Another pseudo article on bitcoin: The source of currency and social inequality.

[eof]

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.

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[benjamindees]

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

[Dobrodav]

That is so strange statemnt, that i must to check - did he realy mean that.
EDIT: Nope he did not mean that exactly.

[caveden]

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.

[Anders]

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]

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.

[eof]

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.

[shield132]

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.

What's smart people's aim? Usually money. For money they invent something, do something and kick their asses. Also free information on internet is given because for example on youtube you can earn money with tutorials, monetize your blog with adsense and a lot, if you see everyone tries to earn money. But yeah, there are some people who do it for free. Thia doesn't means some things will become free in real life because our live is like a predator.

[BCSHonda]

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

There will be no unequal unequal association. The central bank will find it difficult to apply new things to the special electronic money market. It will accelerate the economy and develop more.