The crypto movement is destroying itself

Re:The crypto movement is destroying itself by arcticbull on Monday July 12, 2021 @01:28PM (#27812770)

There certainly can, however crypto has a worse wealth distribution than the US dollar and any banana republic. Freeing the poor from the tyranny of wealth inequality was one of the flagship features the community has been touting for a decade. The claims do not align with reality, and are likely antithetical to the goals of a functioning, efficient, equitable society.

The world would be worse off with such a distribution, IMO.

For the record, I'm pro wealth inequality and income inequality, so long as its coupled with social mobility and a high standard of living for the lower classes.

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Re:The crypto movement is destroying itself by gruez on Monday July 12, 2021 @01:33PM (#27812829)

>Freeing the poor from the tyranny of wealth inequality was one of the flagship features the community has been touting for a decade.

It has?

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Re:The crypto movement is destroying itself by arcticbull on Monday July 12, 2021 @01:35PM (#27812848)

I mean I've heard it many times [1, 2, 3, 4]. You're welcome to call that anecodta. The reality is quite the opposite of the narrative. [5]

[1] [2018] https://www.washingtonpost.com/news/theworldpost/wp/2018/01/...

[2] [2018] https://medium.com/predict/how-bitcoin-solves-the-problem-of...

[3] [2019] https://www.businessinsider.com/this-is-how-bitcoin-can-end-...

[4] [2021] https://www.forbes.com/sites/martinrivers/2021/06/15/how-bit...

[5] https://digiconomist.net/bitcoin-raises-inequality

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Re:The crypto movement is destroying itself by gruez on Monday July 12, 2021 @01:43PM (#27812954)

>I mean I've heard it many times [1, 2, 3].

Opinion pieces in mainstream outlets isn't exactly representative of "the community". The dates for those articles are also quite recent, within the last 3 years or so. Where are all the bitcointalk topics from 2011 (ie. "a decade" ago) where everyone collectively thought it was going to end wealth inequality?

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Re:The crypto movement is destroying itself by arcticbull on Monday July 12, 2021 @01:49PM (#27813022)

In my opinion, that's the central thrust of the text in the genesis block. That the "banks were bailed out" - allowing the wealthy to manipulate the market and remain wealthy while the schlubs were hung out to dry. That is the crux of the modern inequality narrative. JMHO.

[edit] I'll be the first to admit I wasn't there in 2010, but I'm led to believe they were discussing a 'peer to peer digital cash' so I guess a lot can change! Certainly the last 5 years have been filled with inequality narrative.

Further, I would argue that yes in the last 5 years once bitcoin entered the zeitgiest, that these mainstream thought pieces are actually more representative of 'the community' as retail gamblers poured in outnumbering earlier participants.

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