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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> 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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When has a deflationary economics produced a $20T US style industrial economy in history with per capita income of $50k ?
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We’ve had this same exact discussion the other, yet you keep repeating the same points.
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Don’t listen to me listen to billionaire Dalio: the man runs the richest hedge fund in history: you guys are utterly wrong on inflation & rates : for more see bridgewater research : https://youtu.be/PHe0bXAIuk0 .
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Don't need an appeal to authority. Wrong about what?
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Maximalists are wrong about inflation, central banking in general. Please drop you’re bias n educate yourself
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The maximalists' views come from axioms that are true a priori, generally. You will have to make a good argument to change these folks' minds. So what claims about inflation or central banking are untrue?
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Please spend 30 minutes and watch that video I shared by Ray Dalio
End of conversation
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