Why Bitcoin Is The Best Weapon Society Has Against Inflation & Wealth Inequality

Wind_FURY

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Quote from: oHnK on November 27, 2021, 03:29:03 AM

Quote from: Wind_FURY on November 27, 2021, 03:20:35 AM

In Modern Monetary Theory, taxing the people is being used as a mechanism to control the public’s spending behavior, or even behavior in general. The government doesn’t need to tax you to put money in their treasury, they can simply print them.

Economic conditions regulated by the inflation rate is a form of injustice. Per capita income per year which is an indicator of economic growth is just nonsense, because basically the increased income is accompanied by the inflation rate. The greater our income, our expenses are in line with it, so how can it be said to grow. Bitcoin is here to support the capitalist concept but not completely because its dominant value grows at a higher rate than the inflation rate, doesn't BTC answer this.

It’s actually a rising inflation rate is accompanied by higher income. The fact that income/salaries were increased, it assures that inflation would not go down to the levels it was from. It’s why the prices of goods and services were cheaper 10, 20, 50 years ago.

oHnK

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Quote from: Wind_FURY on November 27, 2021, 03:20:35 AM

In Modern Monetary Theory, taxing the people is being used as a mechanism to control the public’s spending behavior, or even behavior in general. The government doesn’t need to tax you to put money in their treasury, they can simply print them.

Economic conditions regulated by the inflation rate is a form of injustice. Per capita income per year which is an indicator of economic growth is just nonsense, because basically the increased income is accompanied by the inflation rate. The greater our income, our expenses are in line with it, so how can it be said to grow. Bitcoin is here to support the capitalist concept but not completely because its dominant value grows at a higher rate than the inflation rate, doesn't BTC answer this.

Wind_FURY

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Quote from: Silberman on November 26, 2021, 02:10:34 PM

Quote from: stompix on November 24, 2021, 09:10:21 AM

Bitcoin is the essence of capitalism, anyone trying to picture it as a socialist weapon doesn't realize it's actually a socialist killer as it takes away power from the government, it takes away their control on spending, and on arbitrary raising taxes or pensions.

Exactly, at its core bitcoin is about private property,

It’s not merely private property, it’s self-sovereign property. Private property, like land, can be taken away from you. You own the rights, but you don’t the land.

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a dollar in a bank account is not really yours, it belongs to the government, the bank has the custody of it and they can decide to give it to you or not, and

Not your vault, not your money.

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even if you get it back the dollar in your pocket can be inflated away and taxed at ridiculous levels, bitcoin solves all of this, the bitcoin in your wallet actually belongs to you as it is not printed by a government, the wallet allow us to be our own bank, and bitcoin cannot be inflated away by the arbitrary decisions of the governments of the world.

In Modern Monetary Theory, taxing the people is being used as a mechanism to control the public’s spending behavior, or even behavior in general. The government doesn’t need to tax you to put money in their treasury, they can simply print them.

Silberman

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Quote from: stompix on November 24, 2021, 09:10:21 AM

Bitcoin is the essence of capitalism, anyone trying to picture it as a socialist weapon doesn't realize it's actually a socialist killer as it takes away power from the government, it takes away their control on spending, and on arbitrary raising taxes or pensions.

Exactly, at its core bitcoin is about private property, a dollar in a bank account is not really yours, it belongs to the government, the bank has the custody of it and they can decide to give it to you or not, and even if you get it back the dollar in your pocket can be inflated away and taxed at ridiculous levels, bitcoin solves all of this, the bitcoin in your wallet actually belongs to you as it is not printed by a government, the wallet allow us to be our own bank, and bitcoin cannot be inflated away by the arbitrary decisions of the governments of the world.

Wind_FURY

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Quote from: jostorres on November 25, 2021, 02:45:38 PM

Quote from: Wind_FURY on November 24, 2021, 08:01:08 AM

You believe him?

Plus you should understand how inflation works. Once the Fed increases the money supply, who has first access to all the billions BRRR-printed? The banks, which also gives easier access for billionaires to get hold of them as loans for them to make more money. By the time the money goes down to the plebs in the form of increased income, it’s too late. The prices of good and services has already increased. Inflation causes inequality.

You can't just "do you believe in him" and leave it at that though. I am not believing in any president to be 100% true, this was true for papa bush, it was true for Clinton, it was true for Bush jr, it was true for Obama, true for trump, and now true for Biden. This isn't regarding parties, this isn't even regarding nations, I do not believe in president of ANY nation, because politics is a cunning and ruthless business and if you have managed to level up to the president level that means you must have some horrible thing to get there, otherwise other cunning and ruthless politicians will not allow you to go up that much.

So they always tell a lie, BUT you need to prove that they are telling a lie. Is his infrastructure plan hurting the inflation? Maybe.. it looks possible, but he has stated there 17 Nobel prize winning economists saying he is right, you need to provide some data and proof for us to take your word as well.

Their narrative to push for that law is that it will not increase inflation, and they added a statement to convince you that it will ease inflationary pressures. The Infrastructure Law proposes $1 trillion to be spent, $550 billion of that to be direct spending. “It will ease inflationary pressures”.

You believe him? Cool

jostorres

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Quote from: Wind_FURY on November 24, 2021, 08:01:08 AM

You believe him?

Plus you should understand how inflation works. Once the Fed increases the money supply, who has first access to all the billions BRRR-printed? The banks, which also gives easier access for billionaires to get hold of them as loans for them to make more money. By the time the money goes down to the plebs in the form of increased income, it’s too late. The prices of good and services has already increased. Inflation causes inequality.

You can't just "do you believe in him" and leave it at that though. I am not believing in any president to be 100% true, this was true for papa bush, it was true for Clinton, it was true for Bush jr, it was true for Obama, true for trump, and now true for Biden. This isn't regarding parties, this isn't even regarding nations, I do not believe in president of ANY nation, because politics is a cunning and ruthless business and if you have managed to level up to the president level that means you must have some horrible thing to get there, otherwise other cunning and ruthless politicians will not allow you to go up that much.

So they always tell a lie, BUT you need to prove that they are telling a lie. Is his infrastructure plan hurting the inflation? Maybe.. it looks possible, but he has stated there 17 Nobel prize winning economists saying he is right, you need to provide some data and proof for us to take your word as well.

worldofcoins

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Let me make a correction first, we can't consider bitcoin a weapon but a remedy against inflation & Wealth Inequality.
In the past years, bitcoin has gained more popularity as compared to fiat. People are more interested to invest in bitcoin due to the high acceptance rate. So it can definitely be a good option against inflation & Wealth Inequality.

Wind_FURY

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Quote from: kryptqnick on November 24, 2021, 08:52:54 AM

I like it that the article points out how the richest benefit most from money printing. That's simply true but many think it's leftist propaganda. What I'm not sure about is the point on economic crash being good. Previous crashes, I believe, hurt the poor and vulnerable most, and the rich remained rich, so the broken system will once again heavily affect those who are already affected strongest by it right now, and there's no guarantee that in the aftermath of the crash anything will change in principle.

Economic crashes are “good” from the standpoint that it removes excess leverage/money from the financial system that creates bubbles. It’s not very different from Bitcoin’s market cycles, the only difference is Bitcoin’s new low has always been higher than the previous cycle’s low.

milewilda

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For inflation = YES
For Inequality = NO

Citizens/People would really need to do their best on accumulating just like on what they have done on making money(fiat) and inequality doesnt really
fit out on this matter thats why i dont see that point on that perspective.

Was surprised that this was actually been posted by Forbes?

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Quote from: Fortify on November 24, 2021, 04:22:07 PM

However being limited to 21 million coins is a huge barrier to widespread adoption even when you go to many decimal places will psychologically never be attractive to the general public. Unless you already hold Bitcoin the amount looks insignificantly small to buyers and gets smaller as the price rises, who wants 0.0018 BTC when they are used to seeing $100?

Have you ever bought a kilo of gold?
Do you know poeple who have bought a kilo of gold?
Gold has been used as a currency although even in ancient times and medieval times there was basically no use in day to day life as a gold coin was expensive as hell, people used silver and copper/bronze coins, sometimes even splitting silver coins into two or for.

And if that is not enough of an argument, we have the satoshi.
If bitcoins get to $100k 1$ would be 1$! Too low?
Well, the Italian lira was at having a rarity of €1 = 1,936.27 when it was exchanged and 60 million people could use it with no problem. The Vietnamese dong has a parity of 1:22000, and the Indonesian rupiah of 1:14000. Again, 375 million poeple using them daily

Quote from: Fortify on November 24, 2021, 04:22:07 PM

There is also the processing power of the miner network that uses vastly greater energy consumption than existing card payment networks, it is simply bad for the world to use a currency gets exponentially more wasteful as more people use it for transactions.

Nope, it doesn't get exponentially more wastefull!
First to get the power growing even at the power of two would be nearly impossible, second, it does;t work like that. The energy consumed is limited by the reward amount, and that will be halved every 4 years. You can't have miners consume the same amount of energy if the rewards are split in half and the price goes to 10k, it just doesn't work like that.

Fortify

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Quote from: Hydrogen on November 22, 2021, 07:37:31 PM

Had to post this as one of few pieces with a positive sounding BTC headline published by an approved source in this day and age.

Not everything mentioned in the above article is true. But there are smart and good points made throughout.

Reading this is a good foundation for discussing our current state of inflation and money. Comprehending the basic fundamentals a good foundation for digging ourselves out of future crisis or debt.

I'll read through it a few more times to make sure I didn't miss anything. Please let me know if this is good content. What you enjoyed about it, or didn't enjoy. Thank you.

Not to put too much of a downer on it, because Bitcoin and the blockchain brought about a revolutionary idea that has a bright future. However being limited to 21 million coins is a huge barrier to widespread adoption even when you go to many decimal places will psychologically never be attractive to the general public. Unless you already hold Bitcoin the amount looks insignificantly small to buyers and gets smaller as the price rises, who wants 0.0018 BTC when they are used to seeing $100? There is also the processing power of the miner network that uses vastly greater energy consumption than existing card payment networks, it is simply bad for the world to use a currency gets exponentially more wasteful as more people use it for transactions.

el kaka22

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Cool that Forbes published something like this, I wouldn't expect them to be so openly honest about why we pick sides with bitcoin over fiat. My real reason was the fact that Banks are working to corrupt the world and the economies of each nation just so they could have more and more profit.

It is clear that without banks doing what they are doing, we would be in a better condition, and big corporations as well but mainly banks because at least other sectors provide something to the world whereas banks make money without money and give us a cut from it, they literally provide nothing to the world. If they didn't corrupt it this much then we wouldn't constantly need more money as well. I am literally making 2x more than what I did a few years ago and I am still barely surviving, thank the gods that I have bitcoin savings, otherwise I would be a poor person right now.

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Now consider the poor and the working classes. What little bonus cash they’ve received during the pandemic has either been spent on survival or stagnated. Unable to get on the property ladder, they can neither benefit from rising house prices nor start building equity by replacing rent (money that goes into someone else’s pot) with mortgage payments (money that goes into their own). Stock markets may, technically, be within their reach, but at a profound handicap due to high transaction fees and a limited understanding of investment strategies (the kind of knowhow that rich people simply pay someone else to worry about).

I find this interesting on how the poor is perceived to be shut out of the door of owning properties but this is in the past from the way I think and consider it. Yes large portion of the palliative money to the poor for covid-19 may have gone into necessity spending and not investment because they lack free money to invest but reasonable investment is now coming from the poor circle post covid-19 and this is because the growth rate for btc since 2020 is astromical and awareness too. I think that in the future the difference between the poor and rich may not be noticed as more poor people will grow into riches from cryptocurrency investment, trading, stock buying etc.

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Quote from: jrrsparkles on November 24, 2021, 04:37:27 AM

But government is actually don't want the people to use bitcoin that is why they are forcing high taxes fir the capital gains from cryptocurrency investment and lot of restrictions and privacy invasion for the people who are supporting cryptocurrency.

Some governments are quite aggressive towards Bitcoin, but this is only a reflection of their general policy and the degree of democracy in the country. However, there are many countries that have quite acceptable taxes when it comes to Bitcoin, and even 0% if BTC is sold 1 or 2 years after purchase. I think most will agree that a tax rate of 10-20% on capital gains is something that is somewhat fair given all the other taxes we pay anyway.

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Quote from: Poker Player on November 23, 2021, 02:56:51 AM

Inflation is fine with me, but wealth inequality...I am against wealth equality.

Inflation yeah, you can deal with it with bitcoin, that's proven.

Inequality, no way, bitcoin is just money or even worse an investment, and who has enough money to make an investment that will increase your wealth? The poeple that have money right now! The poor poeple who are living from paycheck to paycheck will not be able to get 100 satoshi, so as the wealthiest put their money into BTC and reap the rewards the ones not affording anything right now won't afford anything a century later.
Bitcoin is the essence of capitalism, anyone trying to picture it as a socialist weapon doesn't realize it's actually a socialist killer as it takes away power from the government, it takes away their control on spending, and on arbitrary raising taxes or pensions.

It's the same thing when poeple say that a world without banks will be good for the poor. Now, if you want to start a business you need a loan, in an only collateral society how will the poor get a loan when they don't have a thing or ..how do you call that...oh lol, capital!! Socialists and leftists should be paying more attention to what they are cheering, bitcoin is the perfect example of a free-market tool, their real nightmare.

kryptqnick

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I like it that the article points out how the richest benefit most from money printing. That's simply true but many think it's leftist propaganda. What I'm not sure about is the point on economic crash being good. Previous crashes, I believe, hurt the poor and vulnerable most, and the rich remained rich, so the broken system will once again heavily affect those who are already affected strongest by it right now, and there's no guarantee that in the aftermath of the crash anything will change in principle.
I think the article's okay overall, but it doesn't mention the biggest problem with Bitcoin adoption: scalability. It's a huge challenge that makes it almost impossible for Bitcoin to truly become widely used as money. Not on its own, at least.

Wind_FURY

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Quote from: Poker Player on November 23, 2021, 02:56:51 AM

Inflation is fine with me, but wealth inequality...I am against wealth equality.

You believe him?

Plus you should understand how inflation works. Once the Fed increases the money supply, who has first access to all the billions BRRR-printed? The banks, which also gives easier access for billionaires to get hold of them as loans for them to make more money. By the time the money goes down to the plebs in the form of increased income, it’s too late. The prices of good and services has already increased. Inflation causes inequality.

jrrsparkles

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Quote from: fiulpro on November 23, 2021, 11:52:53 AM

Quote from: jrrsparkles on November 23, 2021, 10:52:51 AM

Monetary policies created by the government is to make the rich people richer by taking the money from the pockets of poor and middle class as well in my opinion. The decentralized money is really beyond to understand for a common man because they know money and using it for thwir entire Lifetime without actually knowing what is money and how it is coming from.

I would say bitcoin is really helpful to save us from inflation but we don't know its actually capable of doing that if 7 billion people starts to think in the same way.

Not exactly. Even if 50% of the population agrees to use Bitcoins or are well versed with cryptocurrencies the rest 50% would genuinely work their way up from there and the government would be forced to accept Bitcoins since at the end of the day *they won't want to be left behind*. Which I do think is not hard to achieve after cities like El dorado where the government is encouraging people to accept Bitcoins and other cryptocurrencies.

Plus the rich are not even paying taxes how they should, which is honestly upsetting.

Plus Tax systems is in place so that they can help the public but instead no one can see that happening, the government is far less focused on people. Look at the US promising new advancements by printing excessive amount of money and taking debts. What does the government expect now?

But government is actually don't want the people to use bitcoin that is why they are forcing high taxes fir the capital gains from cryptocurrency investment and lot of restrictions and privacy invasion for the people who are supporting cryptocurrency. So government can be forced to accept by the people who moved to bitcoin and cryptos or else government will be happy with the current system or they will just update it with CBDC for no change.

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Quote from: Poker Player on November 23, 2021, 02:56:51 AM

Inflation is fine with me, but wealth inequality...I am against wealth equality.

Agreed, capitalism is not perfect and it has its defects but it is the only system that we know that works, a contribution in the form of taxes to keep society running is needed but after that people should be free to keep the majority of what they get from their efforts, if this is not true and people are forced to give it away this creates the incentive for people to not work as hard as what is the point of working so hard anyway under those circunstances? So this creates a slow deterioration of the economy as more and more people do this, which is exactly how the USSR fell, not with weapons but by the superiority of the economic system of the US at the time.

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Long quote, but I like to be surprised because I am really interested in all things that make sense and are true according to the facts we see in monetary conditions and more specific social and economic situations. As inflation is getting more and more threatening, and banks are doing a lot of speed to come up with a solution, Bitcoin has already emerged and is being offered. We cannot attack this, therefore we are the ones who have been able to stand up until now and survive the current wave of inflation. Even the paper money even the dollar tries to pressure us to keep borrowing for every institution and multiply our debts, the taxes are no less increasing along with the holdings we have pocketed.

As a result, who can save finances when economic conditions are unstable? Well Bitcoin and reasons we don't have to deny, government regulations threaten, then we can only follow the bank's advice? borrow, increase the value of taxes? we want to avoid that in our way in the form of long term storage of Bitcoin value. Who has survived so far? of course Bitcoin holders.

Topic: Why Bitcoin Is The Best Weapon Society Has Against Inflation & Wealth Inequality (Read 207 times)