Another advantage of crypto

Pekelo said:
Good advice, but what is the point of having wealth if you can't live at least decent?
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Those YouTubers (and all social media sites) are such vultures and hawks and scavangers....they'll constantly produce clickbait content to generate that ad revenue.
It's all about Views and $$$$, and the ads. That's their sole purpose and existence.

This week, The Importance of Looking Poor.
Four days later....The Importance of Looking Rich.

The Importance of being Honest. Next week's video, The Importance of Lying.

Be Bold to get Rich in the Market....the next video....Don't be Stupid in the Market, be Moderate and Safe.
 
Although I fully appreciate how dangerous it can be that crypto transactions are irreversible, and in this regard not nearly as safe as having a bank account perhaps, we have to look at this as a whole.

The money in your bank account can easily be seized by authorities, and you can also get a significant haircut if you are in a country that is going through major monetary crisis. So perhaps your bank account won't be emptied out by a robber at 2am, but it can easily be done so by the authorities much higher up.

As others have pointed out, you can divide up your crypto stash and hence have that diversification. Nobody would believe that have only 0.1 BTC if you're known to be rich, so you likely can't get away with just a dummy account, but whether you have 10, 20 or 50 BTC might not be known. So if you have to give up 10 BTC to save your life while still having 40 with different seeds, this might be a reasonable compromise.

Having your money in the bank might perhaps prevent a random attack in the middle of the night since nobody expects you to walk to the bank and withdraw all your savings at 2am, but clearly its easy to demand someone transfer their bitcoin to you. So score one for the banks. But this type of robbery, which is happening more and more, is directly a symptom of wealth inequality, which is directly a result of actions of central banks and money printing. Bitcoin actually fixes this. And although the transition period will I'm sure get more dire, staying the course on this sinking fiat boat with banks having total control will in no way lead to a better life for most.

So I'm sad to say that this is perhaps an unfortunate occurrence that has to be accepted if we are to move to a system that fixes so many other problems.
 
NoahA said:
So I'm sad to say that this is perhaps an unfortunate occurrence that has to be accepted if we are to move to a system that fixes so many other problems.
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So let's say we fully move to cryptos. That means EVERYONE can be kidnapped and tortured for their money at any given time!

I call that an improvement...
 
NoahA said:
But this type of robbery, which is happening more and more, is directly a symptom of wealth inequality, which is directly a result of actions of central banks and money printing. Bitcoin actually fixes this.
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How does BTC fix this?
I would guess that if you divided all the bitcoin equally among the population that it would be a very short period of time before you had wealth inequality again.
Some people are willing to take risks and others are not.
Some people are willing to pay to be entertained by others.
Some people want instant gratification others are willing to wait.
Bitcoin doesn't trump human nature.
 
deaddog said:
How does BTC fix this?
I would guess that if you divided all the bitcoin equally among the population that it would be a very short period of time before you had wealth inequality again.
Some people are willing to take risks and others are not.
Some people are willing to pay to be entertained by others.
Some people want instant gratification others are willing to wait.
Bitcoin doesn't trump human nature.
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There is this thing called the Cantilon effect where the people that are closest to the money printer get the biggest share. I don't doubt that stupid people will be the first to lose their money, but most of the money in the hands of rich people is literally printed for them. How would Bezos get so rich if there wasn't an endless supply of VC money to keep Amazon going? And where do they get their money from? Is is savvy business practice? The government gives out far too much money that they just print. The regular worked has to work hard for just $15 per hour, and then some stimulus program comes up with trillions, and of course this money eventually funnels its way to the top. If money couldn't be printed as easily, it would be much harder to shady businesses to accumulate so much of it.

Take Pfizer for example. They got quite rich from all the Covid vaccines. But all that Covid money was just printed. Its not like the government is using collected tax revenue or is charging citizens for it. If there was a price to be paid for every dollar created (like there is a price for ever bitcoin created), the distribution of money wouldn't be so heavily concentrated in just a few hands. Go back even 20-30 years and you learn that a CEO would earn roughly 4x more than the average worker. Now I'm sure its 10x more than this, if not more. A decent home at one point was maybe 200k, and a great one was 250k. Now not only are the prices higher, but the spread is also higher, just like pay between the high and low earners.

Human nature follows laws of nature. Bitcoin follows laws of energy and math. But fiat money printing has up till now had no laws of restrictions. Perhaps fiat money printing reaches and upward bound and comes crashing down, which we might be seeing now. But its to be welcome because you should be able to get blood from a stone and not have this built up pressure escape in other ways. The fact that so many people benefited unfairly from fiat money printing is exactly why times will become very, very tough. I guess maybe then even fiat money does have an upper bound, which we already bounced off of hopefully and we are now seeing it fall apart in real time.
 
@NoahA
You are suggesting that the fault of everything is the government. I don't really disagree but I don't see bitcoin solving the problem.
If you are going to have credit you will have inflation. With a fixed number of bitcoin if you charge interest, where is the bitcoin going to come from to pay that interest.

The best way to control the government is to hold them to their election promises. If they promise to balance the budget and don't, throw the bastards in jail. Simple!!
 
deaddog said:
@NoahA
You are suggesting that the fault of everything is the government. I don't really disagree but I don't see bitcoin solving the problem.
If you are going to have credit you will have inflation. With a fixed number of bitcoin if you charge interest, where is the bitcoin going to come from to pay that interest.

The best way to control the government is to hold them to their election promises. If they promise to balance the budget and don't, throw the bastards in jail. Simple!!
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All excellent points, but I think math makes accountability much easier. The fact that the entire world can verify transactions and know instantly who has what is a huge innovation. There is no reason to go backwards now and give trust to politicians.
 
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