62 sats \ 3 replies \ @gnilma 26 May 2023 \ on: Will Bitcoiners Do A Better Job of Retaining Their Wealth Over Time? bitcoin
There’s an old Chinese saying, 富不過三代, which means wealth do not pass more than three generations. Its origin is from the longer saying:
I think this aligns with the four turnings theory (aka Strauss-Howe generation theory) where it’s summarized as:
I believe this to be a human nature problem and cannot be solved with a sound money like bitcoin. We as humans are very adaptable. When things are tough, we also become tough and strong; but when things are easy and comfortable, we become soft and weak.
I don’t believe human beings have yet to figure out a way to solve this problem. That is why every empire in history have fallen, and every future empire probably will also fall.
And maybe that’s not a bad thing, because it allows for redistribution of wealth towards where it can be most efficiently used. Let wealth be redistributed to those who are hungry and strong.
I tend to agree with this. Of course there are notable exceptions through history: The Medici, the Rothschilds, the Rockefellers. Some would stick the Kennedys in that group, but I wouldn't.
These families also bear truth to the adage that every great fortune begins with a crime!
reply
The three generations thing is probably more of an observation over time and definitely not a golden rule. There are of course exceptions to this observation as you pointed out.
That said, as observed through history, an empire eventually falls no matter how great it was or long it was in power. The Zhou Dynasty in Ancient China lasted almost 800 years, the Roman Empire lasted over 1000 years, Ancient Greece lasted about 1200-1300 years, but eventually they all fell.
reply
Very true. One of my hobbies is collecting ancient Roman coins, and I find it fascinating to watch the decline of the Roman Empire marked by the gradual reduction in the amount of silver included in the common denarious coins.
reply