Replying to Avatar gladstein

The currency caste system:

A very small number of rich countries print high-quality fiat (for now) to buy stuff while the overwhelming number of countries can’t and instead have to export stuff *we* want (instead of focus on making stuff they need) to earn high-quality fiat

This currency caste system ensures that most countries never develop sovereignty and instead grow dependency

But! This caste system is completely upended if all countries and people eventually settle in the same global neutral currency that no one state or group of states can print arbitrarily

This is the ultimate promise of Bitcoin: ending the global monetary inequality that enriches a tiny few by causing needless suffering for so many
Avatar
volition 2y ago

The rich nations are so because of their ideas and historical protection of individual property rights, in a word capitalism.

Bitcoin will help people better defend their individual property (where it is Bitcoin), but if the population believes in socialism it may not fix this, China, North Korea, Venezuela are examples.

Rich nations that let ideas free and protect individual rights will likely have more Bitcoin per capital long run.

Reply to this note

Please Login to reply.

Discussion

Avatar
Will Travel 2y ago

The people at the top sure believe in it, the peasants at the bottom less so!

Avatar
volition 2y ago

The US middle class was significantly better off under capitalism than almost any other country including those in the West.

Even now despite the socialist FED destroying their wealth, the middle class is better off in the US than other countries.

The difference was capitalism. The US should remember this and reverse the socialist trends that lead to poverty, perhaps starting with disbanding the FED.