I'm going to address this with a response to another message you made that elucidates my actual point way better than I could if I took the time to write an actual rebuttal.
> Wealth inequality is traditionally exacerbated by lack of government regulation. Further, I don't actually see cryptocurrencies actively trying to attack the problem of wealth inequality. Rather, they are staunch proponents of free markets which, left unchecked, result in massive wealth inequality.
It is exactly that Government regulation I discussed at length in my previous message and the lack of respect for it by the very same politicians who imposed it on 'the plebs' that resulted in severe wealth inequality: a large segment of first time small business owners are now beholden to creditors and banks due to ever changing closure restrictions that has led to mass bankruptcies in the Industry throughout COVID and a consolidation of over all Market share by major food chains with lobbyists and large conglomerates who are reporting record profits.
This act of Government regulation alone curtailed so much upward mobility in the US, most don't even realize that a large segment of restaurants owned in the US are held by first generation immigrants as it's a typical way for them to allow themselves and other immigrants to enter the labour force that would otherwise overlook them due to a lack of (recognized) formal education or experience. Often with savings or loans pooled together from family and friends in their home country that rely on them to send money back.
Many food industry workers, like experienced bartenders or servers in busy well known restaurants with no college education who could once live a solid middle class lifestyle are now struggling to get by: I know, because those people are my friends. Cooks have been riding a gravy train for the first time ever and have been seeing healthy wage increases, but that window has been closing now that the PPP funds are running out and restaurants have to carry payroll on their own now and the numbers aren't adding up.
You're simply deluded if you think Government regulation does anything but perpetuate the very wealth extraction and wealth inequality you're lambasting and that has been seen to date by the State: that is it's MO since the days of feudalism and slavery before that.
> Wealth inequality is traditionally exacerbated by lack of government regulation. Further, I don't actually see cryptocurrencies actively trying to attack the problem of wealth inequality. Rather, they are staunch proponents of free markets which, left unchecked, result in massive wealth inequality.
It is exactly that Government regulation I discussed at length in my previous message and the lack of respect for it by the very same politicians who imposed it on 'the plebs' that resulted in severe wealth inequality: a large segment of first time small business owners are now beholden to creditors and banks due to ever changing closure restrictions that has led to mass bankruptcies in the Industry throughout COVID and a consolidation of over all Market share by major food chains with lobbyists and large conglomerates who are reporting record profits.
This act of Government regulation alone curtailed so much upward mobility in the US, most don't even realize that a large segment of restaurants owned in the US are held by first generation immigrants as it's a typical way for them to allow themselves and other immigrants to enter the labour force that would otherwise overlook them due to a lack of (recognized) formal education or experience. Often with savings or loans pooled together from family and friends in their home country that rely on them to send money back.
Many food industry workers, like experienced bartenders or servers in busy well known restaurants with no college education who could once live a solid middle class lifestyle are now struggling to get by: I know, because those people are my friends. Cooks have been riding a gravy train for the first time ever and have been seeing healthy wage increases, but that window has been closing now that the PPP funds are running out and restaurants have to carry payroll on their own now and the numbers aren't adding up.
You're simply deluded if you think Government regulation does anything but perpetuate the very wealth extraction and wealth inequality you're lambasting and that has been seen to date by the State: that is it's MO since the days of feudalism and slavery before that.