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by lucasrp
4809 days ago
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This is not what is happening right now. Fact. BUT, if the project becomes mainstream as the dollar is today, the people of the earth will have a monetary system that doesnt allow taxation through inflation, with no banking monopolies, and globally available. Isnt that a system that "facilitate transactions and make the economy as a whole rich"?? Consider this initial profit just by hoarding Bitcoin as a reward to put your own assets at risk in this uncertain beginning. Bitcoins can't exist (or anything else, matter of fact), if the people who supports it arent driven by selfish motivation. I think it's fair that the people who risk themselves in the beginning are awarded, if Bitcoin succeeds. |
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First: inflation isn't equivalent to taxation (it transfers wealth from net creditors to net debtors, not from everyone else to the government.) [It also, at moderate levels, promotes investment and, thereby, economic growth.]
Second: as consensus among those who control a sufficient portion of the network can evolve the bitcoin protocol, its not actually immune to having a privileged class impose monetary policy.
Third: Except by replacing some functions of "bankers" with those of "miners", I'm not sure how Bitcoin gets away from any "banking monopolies" that actually exist.
> Isnt that a system that "facilitate transactions and make the economy as a whole rich"??
No, it would (assuming that the features which make inflation impossible were maintained) be a system which undermines the features that were introduced to encourage productive development (and, therefore, "make the economy as a whole rich") with deflationary features which have the opposite effect.