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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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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> Savers put in more then they take, otherwise their savings won’t increase. Not necessarily. Two people can contribute equally, but one might be in a better position to save a portion of his earnings (e.g upper-class or early Bitcoin adopters), while the other can't (the poor).
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Also once you've managed to reach a high level of saving, your advantage can compound, allowing you to increase saving at a quicker pace than your peers. At that point, you *can* free-ride because you've hoarded more bitcoins than most. And most people will when given the choice.
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What do you mean by compound? You don’t earn interest nor receive dividend by holding. You just have increased purchasing power.
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I don't mean compounding in the financial sense, but in "real-life" sense. You know, like how your chance of success increases 10-fold if you went to Harvard (even though it might not be fair), or just by being born in the United States.
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Saving more does not increase one's ability to save. If I have .1 BTC left after expenses each month, that's all I can save. It doesn't matter if I have 100 BTC or 0.5 BTC saved
End of conversation
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I know you’re not Hugo ;)
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Lol the central bank prints more money therefore the world sucks and everyone who uses fiat is a freerider. These kind of statements are devoid of any common sense or logic. Please read up on how central banking really works
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