No pain, no gain. Surely decades of malinvestment and hyperindebtedness will have to paid for by some upcoming losing parties. It will get worse before it gets better. But crypto will have it’s birthplace in the middle of the next big economic crisis.
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Replying to @MustStopMurad
Correct, crypto is the medicin, not the illness, but I insist we must pay attention and work to lessen the suffering. Otherwise we risk never seeing through to the other side.
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Replying to @luna1999
My goal is to make a contribution towards making the transition *slightly less* painful.
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Replying to @MustStopMurad @luna1999
Let's think critically here: Somebody who makes and sells Bread or Milk, or writes computer code at Google, won't suffer as much -- just accept new type of money. Somebody who creates money from thin air, and then lends it (Big commercial banks) -- will suffer.
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Replying to @MustStopMurad
Not so sure. In a deep economic crisis everybody but a few suffer: famines happen, wars are started, crime rises, people die. Re-routing the economy takes time.
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Replying to @luna1999
You think the crisis will be *that* bad? I had a vision of an economic recession, but not famine-level.
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Replying to @MustStopMurad @luna1999
The transition will result in famine, desperation and death for many. What we need is gradual change, let's not be quite so extreme. Fiat as bad as it is has immensely improved the standard of living for the world. Let's not get too carried away, let's aim for gradual change.
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The real danger and most violent reaction comes at the tipping point. The lead up to that point is slow and gradual but, when it comes, it happens almost instantly as the realisation hits that the old system has failed and reached the point of no return
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That 2-month period of extreme life and death FOMO inflows sure will be fun to watch. 2021-2022?
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The next halving in 2020 could be interesting. Nothing like a 50% drop in new supply to cause a FOMO panic:)
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Yes, annual inflation will drop BELOW GOLD’s at that point. Insanity! Soundest money ever in the history of mankind, here we come!
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