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32 sats \ 1 reply \ @SimpleStacker 23 Jan \ on: will a Bitcoin-based economy recreate today’s inequalities with a new elite? bitcoin
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.
this guy bitcoins!
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