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 …
-
Nick, how would you describe miners, who are the first to “receive” bitcoins? Would that be different than early receivers of money through central banking?
They have to expend a fairly well known cost to do so (like gold miners), and the supply is mathematically limited rather than open-ended like fiat central banks.
-
-
Understood - it’s too easy for central banks to inject money. Hence why PoW is so revolutionary. Thanks man, you’re a legend
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.