will a Bitcoin-based economy recreate today’s inequalities with a new elite? \ stacker news ~bitcoin

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will a Bitcoin-based economy recreate today’s inequalities with a new elite?

449 sats \ 14 comments \ @stack_harder 23 Jan bitcoin

Hypothetical of course, but would a Bitcoin-based economy recreate today’s inequalities with a new elite? Or would sound money shift the balance toward value creation over wealth hoarding?

i feel like it would be a net positive as all people would be able to save in btc and not be debased , but there would still be a new class of people that stacked early and existing elites that went hard.

if there was a new class of rich OG bitcoiners, i wouldn't have an issue with it, after all, they took the risk and did the HODLing as the word kept shitting on btc

what do you guys think?

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174 sats \ 5 replies \ @freetx 23 Jan

today’s inequalities

Not today's inequalities from money printing, but yes will create new different inequalities.

0 sats \ 4 replies \ @stack_harder OP 23 Jan

for example? i mean i suppose when we were on the gold standard hundreds of years ago, there were still all the usual issues, kids in workhouses, debtors' prisons etc. for sure not a utopia

14 sats \ 3 replies \ @freetx 23 Jan

for example?

Would you let the man at the corner beer shop perform brain surgery on you? If all people "are equal" then why not?

Inequalities are the natural differences between all peoples, some of those differences are highly rewarded in the market, thus you see variations of wealth.

There is no way to "fix" this, nor would fixing it ever be advisable in any way. Inequalities is how the entire world works, without them life would be hell.

0 sats \ 2 replies \ @stack_harder OP 23 Jan

that's a fairly silly example and while, yes, the are inequalities, that doesn't mean we can't try and improve obvious examples, like human slavery, by your logic, we should be able to use human slaves because 'life isn't fair'.

equality doesn't mean everyone doing the same things for the same pay.

for example, bitcoin fixes the inequality of someone in el salvador not having access to a hard money. just because they have been shafted by unfair politics, doesn't mean things can't be improved.

which is what the question is about

14 sats \ 1 reply \ @freetx 23 Jan

Define inequality

21 sats \ 0 replies \ @stack_harder OP 23 Jan

i define it as equal in status, rights, and opportunities without discrimination or bias based on race, gender, or religion.

32 sats \ 0 replies \ @ssaurel 8h

There will also be inequalities, because no system is unfortunately perfect, but in another form, and above all, the system will be better than the current system from this point of view.

Provided of course that the Bitcoin revolution is not captured by BlackRock, Michael J. Saylor, and Co ...

32 sats \ 1 reply \ @SimpleStacker 23 Jan

Well consider things this way.

In the current fiat system, people who are unproductive (meaning they do not create anything of value for others), can still acquire a lot of fiat wealth simply by being well connected to the money printer. This is basically all the government bureaucrats who don't actually do anything useful, but because they are connected to power they make a lot of money.

Under a bitcoin standard, because bitcoin cannot be printed, you cannot be unproductive and continue to accumulate money. Yes, there will be inequality based on who started with the most bitcoin. But over time, even if you started with a huge amount of bitcoin... if you do not produce value for others your bitcoin holdings will eventually shrink and shrink and shrink. The only way to accumulate is to provide value for others.

Please note, of course, that another way to accumulate is to threaten others. Governments will continue to threaten... but it is harder to threaten people than to simply print money quietly. The ability for people to acquire wealth by providing no value will become harder to do, and easier to detect.

30 sats \ 0 replies \ @stack_harder OP 23 Jan

this guy bitcoins!

32 sats \ 0 replies \ @Milkman9000 23 Jan

Whenever questions like this pop up, people just auto-project their own definitions onto the question. Eg, life is unfair so trying to make anything more fair is bad. Communist! Lol

Since inequality is inherit to human life, a BTC standard wouldn't eliminate inequality in all forms, but it would make things more fair in that people have access to good money.

Fiat is unfair and disgusting so at least that way a person can save in good money, no matter the place or job

0 sats \ 0 replies \ @000w2 23 Jan

When no one can print money, the only way to get money is by creating value.

By "wealth hording", I assume you mean " saving for the future "

0 sats \ 0 replies \ @Maximux 23 Jan

Today, anyone in the world could be buying fractions of Bitcoin, but many do not. Therefore, through ignorance or lack of foresight, they are putting themselves in an unfavorable financial position in the future. If a new BTC financial elite were to be created, it would be made up of those who made the right decision.

0 sats \ 1 reply \ @DarthCoin 23 Jan

And why do you think this world should be equal for everybody? Do you have some communist dreams? Why did you ignored bitcoin for 15 years?

0 sats \ 0 replies \ @stack_harder OP 23 Jan

i didn't say the world should be equal, the question is would things be objectively fairer if we were on a sound money standard and people in most places didn't have to deal with fiat and could just store their economic energy in btc.