Does it require cognitive dissonance to be both pro-crypto and pro-socialism? Seems a weakening of the state due to crypto, will make the latter impossible
The Cantillon effect: "the first ones to receive the newly created money see their incomes rise whereas the last ones to receive the newly created money see their purchasing power decline as consumer price inflation comes about." https://mises.org/library/how-central-banking-increased-inequality … https://en.wikipedia.org/wiki/Richard_Cantillon …
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Socialists are already full of utopian views of the world & they like to style themselves as "progressive". Adding "blockchain" marketing hype to their daydreams is a no-brainer for them (in more ways than one). So the space attracts them like flies (e.g. Maduro's Petro).
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Doesn't the same effect apply to cryptocurrency? The world's poorest in general will still be the last ones to receive this newly created money.
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Bitcoin's money creation converges, so there will be very little Cantillon effect.
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good intent =/= good results
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Thanks guys! you are awesome.
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Also creates generational inequality, as young are forced to pay higher prices to accumulate assets. One man’s “crash” is another man’s opportunity.
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I had read Cantillon effect first here. Now, I read explained by Henry Hazlitt in "Economics in one lesson" on Page 153 (https://fee.org/media/14946/economicsinonelesson.pdf …) Around $200 billion in Fed funds in last few days for the bankers to take advantage of the common man! Disgusting!!pic.twitter.com/w6diwRw27Q
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