The debate around pts @naval raised is just about exhausted, but instead of banging my head against the wall I figured I'd chime in.
This article discusses some of the fundamental misconceptions in crypto and the pivotal role investors playhttps://medium.com/@BMBernstein/cryptocurrencies-are-money-not-equity-30ff8d0491bb …
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I feel like you’re arguing for perpetual inflation in which I disagree. Savers should be rewarded. Human civilization has proved only one thing, aggregate economic output and total human energy consumption continues to rise meaning future prices of goods should always go down.
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Production for the sake of production to escape from inflation is *not* value creation. It is outright lunacy and a misallocation of resources, energy and time.
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In all honesty, the real free riders in society are those who benefit from inflation, or in other words those who benefit from the mass thievery of everyone’s wealth.
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No man should be coerced or forced to surrender their wealth at the sound of inflation. Do not be shamed as “free riders” by disgusting Keynesian fools who are the very embodiment of free riding.
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No, I'm not arguing for inflation & agree with all those points you make about its deficiencies
Inflation *is* theft!
Make no mistake, Bitcoin/sound money will be an improvement over the status quo, I'm not questioning that. -
What I'm saying is, free riding can occur even under a system of sound money. Sound money & saving alone won't solve all of our economic problems.
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> Savers should be rewarded. Only in proportion to their contribution to society. If they hoard more than contribute, it's free riding & a net negative.
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They aren’t consuming or taking anything from society when they are saving. Free riding by definition is when one take more than he puts in. Savers put in more then they take, otherwise their savings won’t increase. I think you have it backwards.
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Also, there's an interesting comparison with stock ownership. With stock, any rise in the value of the stock is fair reward, because it is the firm you invested in that directly produced that extra value. It's not free riding. Whereas that's not true with a currency.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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If you think holding bitcoin at the current price is unfairly cheap you should buy some. Whether to buy or not is the same economic decision as whether to sell for HODLers.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Past the point of hyperbitcoinization the actual real returns of holding Bitcoin decrease because it's saturated the available markets. Only measured in a broken currency does it appear they are still making massive gains. But in purchasing power? No.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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