Re:You don't understand money – and it's a good thing for Bi...
by einpoklum on Friday November 15, 2019 @03:48PM
(#21548606)
Two issues with this article:
1. Obscurantism: Yes, money is complicated and most people don't know much about how it's created and what it even means, exactly. However, the leap from there to the claim that you _can't_ know, or that _nobody_ knows simply has no basis.
2. The BitCoin angle: While it is a good thing that you can easily (sort of) understand how BitCoin is created and how much there is, the article ignores the _implications_ of these facts about BitCoin. There can never be a democratic decision to inflate or deflate BitCoin; and - most BitCoin is already in existence and owned (the majority probably by a pretty small group of people), making it a sort of a pyramid scheme, as late-comers to the BitCoin game will be fighting over the scraps.
1. Obscurantism: Yes, money is complicated and most people don't know much about how it's created and what it even means, exactly. However, the leap from there to the claim that you _can't_ know, or that _nobody_ knows simply has no basis.
2. The BitCoin angle: While it is a good thing that you can easily (sort of) understand how BitCoin is created and how much there is, the article ignores the _implications_ of these facts about BitCoin. There can never be a democratic decision to inflate or deflate BitCoin; and - most BitCoin is already in existence and owned (the majority probably by a pretty small group of people), making it a sort of a pyramid scheme, as late-comers to the BitCoin game will be fighting over the scraps.