[scsilver]

The money transfered from late adopters to early adopters is the massive amounts of old money mad from the wealth of kingdoms and colonialization. Personally I think having an infinitely divisible, fixed asset, protected by cryptography and not statutes, is a democratic upheaval of captured financial systems. You dont need blood, legacy, heritage to capture these assets, just information.

Maybe having physical wealth ripped from my family multiple times in the past 150 years makes me feel this, this asset is a bit more useful than gold or jewelry when dealing with an uncertain future.

[loceng]

I like that you brought up money of old - and find it disturbing that people are happy to repeat the same pattern - "they did it, so why can't we;" two wrongs don't make a right.

So great, we have regulatory capture of financial systems - and you want to replace it with a system that can't protect against bad actors via financial punishment for known bad behaviour e.g. via the Magnitsky Act? Don't you think that's a problem?

You like Bitcoin because it allows you revenge - but the problem is it's not taking out revenge on the people who may deserve it, it's taking it out on all of society. That's disturbing that you, and I imagine others, aren't thinking critically of those consequences - or if you are that you don't care; in fact this is a fundamental element of Bitcoin and how the mob/"army of HODLers" grows - the price drops and the buy people who bought later, at or below the current price, have now lost money and haven't realized any - so they are now entrenched in the MLM scheme.

[scsilver]

Do me a favor and watch some of this class by the future SEC head https://ocw.mit.edu/courses/sloan-school-of-management/15-s1...

I dont think the current thresd we are on is useful and you are misunderstanding my point of view. The class above gives some background to my points of view on Bitcoin and Blockchain.

Ultimately, I think blockchain is an interesting technology that necessarily has value, hopefully our regulators can understand its nuances and find ways to channel it to provide more security to every human around the world, (like vaccines or education) than the currently impeded(for whatever reason, its gotta deal with alot of red tape and hundreds of noncoordinated jurisdictions) financial systems.

There is value in having centralized and decentralized finance. The world rewards/will reward recognizing that.

[AngrySkillzz]

citation needed, most of the increases in global wealth and output are due to technological innovation and increased trade and improved governance. If you are going to claim that all the worlds wealth is just extractive you are going to need a big source for that. Most economic historians disagree with you.