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0 sats \ 1 reply \ @elvismercury OP 15 Nov 2023 \ on: _Broken Money_ book club, part 4 bitcoin
Government intervention under COVID was especially heavy-handed. The results seem to have exacerbated existing inequalities:
“As the dust settled over the following years, the combination of fiscal stimulus and the recovery of asset prices led to very uneven results. The bottom 50% of the population collectively saw their net worth increase by $1.5 trillion from the beginning of 2020 to the beginning of 2022. The top 1% of the population collectively saw their net worth increase by $11.8 trillion over the same period” (p. 259)
Much has been written on the corrosive effects of inequality at scale. Less has been written about how bitcoin will saturate the world when it originates in such an unequal environment. Is there any way in which the distribution of btc doesn't mimic the distribution of fiat money used in exchange for it? What might the consequences of this be?
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228 sats \ 0 replies \ @k00b 16 Nov 2023
Is there any way in which the distribution of btc doesn't mimic the distribution of fiat money used in exchange for it?
The argument goes, "bitcoin's software defined it's distribution in a way that couldn't be done anymore fairly and still produce the same scarce good."
What might the consequences of this be?
Rejection of bitcoin on the grounds of it being unfair because even if its distribution was "free," it wasn't equal.
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