How can Bitcoin reduce global economic inequality?

Twinkledoe

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Quote from: uneng on May 21, 2019, 03:58:21 PM

Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

4. New job opportunities (Crypto currency and Blockchain related)

Basically this is how we decrease poverty around the world. However, it doesn't create only new jobs opportunities related to crypto currency and blockchain. It creates any kind of jobs that can be executed virtually.
You can live in a very poor area, but you may find online writing, managing, designing, consultant... jobs opportunities and work for people who are on the another side of the globe and receive your payment in btcs, without any cuts.

It's so hard to find occupation in some places, but if we have internet and an alternative payment method, like bitcoin, it can help our personal and local economies a lot, mainly because we are bringing money from outside.

I very well agree with your ideas. Even if you are located in a poor country but you have access with the net and know how to deal with crypto, for sure you can earn something from here. The forum alone is opening a lot of job opportunities online - graphics designer, writers, bloggers, bounty hunters, name it. And the advantage is - you can do the work at the comfort of your home and encash it at any local payment method available in your area. One more good thing, there are countries that they can't get tax from your crypto earnings yet. Wink

uneng

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Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

4. New job opportunities (Crypto currency and Blockchain related)

Basically this is how we decrease poverty around the world. However, it doesn't create only new jobs opportunities related to crypto currency and blockchain. It creates any kind of jobs that can be executed virtually.
You can live in a very poor area, but you may find online writing, managing, designing, consultant... jobs opportunities and work for people who are on the another side of the globe and receive your payment in btcs, without any cuts.

It's so hard to find occupation in some places, but if we have internet and an alternative payment method, like bitcoin, it can help our personal and local economies a lot, mainly because we are bringing money from outside.

Indamuck

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Quote from: BitHodler on May 20, 2019, 05:41:47 AM

Quote from: nur rochid on May 20, 2019, 12:51:35 AM

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

What you mean with 'setting limits on decent living'? That governments should introduce a cap on how wealthy someone can become in order to not have the gap between rich and poor grow further?

I find that one of the most stupid recommendations so far. People need to stop being so sensitive to others being wealthier and more successful. The most important step towards change is to have it no longer bother you.

Smart 'poor' people don't complain but actively look to improve where possible, while the more ignorant 'poor' people continue to complain about how shitty the world is and how they can't make ends meet.

This sounds like something a billionaire would say, lets blame the poor person and say there is zero faults with the current system in place. We are supposed to be a society that helps each other, I'm not saying put a cap on someones wealth necessarily but I believe we should go a better job at covering basic needs of people.

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Quote from: BitHodler on May 20, 2019, 05:41:47 AM

Quote from: nur rochid on May 20, 2019, 12:51:35 AM

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

What you mean with 'setting limits on decent living'? That governments should introduce a cap on how wealthy someone can become in order to not have the gap between rich and poor grow further?

But isn't this what progressive income tax is all about?

It is assumed that the rich should pay more with one of the purposes being that, i.e. decreasing the gap between the poor and the rich (kinda giving back something). Obviously, in real life it only leads to higher levels of corruption since no one in his sane mind, rich or otherwise, would agree to pay more just because one happens to be more industrious than the rest of the bunch. Given that the rich are typically more educated and can hire the best tax advisors (just because they are wealthy), they can evade taxes more successfully and oftentimes legitimately at that through various tax law loopholes

Quote from: BitHodler on May 20, 2019, 05:41:47 AM

I find that one of the most stupid recommendations so far. People need to stop being so sensitive to others being wealthier and more successful

People will always be greedy and envious. And while being greedy is borderline okay with me, I can't say the same about being envious (at least not in the sense you mean it)

Netnox

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Quote from: Adriano2010 on May 19, 2019, 01:54:37 PM

Even if people have a job the inequality will not dissappear. Why? Because is not paid enough and people don't have enough money to buy what they need sometimes, and this is just the fault of governments, because if they will do something for people then people should afford to buy what they need and also economy some money.

Stop blaming the government and the system. If your salary is low, then it means that you are not skilled enough to get a high-paying job. Under such a scenario, it will be better to increase your skill-level by undergoing training and educational programs. Today the socialist economies does not exist and we have free market economies everywhere. The interference by the government is minimal, and if you can compete with your colleagues in terms of productivity and skills, then obviously you will end up with a good salary.

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Quote from: BitHodler on May 20, 2019, 05:41:47 AM

Quote from: nur rochid on May 20, 2019, 12:51:35 AM

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

What you mean with 'setting limits on decent living'? That governments should introduce a cap on how wealthy someone can become in order to not have the gap between rich and poor grow further?

I find that one of the most stupid recommendations so far. People need to stop being so sensitive to others being wealthier and more successful. The most important step towards change is to have it no longer bother you.

Smart 'poor' people don't complain but actively look to improve where possible, while the more ignorant 'poor' people continue to complain about how shitty the world is and how they can't make ends meet.

I think with a lower salary limit for a company, it will make employees have more money that can be used to invest, let alone investing in cryptocurrency, so that later they can also follow people who are already rich first

el kaka22

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It can't be printed out more just to save someone from bankrupting? That alone in itself is insanely good because it creates a system where if rich are too rich then poor have no money and then rich can't get any richer which means they have to share. Normally on dollars if the rich gets richer and poor gets poorer they print out money from nothing and give most of it to rich people again so they can keep getting richer while they give only a bit to poor people so they can continue to spend and make rich people richer.

With bitcoin the rich are forced to share since they can't hoard all the wealth for themselves, there will be no central bank that will print money for them and they will be forced to not get any richer, so it will be capped at a certain point. That will create equality for everyone.

BitHodler

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Quote from: nur rochid on May 20, 2019, 12:51:35 AM

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

What you mean with 'setting limits on decent living'? That governments should introduce a cap on how wealthy someone can become in order to not have the gap between rich and poor grow further?

I find that one of the most stupid recommendations so far. People need to stop being so sensitive to others being wealthier and more successful. The most important step towards change is to have it no longer bother you.

Smart 'poor' people don't complain but actively look to improve where possible, while the more ignorant 'poor' people continue to complain about how shitty the world is and how they can't make ends meet.

nur rochid

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Quote from: Adriano2010 on May 19, 2019, 01:54:37 PM

Even if people have a job the inequality will not dissappear. Why? Because is not paid enough and people don't have enough money to buy what they need sometimes, and this is just the fault of governments, because if they will do something for people then people should afford to buy what they need and also economy some money.

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

usorin

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There is not even two people similar regarding personality and rationality so it is impossible to make a equal financial world for everybody, this is impossible on a small scale like a small village or a family. Everybody like something else so there are different kind of expenses.

Adriano2010

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Even if people have a job the inequality will not dissappear. Why? Because is not paid enough and people don't have enough money to buy what they need sometimes, and this is just the fault of governments, because if they will do something for people then people should afford to buy what they need and also economy some money.

Pattart

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Quote from: Naida_BR on January 25, 2019, 07:19:28 AM

Bitcoin and the whole blockchain industry offers a new way of globalization. It reduces inequality because it solves inefficiencies in the economic model that already exists. For example, the remote working model gives the opportunity to anyone that lives in countries with high unemployment rates to find a job remotely and make a living.

Social inequality that occurs, the main problem is not just unemployment. even if you give them a job, will the inequality will disappear? of course not, rich people will still make millions of dollars per month, and other people in the same city just can make $500 or less in one month.
In my opinion we cannot make the inequality disappear, but we can make the economic system fair for everyone, for example the cost of electricity will be different for the poor and the rich, the rich must pay more expensivce than the poor. the price must be adjusted to the each of economy class, and that is done in my country.

Xising

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Quote from: Naida_BR on January 25, 2019, 07:19:28 AM

Bitcoin and the whole blockchain industry offers a new way of globalization. It reduces inequality because it solves inefficiencies in the economic model that already exists. For example, the remote working model gives the opportunity to anyone that lives in countries with high unemployment rates to find a job remotely and make a living.

That's true, as one of its major characteristics. It can help close the gap and somehow bring people who have like minds closer to one another opposite from the disparity of distance that keep on hindering people from working hand in hand, especially in the global business industry. As more people are focused on their localities, cryptocurrency or Bitcoin to be specific, offers a new way for people to be able to compete even if they don't have that much to use as capital. It gives people the chance to improve on their lives by venturing in the many alleys of the cryptocurrency market that could surely affect one's life for the better, which in turn, would affect the people surround him and the locality he is in.

Marry Finch

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Bitcoin and other decentralized cryptocurrency can not affect the elimination or even mitigation of economic inequality. Money does not perform such a function. If we create for each inhabitant of the planet several types of cryptocurrencies and each will have several billion of them, nothing will change. Cryptocurrency does not create wealth. It does not add to people neither food, nor clothes, nor housing. It actually can only redistribute wealth. This does not mean that the cryptocurrency will take values from billionaires and pass them on to the poor. Usually, everything is just the opposite.

wuvdoll

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It is not really about "inequality" but equal chances. It doesn't make rich people give up their money to poor people, we have multiple bitcoin whales who are richer than the poor bitcoin people who work on faucets to make maybe a tiny bit of amount in their account, so rich still exists and inequality still exists on bitcoin, you can't just have everyone the same amount of money.

However, it creates the equal chances where a poor person and rich person has the same amount of chances of making more bitcoin or living the same life whereas in fiat world rich people can BUY LAWS that works for them and just pay their way into schools, business, health and many other stuff. The best stat you can read about bitcoin is, there are more than 21 million people who are millionaires (in dollars) which means all the millionaires in the world can't have 1 bitcoin, some of them will have less than 1 bitcoin at all times.

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Quote from: Kakmakr on March 16, 2019, 01:23:52 AM

How do we get "wealth" in whatever currency, in more people's hands, without just giving it away. How can a better technology like Bitcoin achieve that goal?

In simple terms, it can't

Bitcoin doesn't itself produce any wealth on its own. At the best of times, it is only a currency (or a store of value) and its purpose is purely utilitarian, i.e. being useful for something else. Technically, you can use it as a service (for example, by taking fees from processing Bitcoin transactions as a miner or a payment channel operator) but it is no different than any other service out there and requires basically the same things (e.g. initial capital, resources, dedication, etc). To sum it up, it is not a free launch

Kakmakr

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Quote from: rollingstorm45 on March 15, 2019, 07:16:47 PM

obviously bitcoin can reduce global economic inequality. because the value of each country's different currencies is very influential on trade between countries. if the bitcoin currency can become a global currency then what happens is that there is no difference in the value of currencies in each country. because the value of bitcoin in all countries is the same.

Yes, a global reserve currency has it's advantages like financial stability and much less currency volatility, but it does not reduce inequality. People might be protected from hyper inflation, if they use Bitcoin as a global reserve currency and that might protect the value of their wealth, but we need more examples of how Bitcoin can solve global economic inequality.

How do we get "wealth" in whatever currency, in more people's hands, without just giving it away. How can a better technology like Bitcoin achieve that goal?

rollingstorm45

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obviously bitcoin can reduce global economic inequality. because the value of each country's different currencies is very influential on trade between countries. if the bitcoin currency can become a global currency then what happens is that there is no difference in the value of currencies in each country. because the value of bitcoin in all countries is the same.

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Quote from: Crypdon on March 15, 2019, 06:20:10 PM

Bitcoin has no rulers to embezzle the funds. They can't be printed out of thin air without a hard fork that no-one will agree to.

8. A more stable economy to people living without a working fiat economy (think venezuela)

Totally agree, in Venezuela the economy has very large inflation rates, in fact, never has an economist ever considered a scenario like there is. People, or the few people who know Bitcoin and trade, usually have an improved standard of living with respect to the average, because bitcoin does not lose value even when the currency in the country falls. Many of the options that are named, is that people prefer to pay a bitcoin fee to send money as remittances to their relatives, since they mostly use the local platform bitcoins.com. , which makes people breathe a bit to the economic disaster in the country.

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Bitcoin has no rulers to embezzle the funds. They can't be printed out of thin air without a hard fork that no-one will agree to.

8. A more stable economy to people living without a working fiat economy (think venezuela)

Oceat

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Quote from: UNOE on March 15, 2019, 04:29:58 PM

It is really hard to me, to add something which is not sayed in original post already. I think that you forget that Bitcoin will help people in 3rd world countries, to bank the unbanked. They do not need too much infrastructure to do that unlike normal banks.

I think you missed these:

Quote

2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)
4. New job opportunities (Crypto currency and Blockchain related)

Bitcoin could really help the third world country to save money because it creates a new job for them that will allow them to earn and we really need more job opportunities for cryptocurrency and blockchain related. For most poor people in the third world country, there's no much opportunity you can find there that's why we need this kind of job. We may have seen too many fresh graduates haven't had a job yet because the company requires them to have a job experience first and that's the most problem of the third world country.

UNOE

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It is really hard to me, to add something which is not sayed in original post already. I think that you forget that Bitcoin will help people in 3rd world countries, to bank the unbanked. They do not need too much infrastructure to do that unlike normal banks.

CaVO32

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Quote from: logicgate on March 15, 2019, 02:19:11 PM

Quote from: Irvinn on March 15, 2019, 12:29:21 AM

Quote from: Idrisu on January 25, 2019, 03:50:22 PM

The global inequality is very high and I strongly believe that bitcoin can close the gap between this inequality. It is decentralized and that means no nation has control over it and that means it is transparent and what a nation was able and keep will determine how that nation can go.

Bitcoin cannot solve the problem of global economic inequality. Bitcoin, like other decentralized cryptocurrency, does not create wealth, it only redistributes them. Moreover, the redistribution is almost random. In the cryptocurrency, many earn, but it also means that others have to lose their money, because for those who earn, they do not fall from the sky and magically out of nothing. Only technologies that create wealth can solve the problem of improving people's economic security and eliminating inequality among them.

The best thing I like the most about its equally distribution like everyone has this opportunity yo buy anyone who has money can get into it and buy as much as they want, other business are for rich people only but here you will get equal chance of buying and investing, price is equal for all no one is at top and no one is down but for everyone it is helpful.

also, item 4 from his list is literally great for everyone from all walks of life, who want to have extra income or job that can sustain his basic expenses. it is a matter of skills and knowledge to achieve this additional income at the comfort of your home. job opportunities for developers, programmers, or even bounty hunters can be found here. one thing that i learned with this inequality aspect in this community - is to respect everyone and deal with all honesty. since you are faceless in this kind of environment, still you can build your image even without showing your true identity, just make sure you are doing the right thing for every transaction you make.

to add also in the list - no tax for crypto users who are earning decent income from their crypto activities like trading, bounty hunting, etc. (maybe not true for some countries)

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Quote from: daarul50 on March 09, 2019, 01:29:11 PM

With speculation the price of bitcoin makes global economic inequality will be resolved soon because bitcoin can make poor people become rich people with a very fast time of price fluctuations. However, people who want to get rich quick must have a hard time when they have bitcoin like current market conditions, only strong people will be successful in the future.

Bitcoin won't make poor people rich. Apply some common sense. If poor becomes rich due to the price of the bitcoin, then the rich are going to become more richer thus bringing a negating effect. The prices of everything/goods will start to adjust and thus they will also rise in price. So, the poor people will still be considered poor with just more wealth.
We can never bring equality of wealth among people. There will always be rich and poor people.

el kaka22

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I guess the best way is to make money global, if you make money global and finite there is no way companies could keep on making more profits than they pay for their workers. Since there is no extra money involved in bitcoin. If it is capped at 21 millions there is no way a company could own all of that 21 million, they have to keep paying their workers and need to constantly have extra bitcoin so customers could buy from them and whatever they do to be this big company they need to pay something for it. All in all this makes sure one does not hold most of the bitcoins in their possession.

Moreover, in dollars companies could get richer and richer and people could get poorer and poorer and if economy collapses governments make sure they pay 2 for the companies and 1 for the people and print out new money and that way companies become richer and poor people will have a bit of money to give to companies again.

logicgate

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Quote from: Irvinn on March 15, 2019, 12:29:21 AM

Quote from: Idrisu on January 25, 2019, 03:50:22 PM

The global inequality is very high and I strongly believe that bitcoin can close the gap between this inequality. It is decentralized and that means no nation has control over it and that means it is transparent and what a nation was able and keep will determine how that nation can go.

Bitcoin cannot solve the problem of global economic inequality. Bitcoin, like other decentralized cryptocurrency, does not create wealth, it only redistributes them. Moreover, the redistribution is almost random. In the cryptocurrency, many earn, but it also means that others have to lose their money, because for those who earn, they do not fall from the sky and magically out of nothing. Only technologies that create wealth can solve the problem of improving people's economic security and eliminating inequality among them.

The best thing I like the most about its equally distribution like everyone has this opportunity yo buy anyone who has money can get into it and buy as much as they want, other business are for rich people only but here you will get equal chance of buying and investing, price is equal for all no one is at top and no one is down but for everyone it is helpful.

pat4cryptoreal

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Our Government knows that bitcoin can liberate the poor masses, that is why they fighting bitcoin. You have written a comprehensive list of what can be achieved with bitcoin. Let's develop project that is tending towards achieving this.

aad140386

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It seems to me that the most effective way to improve the well-being of people in poor countries is to work remotely in the higher paid markets of developed countries. If somehow it turns out to create a global global labor market on the Internet, then it is likely that many people will live a little better. But the fact is that most people who live badly do not want to learn. I come across this every day. People do not want to receive new knowledge or are just lazy, because they understand that it takes time and effort to learn something. Inequality is growing every year and Bitcoin is unlikely to be able to change anything in this regard. Just some people are much smarter than others.

deisik

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Quote from: Irvinn on March 15, 2019, 12:29:21 AM

Only technologies that create wealth can solve the problem of improving people's economic security and eliminating inequality among them

That's even less likely (I mean eliminating inequality)

And mostly for the same reasons why Bitcoin in particular and cryptocurrencies in general cannot solve let alone eliminate the inequality among people. It is less likely because there is by far less randomness in wealth creation as this wealth creation is already owned by the rich. In other words, there is no chance to jump from zero to hero in this domain as it is (or rather was) with cryptocurrencies. I refer to those who were lucky to buy at 100 dollars, wise to hold all the way up and clever to jump off the train at 20k

Irvinn

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Quote from: Idrisu on January 25, 2019, 03:50:22 PM

The global inequality is very high and I strongly believe that bitcoin can close the gap between this inequality. It is decentralized and that means no nation has control over it and that means it is transparent and what a nation was able and keep will determine how that nation can go.

Bitcoin cannot solve the problem of global economic inequality. Bitcoin, like other decentralized cryptocurrency, does not create wealth, it only redistributes them. Moreover, the redistribution is almost random. In the cryptocurrency, many earn, but it also means that others have to lose their money, because for those who earn, they do not fall from the sky and magically out of nothing. Only technologies that create wealth can solve the problem of improving people's economic security and eliminating inequality among them.

playboy654

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Cryptocurrencies are made to improve the money that we have used in today's situation because in this economy we don't have any other option for payments instead of money so the entry of cryptocurrency will made a huge changes in this and makes a lots of people to equal position by using this so I think it will be the most important equipment for the future development.

whirlcoin

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Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

" Billionaire fortunes increased by 12 percent last year – or $2.5 billion a day - while the 3.8 billion people who make up the poorest half of humanity saw their wealth decline by 11 percent " Shocked

" the number of billionaires has almost doubled since the financial crisis, with a new billionaire created every two days between 2017 and 2018 "

" Tax rates for wealthy individuals and corporations have also been cut dramatically. For example, the top rate of personal income tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013. The average rate in poor countries is just 28 percent. "

~ Average daily wage of workers in Africa = $5-50 per day!

~ Money being hidden in offshore accounts = $7.6 Trillion.

Source : https://www.oxfam.org report.

How can Bitcoin help to reduce the global economic inequality? Please discuss possible solutions. Sad

I was thinking of a few small contributions that Bitcoin can add, to help with this problem.

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)
3. Lower global interest on loans. (Individual funded loans that compete with Banks)
4. New job opportunities (Crypto currency and Blockchain related)
5. New investment opportunities & tools for non-professional traders.
6. Hoarding will stimulate a increased saving culture.
7. A hedge against Hyperinflation.

Please add more to this list. Wink

I think it is the only currency common for everyone in the world and also be the same value for everyone so this could be a huge important things to considered as a major think about the equality of the people so I think it could be more important for the future.

pixie85

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Quote from: daarul50 on March 09, 2019, 01:29:11 PM

With speculation the price of bitcoin makes global economic inequality will be resolved soon because bitcoin can make poor people become rich people with a very fast time of price fluctuations. However, people who want to get rich quick must have a hard time when they have bitcoin like current market conditions, only strong people will be successful in the future.

How can a legendary member be so delusional? Did you buy your account?
Bitcoin is not a machine to make you rich fast and it will not change anything about the situation of the poor!

The poor won't invest in Bitcoin because they lack the money and the knowledge. Rich people have money a lot of time to learn about new technologies and advisors who tell them what they should be investing in. Those few who held since 100 dollar Bitcoin and are now rich won't change the world inequality.

mersal

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The contribution of making the global economy equally will be definitely happened with the usage of cryptocurrency because if you have the chances of getting but the economy then it would be needed some equality in the people said so good kind will able to be equal currency for every people in this world.

daarul50

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With speculation the price of bitcoin makes global economic inequality will be resolved soon because bitcoin can make poor people become rich people with a very fast time of price fluctuations. However, people who want to get rich quick must have a hard time when they have bitcoin like current market conditions, only strong people will be successful in the future.

Renaldi blackspadeteam

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I've considered bitcoin a hero of global economic problems,

Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)

on the basis of blockchain technology and bitcoin money is decentralized, there are many companies that use bitcoin as wages for workers, I think on average they are online workers, those who live a lot of vacancies are assisted by bitcoin, first there were problems with slow bitcoin transactions when there is a big pump, the transaction fee deduction has increased sharply, but now the problem has been resolved because lightning network technology has been run.

Kakmakr

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A lot of people are using it at the moment to avoid paying taxes and this can also be seen as a method to increase your wealth, but this is highly controversial and not advisable at all. Bitcoin should never be used for tax evasion and the people doing that, is risking their total wealth in doing this. Tongue

I also think the redistribution of wealth is so much easier & cheaper with Bitcoin, when rich people donate to global charities and less of that money goes to remittance services and Bank fees. Wink

qiman

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I think Bitcoin can really engage the majority of the population because it has multiple digits after the full stop. This helps with micro payments, also micro credit and loans can easily be given to people in poorer countries trying to start up a small business and many have mobile phones, as opposed to computers, so at least with a mobile phone people can have access to decentralized banking facilities and credit that before would have never been open to them. Also it will help alleviate poverty if people can be paid in Bitcoin and can do their shopping with it in a daily basis. I think in general the technology behind Bitcoin can help build infrastructure for the poor and unbanked in ways that before in traditional banking were not available. I am very optimistic for a brighter future with Bitcoin for those outside of the banking system.

Febo

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Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

How can Bitcoin reduce global economic inequality?

By giving people stable currency and access to do with it whatever they want. Or at least a lot more as before. It also get them access to borrow cheap money.

BitHodler

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Quote from: dothebeats on January 25, 2019, 11:20:36 AM

Every bull run is an opportunity to close that gap, but only for those who are brave enough to hold through the toughest of times in bitcoin.

Only an extreme minority of the average joes ends up banking on a bull run, while those who already have a bunch of wealth continue to wisely play this market and sell their expensive coins to dreamers around peak levels.

In other words, bull runs make sure the gap between the rich and the poor becomes larger and larger, and this just as easily applies to what happens in traditional markets. It's something that will never change I'm afraid.

I like how Warren Buffett refers to the stock market: The stock market is a device for transferring money from the patient to the impatient.

That quote perfectly describes the overall state within the crypto market, because that's exactly how things are here.

deisik

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Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

How can Bitcoin help to reduce the global economic inequality? Please discuss possible solutions. Sad

I was thinking of a few small contributions that Bitcoin can add, to help with this problem

A short answer is, it can't

A long answer is, it can't because it remains a speculative asset, which basically means the only way you can purposefully use Bitcoin en masse is by buying it low and selling it high, i.e. engaging in speculation (or trading if you don't quite like the term I used). But in this case those who have deep pockets have an indisputable advantage before those who have only holes in their pockets. So Bitcoin can actually contribute to greater inequality or, at the very best, to moving wealth from wealthy hands into even wealthier ones

Crypdon

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Quote

7. A hedge against Hyperinflation.

This is the number one reason why bitcoin will help global inequality. The only way they can scam and embezzle their people is by using taxes to buy bitcoin, but that will all be on the public ledger.

8. Governments / banks can't close your account and take your money (like they did in india)

Idrisu

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The global inequality is very high and I strongly believe that bitcoin can close the gap between this inequality. It is decentralized and that means no nation has control over it and that means it is transparent and what a nation was able and keep will determine how that nation can go.

chaoscoinz

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Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

" Billionaire fortunes increased by 12 percent last year – or $2.5 billion a day - while the 3.8 billion people who make up the poorest half of humanity saw their wealth decline by 11 percent " Shocked

" the number of billionaires has almost doubled since the financial crisis, with a new billionaire created every two days between 2017 and 2018 "

" Tax rates for wealthy individuals and corporations have also been cut dramatically. For example, the top rate of personal income tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013. The average rate in poor countries is just 28 percent. "

~ Average daily wage of workers in Africa = $5-50 per day!

~ Money being hidden in offshore accounts = $7.6 Trillion.

Source : https://www.oxfam.org report.

How can Bitcoin help to reduce the global economic inequality? Please discuss possible solutions. Sad

I was thinking of a few small contributions that Bitcoin can add, to help with this problem.

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)
3. Lower global interest on loans. (Individual funded loans that compete with Banks)
4. New job opportunities (Crypto currency and Blockchain relat ed)
5. New investment opportunities & tools for non-professional traders.
6. Hoarding will stimulate a increased saving culture.
7. A hedge against Hyperinflation.

Please add more to this list. Wink

I don't think Bitcoin itself would work, but I think that there are many alternate cryptos currencies that would be a perfect medium for experimenting with a universal basic income implementation. Maybe they could start off within a small city or country, then if it is successful, they can easily scale it to any requisite accommodations.
I like the hoarding aspect a lot, it adds a new spin on proof of stake. Everyday people can be taught how to earn while they learn. It would take a massive amount of planning though!

HODL2090

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Bitcoin does offer a whole new perspective and there are lots of possibilities.
The issue of tax is one which is constant in both sectors, governments can impose taxes on bitcoins and other cryptocurrencies, this makes it less decentralized.

But in bitcoin, very few hands holds larger amount of the total supply than the entire majority. Could this not also present a potential inequality?

bitmover

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Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)
3. Lower global interest on loans. (Individual funded loans that compete with Banks)
4. New job opportunities (Crypto currency and Blockchain related)
5. New investment opportunities & tools for non-professional traders.
6. Hoarding will stimulate a increased saving culture.
7. A hedge against Hyperinflation.

As I read somewhere in Twitter: bitcoin allows You to do the transactions banks say you can't do.

Remittance services are far too expensive and bureaucratic. Bitcoin will kill those remittance services, or at least reduced their price to a more competitive price (like 0.30usd for a Swift, instead of 45 USD)

argon76

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Increasingly re-reading people's opinions about Bitcoin, I am surprised. You are doing something incredible with bitcoin. As if bitcoin came to our world to save it. But it is not. These are just new technologies to replace the old ones. And bitcoin will not save about poverty until human greed disappears. But this will not happen.

Indamuck

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Bitcoin will allow people to transfer money easily but it won't magically create equality across the world. Wealth is created from capital and when you are in severe poverty it is nearly impossible to climb out. There are a few success stories of rags to riches but don't let this fool you. Survivorship bias has a huge affect in our media.

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Quote from: Naida_BR on January 25, 2019, 07:19:28 AM

Bitcoin and the whole blockchain industry offers a new way of globalization. It reduces inequality because it solves inefficiencies in the economic model that already exists. For example, the remote working model gives the opportunity to anyone that lives in countries with high unemployment rates to find a job remotely and make a living.

Yes it is actually true we can choose the opportunity remotely by using the things like this that can promote ourself without any other help easily for our future that will definitely reduce the traits of people who are not employed still now.

dothebeats

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Might I add that due to speculation, bitcoin opened a new gate for new millionaires in the economic scene. Perhaps that is one of the least plausible reasons on how bitcoin can reduce wealth inequality between the rich and the poor, but certainly we can't rule that one out, especially how inflated the market became in 2017, turning the hopefuls of 2014-2016 who held to their coins through thick and thin into insta-rich individuals. Every bull run is an opportunity to close that gap, but only for those who are brave enough to hold through the toughest of times in bitcoin.

mu_enrico

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I want to add one more item, but it might be a controversial one. We could use bitcoin as a tool to get a cheaper source of fund, like crowdfunding and ICO. For you who studied finance, this "cost of token" might be something in the future, in addition to "cost of debt" and "cost of equity."

St4yInTh3D4rk

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Quote from: webtricks on January 25, 2019, 08:49:06 AM

Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)

Bitcoin is not as cheap remittance mode as we think. Whenever demand and price of Bitcoin increase, it leads to increase in volume of transactions. This is followed by huge leap in transaction fees. Back in Nov-Dec 17, BTC Fees shot up to $20-25. With such high fees Bitcoin can never contribute to these two factors provided its demand goes beyond saturating point.

Right if the bitcoin is the only crypto will be used by everyone but we have huge altcoins as well which may contributes here,OP might replace Bitcoin with crypto currencies then it all will become right.

aoluain

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I understand the wealth gap globally is widening, the rich are getting richer
and the poor are getting poorer but it is difficult to make something from
nothing.

The gap is too wide to bridge across. The rich tend to be more educated
particularly in financial matters and have access to high end financial
advisors. Poor people dont have that.

I like points the points 1 to 7 in the OP but they are not going to help bridge
the divide, unfortunately.

I dont have any ideas as to what can be done.

webtricks

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Quote from: Kakmakr on January 25, 2019, 06:41:36 AM

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)

Bitcoin is not as cheap remittance mode as we think. Whenever demand and price of Bitcoin increase, it leads to increase in volume of transactions. This is followed by huge leap in transaction fees. Back in Nov-Dec 17, BTC Fees shot up to $20-25. With such high fees Bitcoin can never contribute to these two factors provided its demand goes beyond saturating point.

Naida_BR

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Activity: 980

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Bitcoin and the whole blockchain industry offers a new way of globalization. It reduces inequality because it solves inefficiencies in the economic model that already exists. For example, the remote working model gives the opportunity to anyone that lives in countries with high unemployment rates to find a job remotely and make a living.

Kakmakr

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" Billionaire fortunes increased by 12 percent last year – or $2.5 billion a day - while the 3.8 billion people who make up the poorest half of humanity saw their wealth decline by 11 percent " Shocked

" the number of billionaires has almost doubled since the financial crisis, with a new billionaire created every two days between 2017 and 2018 "

" Tax rates for wealthy individuals and corporations have also been cut dramatically. For example, the top rate of personal income tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013. The average rate in poor countries is just 28 percent. "

~ Average daily wage of workers in Africa = $5-50 per day!

~ Money being hidden in offshore accounts = $7.6 Trillion.

Source : https://www.oxfam.org report.

How can Bitcoin help to reduce the global economic inequality? Please discuss possible solutions. Sad

I was thinking of a few small contributions that Bitcoin can add, to help with this problem.

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)
3. Lower global interest on loans. (Individual funded loans that compete with Banks)
4. New job opportunities (Crypto currency and Blockchain related)
5. New investment opportunities & tools for non-professional traders.
6. Hoarding will stimulate a increased saving culture.
7. A hedge against Hyperinflation.

Please add more to this list. Wink

Topic: How can Bitcoin reduce global economic inequality? (Read 614 times)