this post was submitted on 15 Oct 2023
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Deflation would actually make capitalism somewhat ok. It would stop people from buying useless shit and automatically reward the poor who can save a little but don't know how to invest. That's why I Bitcoin
The wealthy are already rewarded today. We measure wealth in dollar equivalent but wealthy people don't own the currency, they own almost everything in stocks and real estate
It wouldn't for the rich but the poor would benefit too
Wealth inequality went bonkers after we switched from deflationary to inflationary
It's why we moved to a credit-based economy.
Bitcoin doesn't make it OK to get paid just for owning something, it's just less capitalist than dollars. Miner profits tend towards zero with difficulty adjustment, and Bitcoin doesn't pay to stake holders at all.
How is this not ok to reward those who don't spend? If we are going to stop climate change we need to stop consuming shit as much as possible
I have seen how much Bitcoin spares the environment. I would easily emit 5 times more CO2 if I didn't put all my money into it
You would have called me arrogant if I served you the logical demonstration. You wouldn't get it
I think in this case the distinction between getting a reward and getting paid is important. Bitcoin just appreciates in value with the rest of the economy - you don't get paid a higher percentage of all bitcoins from saving them - like you do from staking, or holding dollar bonds.
My criticism here is against capitalism, not against Bitcoin. Bitcoin's best feature is that it minimizes profits, and inequality caused by the Cantillon effect.