#532

If the difference is so small, nobody would care much about becoming a millionaire or billionaire. People would enjoy their life and wealth concern would be mute for most people


#533

Umm, the US was on the gold standard until 1971. There was plenty of poverty back then. The war on poverty started while we were on the gold standard. We also had the great depression while on the gold standard. There was still borrowing and loans while on the gold standard. BItcoin wouldn’t make society become cash only with no loans.

I think it’s more about people so save vs. people who don’t. People that don’t save won’t benefit no matter what currency.


#534

I just present some arguments that can be used by liberals to promote Bitcoin. I think Bitcoin could be favored by liberals as a transition to communism

Paper money, inflation, extreme deficit may blow up economy some day. After the blow up, inflation would become low but paper money supply still grows really fast, that would cause the wealth gap widening.

Maybe Bernie will endorse Bitcoin as the poor people currency some day.


#535

Ok Mr. North Korea… :rofl:


#536

Most of the Bitcoin owners are liberal. They want less government intervention or regulation on cryptos. I guess conservatives hate bitcoin, for now


#537

I became a conservative all of a sudden… and senile and old… poor me!!! :rofl:


#538

Is their talent millions of times better than average joe? If their brain has twice the cells as Joe, I would pay them twice the salary as Joe, not a million times


#539

Logic fallacy.
Citing a true problem doesn’t mean your solution is the correct one.
May be we need a global currency.
May be we should change the monetary system such that there is no inflation.
May be a we need a currency that are not subjected to government controls.
May be we need to credit actual value creators more than money movers.
But that doesn’t mean bitcoin is the right solution.
Bitcoin pushers claim that bitcoin can resolve all those problems but they didn’t clearly explain how. Just say it can. Show the connection!


#540

:rofl: :rofl: :rofl:


#541

I’m a firm believer that bitcoin will make people immortal one day… :rofl:


#542

Anti-managers view. Basically ignoring the value of organizing people.