Twitter mob: Protect minority at all cost! Feed the billioners!
The rich are the most oppressed minority! /s
Richard Nixon’s head : I promise to cut taxes for the rich and use the poor as a cheap source of teeth for aquarium gravel!
[audience applauds]
Philip J. Fry : That’ll show those poor!
Turanga Leela : You’re not rich!
Philip J. Fry : But someday I might be rich, and people like me better watch their step!
Not good to see but not a giant shock.
Perhaps my first controversial post here. Hmm. No, I’ll be decent. But seriously? Fuck the elites. Fuck them hard.
Careful or they’ll mute you for inciting violence
Up the butt or dick hole?
It’s never enough.
I think the idea of cryptocurrency is funny, since it’s just “I’m not playing your make believe money anymore, so we’ll pay our own make believe money since you are obviously rigging the system”. Kinda makes sense if adoption keeps up and the planet isn’t on fire
Thing is, the poor aren’t running bitcoin miner farms. Crypto doesn’t change anything but traceability of the funds, letting the rich get even richer.
Traceability might be nice since the black market is estimated around 20T USD. Cuts out bad actors which means no fraud, and no hidden inflation since we can see the quantity compared to USD which the Federal Reserve doesn’t even know
Have you heard of our Lord and Savior, Monero?
That’s a common misconception. Most cryptocurrencies (except XMR) actually increase the traceability of funds compared to traditional payments. Bitcoin really isn’t that great for privacy as some crypto enthousiasts say. It’s one of those ridicolous “advantages” that prove that most are just hypemen with no idea about how it actually works. </rant>
Yeah riding the bubble let a couple of nerds and early investors maybe take advantage of a little economic mobility, like, incidentally. But those days are long passed now. Like you said, it’s rigged in favour of entrenched capital, just like everything else now.
BTC is steady last few months at 60k, if you purchased last year, your investment is up 3x. If you bought 2 years ago at the peak, you’re up a few %, which still beats international inflation
Yes if you meet those criteria and cash out right now. Most people I to crypto will hold though.
Why? Because that’s the narrative pushed on the community over and over and over - hodl never sell.
Why? Because if everyone sells, all the people manipulating the market like Tether and their buddies lose their money. Fair play to those that can make a bit of money, but unless you’re already rich, are running the market, or fine with creating a shitcoin to rug people, crypto is not going to make most average people rich at all.
Just another way for the already wealthy to fuck you over.
Most assets work that way, if everyone sold Nividia stock then it would tank as well. Most things outside of food and shelter only have value due to our collective belief. Diamond and water paradox is constant in society
Is it a currency or an asset? You replied claiming it’s a currency below.
I think an asset is anything that can be converted to liquid, so that depends if you think crypto is liquid or not, which probably depends on location
So you’re saying “too bad for you if you didn’t get in at the right time”?
No, it’s like any other currency minus it has a fixed supply. So use it, since inflation is eating away any currency with a limitless supply
But deflation pushes people not to spend their money and crypto with a fixed supply is in fact deflationary since the accessible supply goes down as people lose access to their wallet for one reason or another.
Also, crypto value and crypto prices of items are based on the comparable fiat value so yes, getting in at the right time makes a huge difference.
In the end crypto bros just make it so there’s still rich people at the top, they’re just not necessarily the same ones.
That is 100% the crypto mentality. I got mine fuck you if you didn’t.
I guess some people have that stance, but it’s a currency. It’s supposed to be boring and not thought about much. It’s not like most people care about antique and rare coin collections, but some people do, most people just spend and save their money
Calling it a currency is generous. I know it’s meant to be, but let’s be honest - you’re not buying the majority, or probably even any, everyday goods or tech with your BTC are you? Most people certainly aren’t. And most BTC owners certainly aren’t. They’re holding to the moon.
But the ultra rich are actually playing with that too and fucking over every single person that invests thinking they’re going to be ‘financially free’
Adoption will never happen because block chains are shit at everything except being a Blockchain.
Let’s fix the system we’ve got instead of inventing a new one that’s worse in basically every way.
It doesn’t solve any of this. The people who invented BTC did not understand whay money is and how it works. Especially how it’s created. If we lived in a world with BTC alone and we’ve reached the point where no more BTC can be created while the world economy was growing, we’d keep creating money by reducing prices and using smaller fractions of BTC to pay them. Of course all of this would be much less practical than adding more units of BTC so if the world lived in this universe, a consensus would be reached to amend BTC to allow for further expansion of the BTC supply. And this doesn’t even touch the ability to create money via debt which doesn’t even require a currency.
BTW I’m not saying crypto is useless. I think BTC for example will be with us for the foreseeable future but it would likely always be used as an intermediate currency that is then converted to one fiat or another through a floating exchange rate. The exchange rate would take care of the inherent problem I described.
I think the creators had some knowledge of how currency worked, since there has been movements to make digital money in the cryptopunk scene for 20+ years before BTC. Also, you don’t need a degree to be an economist, a library card works just as good
Having a fixed supply might reduce astronomical debts but still allow for smaller debts or ones that are collateralized. But yeah, day to day life would be drastically different. No credit cards for sure, but also no compound interest, because can’t have compounding interest on anything with a fixed supply or it will acquire all of the resource (or at least attempt to)
But a B-List actor told me it would trickle down half a century ago, so let’s give them the benefit of the doubt and maybe we’ll catch a dribble
And he was right. You get a trickle down. He didn’t mention the industrial strength wealth pump going up with the business end stuck in your wallet.
Removed by mod
The Tax Reform Act of 1986 was the top domestic priority of President Reagan’s second term. The act lowered federal income tax rates, decreasing the number of tax brackets and reducing the top tax rate from 50 percent to 28 percent.
Name and shame: Ronald Reagan
Scrooge McDuck ass economy
Le capitalisme
I was asking myself, how much money do you need to have, to be in the top 1%?
So for context, according to this article, you are in the top 1% worldwide, if your net worth is above ~872’000.-, that is 19 million US Americans.
With 94’000.- you are in the top 10%
What if your net worth is -$50,000? Asking for a friend…
The top 10% includes the majority of people in the western world. We have been lied to by the select few above us that we have more in common with them than we do with the bottom 90% in the rest of the world.
In terms of lifestyle we definitely do. To go from a retail worker living in a typical US apartment to a jet-setting billionaire with a superyacht is a big jump in quality of life but it’s FAR less than going from a dirt-floored shack in central Africa to the apartment in the US.
Both the retail worker and the billionaire can enjoy healthy food, clean drinking water, access to medicine, electricity, a shower any time, a smartphone with unlimited data, a home PC with unlimited internet, Netflix, Amazon, Uber Eats… These are all luxuries beyond what even a king from two centuries ago could dream of, and they’re available to anyone on a minimum wage retail job and a bit of budgeting skills.
Meanwhile the poor shack-dweller faces unimaginable grinding poverty, no running water, no medicine, rampant disease, war, slavery (conflict minerals) and prostitution.
The problem with billionaires isn’t how luxurious their yachts are. It’s how much power their wealth gives them and how unaccountable they are for it. Heck, you can probably see posts on Lemmy every day about the stuff Elon Musk is doing.
Nah but it’s the poor woman and child fleeing crime & poverty from south of the border who is the problem!!! /s
Its a built in feedback loop. Under capitalism, resources are distributed based on capital. But capital is a resource. So its naturally going to concentrate.
We need hard caps on wealth
Not sure how you achieve that in a world with multiple nations though. Capital is naturally pretty mobile.
How do you see it play out if we say, in the US, any wealth over the cap gets taxed away.
It will only cause more capital to go to tax havens.
Still count it towards their wealth
Capital is naturally pretty mobile.
Ban export of capital.
G20 is currently holding negotiations to start imposing a minimum tax on billionaires, guess which country is against that…
Vatican City? Please, please be Vatican City.
(I know it isn’t)
That’s only like a half million each…
Makes me hungry.
