Re:Bitcoin Surges Past $7,000 to Extend Record Rally
by njarboe on Thursday November 02, 2017 @11:53AM
(#15611495)
Investment used to mean putting up capital to create or own something that, with some work, would return a stream of income. Farmland produces food with the work of farming. A factory produces goods with lots of people working. A mine produces iron or copper with lots of machines and effort. With the financialization of the economy, lots of people are increasing their "wealth" by speculation and skimming a percentage on transactions. When people start believing that speculation is the only form of investing, society is in for a hard fall at some point.
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Re:Bitcoin Surges Past $7,000 to Extend Record Rally
by mrb on Thursday November 02, 2017 @12:23PM
(#15611807)
By your definition, this still leaves FX trading as a "pyramid scheme". Trading fiat for fiat doesn't "put up capital to create something".
Re:Bitcoin Surges Past $7,000 to Extend Record Rally
by matthewmarkus on Thursday November 02, 2017 @12:56PM
(#15612112)
In FX trading people are putting up capital to create exchange ratios, which is information. Right now people are putting up capital to determine how much coin issued by a central bank with a "deflationary" bias written in code and run and administered by a collective (i.e., Bitcoin) is worth vis-à-vis USD. Something is most definitely being created.