1/ IMO Bitcoin HODLers *can* become free riders. Clarifying my thoughts here. If you think my logic is wrong, pls comment! Economics is one of the areas I both love & hate because it’s such a pseudo-science. But it’s still important to think things thru.https://twitter.com/hugohanoi/status/1021131553336786945 …
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10/ To clarify: I do think a shift towards saving mentality is a huge improvement over the blind consumption-for-consumptions-sake cycle we have now. But *saving alone* won’t be enough for a prosperous society. And IMO it’s important to be aware of its shortcomings.
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12/ Sliding scale not binaryhttps://twitter.com/hugohanoi/status/1021921656913068032 …
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Does this make any sense at all or am I crazy?
@real_vijay@nic__carter@TuurDemeester@BMBernsteinShow this thread
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A currency hoarder 1) bears the opportunity costs of other investments & 2) helps sustain the value of the currency so that the society can keep a low time-preference. That's not "free" riding.
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Is a hoarder of google's stock free-riding google's good performance? It probably makes sense to think of holding BTC as holding shares of the global economy.
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Of cos, I never said HOLDing provides no benefits. I described it at length here.https://twitter.com/hugohanoi/status/1021131693191618560 …
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The benefits however are not unconditional. It must work in tandem with other areas (production) to continue staying beneficial. Otherwise too much of it and it alone *can* (not always) devolve into free riding.
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Can’t compare a currency to GOOG stock because when you park your capital in GOOG you are parking it a productive asset. Equity != money.
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If you view the world economy as an enterprise, then you may see the analogy, in which money is equity of the global economy. That's why your example of profiting from GDP growth works. And that's why if you don't think GOOG owners are free-riders, you shouldn't think so for BTC.
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When you park your capital in BTC, someone else takes the other side of the trade and does something with it, contributing to the world economy. In this sense, after BTC is established as the world reserve currency, investing in BTC is investing in the world economy.
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Money is really not equity of the global economy though
Money is not equity, period. When you park money in a non-productive asset, it is OUT of the system completely.
The non-productive asset value can only rise if it piggies back on the success of productive assets.
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Maybe this has been talked about before but how do we become BTC/LTC non-free riders? Im not a coder/developer, so can't contribute to github. The only thing I can think of is either mining without worrying too much about profit (rise in value offsets loss), and/or lightning net
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I don’t think you have to contribute directly to BTC/LTC. Should just keep doing what you’re good at
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Money is not equity, period.
When you park capital in a non-productive asset, it is OUT of the system completely. Decommissioned.
The non-productive asset value can only rise if it piggybacks on the success of productive assets.