Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by candiodari on Wednesday November 29, 2017 @11:17PM
(#15813432)
> If we could run the economy on blockchain, why not?
Because we can't. Given that there are trade imbalances between countries (and assuming we want the economy to actually continue to run, as opposed to transfer all the wealth in the world to first one country, then one person, and then stop alltogether)
That means trade imbalances must be forgiven. Our current system does that through credit creation and crashes (bankruptcies). Bitcoin simply ignores the problem. Therefore bitcoin economic model is designed to transfer all the wealth to the rich and stop.
Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by ric2b on Thursday November 30, 2017 @07:20AM
(#15815154)
As opposed to the current model where newly printed money is given straight to the rich (banks)? I don't see how Bitcoin is in any way worse than that.
Because we can't. Given that there are trade imbalances between countries (and assuming we want the economy to actually continue to run, as opposed to transfer all the wealth in the world to first one country, then one person, and then stop alltogether)
That means trade imbalances must be forgiven. Our current system does that through credit creation and crashes (bankruptcies). Bitcoin simply ignores the problem. Therefore bitcoin economic model is designed to transfer all the wealth to the rich and stop.