I do agree that people will always be taken advantage of, but right now, the way it works, as someone else put it, those closest to the money printer benefit the most (there is an official name for this phenomenon that escapes me). With bitcoin, anyone can be the money printer. You have private miners, you can have governments doing it, and any government around the world. Everyone can participate. Of course if you can offer a product or service that people will want to exchange for their bitcoin, then this is the basis of economic activity. And I for one happen to think that all a government should do is collect taxes and spend it on programs that the citizens deem necessary. For most things, the government is so inefficient, that the private sector is 100 times better at providing those products or services.
It's called the golden rule. The guy with the gold gets to make the rules. The medium of exchange won't change that. Having a limited number of bitcoin will just make it easier to manipulate.
I do agree with this. Its better to work the system rather than change the system.
They don't need to. The Fed is 100% capable of starting said revolution. They have messed up the system so bad, that its either going to end in hyper inflation or a depressionary deflation.
I agree the timing was horrible, and I did think there was going to be a strong push toward 100k, at which point I would re-evaluate. But just as I have to accept the timing was wrong, don't you think you need to reconsider the fact that maybe your thesis is wrong?
No, I was thinking of the Cantillon Effect.
