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Author Topic: Another pseudo article on bitcoin: The source of currency and social inequality.  (Read 1114 times)
eof
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May 30, 2011, 04:22:46 PM
 #1

http://gd0t.com/node/16

Hackernews discussion: http://news.ycombinator.com/item?id=2599739

Open to comments/criticisms. 

I intend to do a part-two to this which introduces ripple as solving the 'origin of currency' problem.
"The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime." -- Satoshi
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benjamindees
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May 30, 2011, 07:49:21 PM
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So I guess your thesis is that, if people didn't use central banks and debt-based currency, there would be no social inequality?

Civil Liberty Through Complex Mathematics
Dobrodav
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May 30, 2011, 07:53:29 PM
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That is so strange statemnt, that i must to check - did he realy mean that.
EDIT: Nope he did not mean that exactly.

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
http://www.youtube.com/watch?v=-uCTyC1FGLw
caveden
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May 30, 2011, 08:41:59 PM
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So I guess your thesis is that, if people didn't use central banks and debt-based currency, there would be no social inequality?

I did not read the article, but, at some extent, yes, inflation does intensify economic inequalities. It's not difficult to see it actually. Don't you think the variables "level of income" and "percentage of owned assets in the form of government currency or an equivalent" have any sort of relation?
In general the most poor are those who lose the most with inflation.

The new money is not distributed equally. Banks, for instance, receive it before most others.

18rZYyWcafwD86xvLrfuxWG5xEMMWUtVkL
Anders
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May 30, 2011, 09:01:58 PM
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In the future the importance of money will reduce significantly. Already today we see that most information on the Internet is free. And free open source software is becoming stronger and stronger. In a relatively near future even physical things will start to become free. As Ray Kurzweil said, we will soon be able to email physical objects (created at the recipient side by 3D nanotech printers).

So future power will more likely be people's desires rather than money. Smart people should move away from being too much concerned about money.
Dobrodav
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May 30, 2011, 09:10:21 PM
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I did not read the article, but, at some extent, yes, inflation does intensify economic inequalities. It's not difficult to see it actually. Don't you think the variables "level of income" and "percentage of owned assets in the form of government currency or an equivalent" have any sort of relation?
In general the most poor are those who lose the most with inflation.

The new money is not distributed equally. Banks, for instance, receive it before most others.

Did it mean, that without them, there will be no inequality ?
No. Not in any way.
PS: Well, i am agree that they  intensify that process.
I am desagree (and author dont mean that too), that there will be no inequaliti without them at all.

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
http://www.youtube.com/watch?v=-uCTyC1FGLw
eof
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May 31, 2011, 02:46:41 PM
 #7

So I guess your thesis is that, if people didn't use central banks and debt-based currency, there would be no social inequality?

No, it is that central banking contributes to social inequality.  I specifically talk about bitcoin suffering to some degree from the same problem as central banks where miners have a disproportionate access to money; but that this will lesson over time with bitcoin.. as opposed to a central bank model where it increases over time.

There are many other contributing factors to social inequality, however.
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