Post
Topic
Board Economics
Re: Is Bitcoin for “Fake Rich”?
by
teosanru
on 23/12/2020, 15:59:13 UTC
I think there is no way that we could


What is wealth?  

The landowners were rich.  The land was real wealth.  Also, wealth is slaves.  Slaves cultivate the land, and landowners get rich.

Then loan capital appeared.  Gold has become valuable.  Derivatives for gold, such as promissory notes, emerged.  The bill is very handy if you are traveling.  

The financial elite gradually began to dominate the landlords.  Then industrial capital arose.  The capitalists began to compete with the financiers.  There were stocks, bonds ... Slavery was abolished.  The landlords finally lost power.  

In the XXI century, IT technologies have developed.  The problem arose of the redistribution of wealth from capitalists and financiers to IT specialists.  One of the instruments for this redistribution of wealth is Bitcoin.  

Many IT pros in the 21st century have become millionaires thanks to bitcoin.
Actually if you see all the assets that you have mentioned were tangibles. Even a stock is tangible as indirectly there are the net assets that you get of the company working to appreciate it's price. Derivatives derive their price from these stocks and bonds only. But Bitcoin has no physical asset below it. The antminers or hardwares mining Bitcoin cannot be said to be bitcoin's infrastructure. Therefore to be honest it is merely a line of code. But yes coming to fiat too it's also a sentence promised by the government. So yes it's difficult to draw a direct comparison between both the things. But this does not makes you fake rich. As long as the line of code can be sold in the market at price this high you have no problems at all and same is the case with the fiat money. And if you are so naive to say that governments can fall easily and make your fiat useless there are equal chances of bitcoin pricing falling down to $1000 again.