|
|
|
|
|
|
by s3krit
1886 days ago
|
|
|
Disclaimer: I don't know world global finance, I don't know much about economics, I hold several cryptocurrencies. I am fantastically unqualified to actually make this post. I was curious about this comment, because I know FOREX is a massive market. According to [1] the daily volume of FOREX in USD is $6.1 trillion. According to [2], the average 'consumer unit' (ugh... I guess that means 'person'?) in the US spends about $63k per year. Let me know if my maths or methodology here is wrong because, and I cannot stress this enough, I am a moron acting in good faith but a moron nonetheless... (63 000 / 365) * 330 000 000 (the US population) = 56958904109.6, or $57bn. That's a lot but it's only (conveniently) about 1% of the volume of the FOREX market. Which means what, the vast majority of USD changing hands is in the form of 'converted to/from other currencies to make profits based on speculation'? Again, please let me know if my methodology is broken, my sources are shit, whatever. [1] https://www.compareforexbrokers.com/forex-trading/statistics...
[2] https://www.statista.com/statistics/247407/average-annual-co... |
|
|
A rich person can move more money than whole towns combined. We are left with the question: Which one does better reflect the "actual" usage of money? 2-3 rich people doing speculations or thousands of "regular" people (living expenses, entertainment, work supplies etc.) with way less money?
Compared to that there is the problem that something like bitcoin is actively harmful towards practical usage due to the extremely high transaction cost, slow transactions, volatility, absolute lack of privacy, extremely high energy cost (that already surpasses whole countries with only very few people using it).
[1]: https://en.wikipedia.org/wiki/Wealth_inequality_in_the_Unite...