Topic: Bitcoin Solves This: Bill Gates Talks About the US Wealth Gap - page 2. (Read 399 times)

Personally, i don't really understand  why people always don't try to acquire knowledge and understanding about cryptocurrency and Bitcoin to be precise before making some statements and assumptions. The true purpose of bitcoin and Blockchain technology was to create a system where financial activities are decentralized which will introduce financial freedom to everyone. Bitcoin was not developed to solve financial crisis but rather to introduce financial freedom.

Bitcoin CAN solve this problem if it is NOT prevented by the banking system.

Well, in this life, I have discovered that some persons don't like taking action themselves but prefer others to be guiding them in virtually every of their life affairs which is bad. People are hearing of bitcoin today, all they keep asking is "if it's still trending or dead" because their mainstream media has made a bad reportage about the bitcoin but they will never research themselves, how can this set of persons be financially? It's a terrible situation.

Exactly... I gave the article a read... The author clearly is ignorant of "Capitalist values" ^{( I bet the author hasn't read any work of carl marx )} and different "supposed" ways to redistribute wealth... E.G UBI ^{(Universal Basic Income)} and things like raising the minimum salary of employees^[1]. Although I'm not sure about UBI but this minimum salary increase paints a convincing picture... E.G


This is something what I will consider "redistribution" of wealth. The CEO had to cut his salary of $1 million to a mere $100K to make this happen... Imagine if all the big corporations out there decided to introduce something like this, that will really transform people's life But then again the model Dan Price has adopted isn't truly capitalistic in nature...

IMO, No sort of "Money" can "redistribute wealth"... As long as we will have the idea of "Profit", inequality will exist that's what essentially the word "Profit" means, One man's loss is turned into another man's profit... One could also argue that this whole idea of "Wealth Gap" is subjective. What's the Objective value of "Wealth Gap"? What's the right amount of "wealth gap"? There are no right and wrong answers here... It all comes down to our morals and then again we don't have any Objective Morals. If you want to truly eliminate income inequality, you will need to come up with a new system which doesn't involves the idea of "Profit"... and if we are being honest here that's wishful thinking... The reality is we will ever come close to something like Basic UBI which can help chip in to pay a bill or two, basically subsidising Energy and internet... A new way to fool people basically to prevent the working class to reach class consciousness... This whole idea of "wealth redistribution" is BS without addressing the Elephant ^{( capitalism )} in the room...

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Source:
[1] https://edition.cnn.com/2019/09/25/business/gravity-increases-employee-minimum-salary-to-70k-trnd/index.html

I don't get why the article included Bitcoin in the discussion. It's not even part of the first discussion. It's all about Bill Gates saying that rich people should pay more tax including them than the poorer one which I can agree. But what's the correlation of wealth gap to Bitcoin by the way? Would it solve the problem? No. Bitcoin wasn't made to solve wealth gap problems of a country.

Agree, Bitcoin cannot solve it, it's a good topic of discussion but right now - even with bitcoin, if you have more you will earn more as you say.

Fortune does indeed favor the brave.

I would love a solution where we can reward equally, it will come in time, we just all have to keep our eyes open for it.

I really don't think Bitcoin can solve these problems alone. If for some reason one-day cryptocurrency was no longer able to be traded against fiat currency then I'm pretty sure that the cryptocurrency markets would crash as people would scramble to try and get their money out of it. Look what happened when the 20017 bubble brust, alll of those would be investors who where taking loans out against their houses and emptying their life savings into Bitcoin got left holding the bag when the price deflated.
  I think cyrptocurrencies like Bitcoin need it's own stable-coin to work within government and society. I think this is why China is taking the initiative to create it's own version of a stablecoin.

Clearly, bitcoin cannot solve the problem of rich and poor and the world of tariffs. The truth is it's hard to tax bitcoin holders.
Bitcoin is a form of speculation to make a profit, so the rich will continue to be rich, and the poor will be poor.

This article does not have any value.
excerpt a paragraph from the article:
'' Gates composed his thoughts last Tuesday, in which he recorded on 2019 and his pressing concerns regarding the US tax system. He proposed one solution which could help close the gap, which is for US authorities to raise taxes on the wealthy.''
Bill Gates is only trying to reform the US tariff here, he never mentioned bitcoin.

I thought Bill Gates talked about bitcoin but after reading the article they just make a conclusion that bitcoin can solve this problem, I mean wealth Gap is a serious problem that can't be solved easily, the Government should increase the taxes especially for the richest people as has already proposed by Bill Gates, so this is nothing to do with bitcoin. The article says that everyone can increase their wealth by participating in the market, well sadly it's not just easy, they can be rich or maybe collapse.

I am for looking the adequate and workable solutions addressing the gap in the economic status of the people. However, I do not believe that we should look at Bitcoin like a magic bean that can cure this gap challenge. Maybe Bitcoin can be one of the many tools we can use but by itself alone it can never be the cure we are looking for. The gap problem has had been there since time immemorial and for it to be solved it must be the whole society that should be involved but the way the society is structured right now I don't think ti can be easy to get the support of programs addressing this problem. Nonetheless, I do admire for Bill Gates to opening up this topic for all to discuss, who knows the dream can be a big reality at the right time.

How long would it take for the wealthiest Fiat Millionaires and Billionaires to buy most of the available bitcoins out there? Yes, some of the early investors will benefit from this shift, but the poorest of the poor will not have had the extra money to buy in and they would once again miss the boat.

The Institutional investors and also the financial advisors to the filthy rich, already took notice of the fact that Bitcoin as an investment are doing very well and that they should have a finger in the pie, so most of them are already buying up bitcoins to cash in on the possible profits in the future. 

Bill Gates is a known critic of Bitcoin so why should we think that he would suddenly propose even a solution involving bitcoin, let alone speak highly about it in terms of inequality?

Every now and then you see some opportunity which has been created by new technology and the quickest to seize them are those who get richest first. It's why things like the Internet connection market and computer market, the movie market even are saturated with leaders. They came first. Others who came later got the smallest share.

Believe me, you don't see the worst thing yet.

Can't believe somebody still read from that website if they write a deliberate clickbait-low quality-shit article like this.

Article title is intentionally ambiguous. Non-comprehensive readers would immediately think that Bill Gates actually said that Bitcoin could solve this problem, when in fact, he just wants a tax reform, and is nowhere telling Bitcoin would solve this problem. Article writers tend to involve Bitcoin in every problem and believes it is always the solution for most of the economic problems, even when the line is blurry.

I completely agree to the point of Mr. Gates where he said,


However, I am 100% sure that bitcoin can't solve this issue of income inequality. It would have been only possible if common people can mine it with an average laptop and not on an expensive mining rig. Bitcoin really doesn't give that chance and hence miners with deep pocket are only able to sustain themselves while small home miners a left out from the race!

Bitcoin indeed proves the statement - fortune favors the brave! Those who have jumped into this race during inception, they are the most fortunate ones! Rest all are struggling!

just another bullshit wall of text by another bullshit website desperate for traffic. and it is using the current price rising trend to publish the new bullshit articles that sound positive and related to "price rise" and "get rich" whereas not so long ago the same bullshit websites were publishing the negative version of the same garbage talking about how bitcoin is going down and is worth nothing!

nah, it is just a market that some newbies think they can make money from.
they keep creating websites and fill them with garbage and think now they can become rich. when that doesn't happen they start spamming the link on the internet.

@squatter. It is clickbait. However, there are some bitcoiners who say something similar in their own echo chamber. Are those type of clickbaits created by the echo chamber or was the echo chamber created by those clickbaits hehehe?

Terrible article. This is how the author proposes we solve income inequality:


That opportunity is only available to early adopters with disposable capital. Poor people don't have disposable capital to begin with. And years from now, these early adopter opportunities will have disappeared anyway.

Bitcoin is just another form of capital. It may transfer wealth from one group/class to another over time as the price rises, but it doesn't address the underlying mechanisms that cause the wealth gap -- real property distribution, capitalist and banking economies, etc.

Bill Gates recently published a blog post reflecting on 2019, in which he noted that his extreme wealth is unfair. Here’s why Bitcoin fixes this:

https://bitcoinist.com/bitcoin-solves-this-bill-gates-talks-about-the-us-wealth-gap/

What do you think, guys?