Bitcoin Blackhole Effect

23 points by micropoet 5 years ago

zwkrt 5 years ago |

> Our savings accounts can be thought of as the sum value of the energy output of our life’s work.

What a lofty and out-of-touch viewpoint on personal value. I suppose the vast majority of people on this planet who have no meaningful savings are just not worth much?

reverend_gonzo 5 years ago | |

> Our savings accounts can be thought of as the sum value of the energy output of our life’s work.

Agreed. I stopped reading after that line. according to that logic, Paris Hilton has accomplished more than Mother Teresa.

ForHackernews 5 years ago | |

I skimmed to the end:

> William Clemente III is a Sophomore Finance Major at East Carolina University.

So yeah, not surprising it's out of touch.

bloqs 5 years ago |

This guy, like many zoomers is all marketing and concerningly low quality product. This is wrong from the very start. This has no place on the front page of HN

ForHackernews 5 years ago |

> Inflation is a hidden tax on the common people

This article is wrong from the first sentence. In the United States, most "common people" have no savings of any kind and carry significant debt burdens. Inflation benefits debtors at the expense of creditors. If you owe $10,000 in credit card bills you can never pay, you should be praying for higher inflation.

This notion that somehow inflation (which has barely existed in the last decade or so anyway) is devastating the meager savings of salt-of-the-earth folks is nothing but a pernicious lie promoted by crypto/goldbug ideologues.

Bootvis 5 years ago | |

Unfortunately, wages, and especially low wages, are sticky because low earners tend to lack bargaining power.

brink 5 years ago | |

> If you owe $10,000 in credit card bills you can never pay, you should be praying for higher inflation.

So you're praying to punish responsible spenders for your irresponsibility.

And if inflation does go up, don't expect your pay at your job to magically go up with it. Inflation will not save you from poor decisions.

loceng 5 years ago |

"How is Bitcoin the solution to this problem?"

I wish there'd be more people doing and publishing their deep analysis of exploring alternate ideas using blockchain, not a blockchain structured as Bitcoin, could that eliminate the problems of money being printed - a solution that aligns all nations through democratically elected government implementing policy for consensus vs. financial reward being the primary driver for Bitcoin's adoption.

Edit to add: there's an extreme imbalance in those financially incentivized to write about Bitcoin in a positive way vs. discovering and publishing alternatives that don't include financial incentive for adoption - however those are magnitudes less likely to reach relatively mainstream forums like HN. -2 downvotes now so far - how many of those people suppressing my comment own Bitcoin and are financially incentivized to suppress counter-narratives?