Blockchain as a solution to inequality?

[charlzyeby]

Blockchain has come to ensure transparency and improve current traditional centralized systems where a node gets to control most of the transactions or operations in a network. Even in the era of blockchain there can not be equality. Some people work harder and/or smarter than other while some also get lucky sometimes.

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1714125227

[doraemon26]

I think the article is a piece of rubbish.

It's an article that promotes a certain project called Pool of Stake. The article talks more about solutions to blockchain inequality rather than using the blockchain itself to address inequality lmao. It's clickbait.

To answer the topic's question though: I seriously doubt it. It's an extremely tall order considering inequality is a problem as old as humanity itself. It's a social issue that cannot be addressed by simple software implementation. It could probably have micro effects on isolated fields though, depending on what it's used for.

It can be a solution someday if the government accept crypto as an alternative currency for thei economy.

[idex100]

Interesting read, the blockchain helps in re-distribution of wealth, breaking the barriers of inequality among the different classes of persons.Imagine the wealth steemit has shared to every steemites as opposed to the centralization of wealth by facebook only to its shareholders.Despite the fact that the contents are being  created by users.

[giarised]

do not think so if you borrow money from the bank you have to accept the difference between the sender and the price you borrowed from you have to pay the third party is the bank when you trade bitcoin you It is not worth the price and not through the third party but only the seller and the buyer

There is always an opportunity in everything, that’s what you gotta know. It’s left for you to utilize it if you can. If you choose to be smart and hardworking, then nothing stops you from accomplishing lots of things through. Whales will always manipulate the price of Bitcoin and there will always be people that end up losing their money, but if you’re fast and smart, you will hardly end up with loss.

[stompix]

I think the article is a piece of rubbish. Nothing on this earth will ever end inequality, not even the big dreams we all have about bitcoin. Nothing. There will be poor people and as well as rich people forever to ever. Check your fingers, are they all equal, man?

First of all they aren't talking about solving the problem of inequality once and for all, because that can't be done. They're focusing on reducing it and some of the solutions are quite good IMO. Like this one:

Pool of Stake solves the inequality issues of PoS by creating the first decentralized pool for PoS blockchains. The product lets token holders participate together in transaction verification by pooling their funds to stake together so they can share the rewards later. This lowers the entry barriers for staking. It also creates an equal environment in which all token holders can participate to secure blockchains and generate a passive daily income, regardless of their initial wealth!

This would actually allow the holders of BTC participate in mining and earn passive income. Inequality would still remain because there would have to be the minimum that you have to hold to be able to get anything. This means that if you wouldn't be able to afford 5BTC (for instance), you wouldn't get anything.

Hihi, yeah it solves inequality
Meaning that there will be a lot more poor people and a lot less rich ones. 
Oh, wait,  wasn't this supposed to be the other way around?

But leaving that part aside, the end is a gem:

We take the question of inequality very seriously. The idea behind the project is to create a useful and fair product that lets anyone generate a passive daily income.

So, free money for everybody!!!
I have a feeling this is not going to work....

Interesting read, the blockchain helps in re-distribution of wealth, breaking the barriers of inequality among the different classes of persons.

Yeah, I'm seeing it already....
Two guys owning more coins than an entire country. True redistribution of wealth.

Imagine the wealth steemit has shared to every steemites as opposed to the centralization of wealth by facebook only to its shareholders.Despite the fact that the contents are being  created by users.

The wealth?  Probably not enough to cover one day of server costs FB requires.
Yeah, total decentralization and re-distribution of wealth... TOTAL

[krishnapramod]

Steemit is a wealth creation platform, to be a part of it your income doesn't matter, but to generate a passive income you have to be educated and need to have access to information/internet. With Blockchain anyone can participate, seems like a viable solution to inequality, but it's like the final piece of the puzzle, to participate barriers like digital divide, lack of education etc should be removed. Unless these issues gets resolved Blockchain as a solution to poverty or inequality is mere hype.

[cynical]

I think the article is a piece of rubbish.

It's an article that promotes a certain project called Pool of Stake. The article talks more about solutions to blockchain inequality rather than using the blockchain itself to address inequality lmao. It's clickbait.

To answer the topic's question though: I seriously doubt it. It's an extremely tall order considering inequality is a problem as old as humanity itself. It's a social issue that cannot be addressed by simple software implementation. It could probably have micro effects on isolated fields though, depending on what it's used for.

It can be a solution someday if the government accept crypto as an alternative currency for thei economy.

How will that work then? Assuming a government accepts crypto as an alternative currency?
I think some people think all you have to do is get an empty bitcoin wallet and "the blockchain" will fill it up with "free" coins.
Some people are dilusional if they think crypto can solve a social issue like inequality as the thread title suggests.

[stompix]

I think the article is a piece of rubbish.

It's an article that promotes a certain project called Pool of Stake. The article talks more about solutions to blockchain inequality rather than using the blockchain itself to address inequality lmao. It's clickbait.

To answer the topic's question though: I seriously doubt it. It's an extremely tall order considering inequality is a problem as old as humanity itself. It's a social issue that cannot be addressed by simple software implementation. It could probably have micro effects on isolated fields though, depending on what it's used for.

It can be a solution someday if the government accept crypto as an alternative currency for thei economy.

How will that work then? Assuming a government accepts crypto as an alternative currency?
I think some people think all you have to do is get an empty bitcoin wallet and "the blockchain" will fill it up with "free" coins.
Some people are dilusional if they think crypto can solve a social issue like inequality as the thread title suggests.

Those people, and unfortunately they're not just some they've become the majority, don't think that cryptos or blockchain is really the solution, they often don't have a clue how the blockchain works . Their view is much simpler, you get some free tokens from a bounty, you wait and the price will be a few thousand dollars and everybody is going to be rich.

Don't expect that some bounty hunters or people that haven't taken a single class in economics will be able to understand that you can't just print wealth out of no-where, at this moment the crypto environment is working like the fiat system, printing coins out of nowhere.... Guess what the value of those coins is going to be and how rich you're going to be holding a trillion Quasimodo Tokens..

[omonuyak]

Blockchain technology is actually a solution to inequality and that is the reason African and some Third World countries has to embrace it if they really want to come out of poverty and miss management in the society.  I also believe that blockchain technology has bring trust into human dealing and it is good because is decentralized. 

[kkukkugaga]

Blockchain technology is not the total solution to inequality but however it can reduce. Btc is one of the many applications of block technology and many people already proved that btc help them in their financial matters and increase their economic status. The problem here is that not all people can access or reach btc especially those who are poor. There are many other applications that can be used via blockchain and if many people learn and understand more about it, it will be a great help to thr economy and country.

[neliawesome]

Sad to say since the beginning till now and the future theres no solution of inequality.Theres always at the top and theres always at the bottom.Even in crypto world theres a successful one and theres loss one.So everything is what we called balance.

[JerryJam]

The technology of the blockchain has great potential.This contributes to globalization. Blockchain can make the world more equitable.Cryptocurrency is not regulated by the Central Bank and the government. Cryptocurrency works autonomously. This contributes to a uniform distribution of income.It's a promising idea. And before it is implemented, many more problems need to be solved.In order to get mass distribution, it must become more cost-effective than its centralized competitors.

[Lagrood]

I am sure that it is only dreams and not more. Unfortunately there is not a magic pill which are able to solve all the problems. It is absolutely true that blockchain is an excellent tech but we must understand that the main application of blockchain is the financial sphere. I am absolutely sure that blockchain will no eliminate inequality

[13abyknight]

Would've been more precise if it was 'cryptocurrencies' in the title and not blockchain. While blockchain is just the backbone of cryptos, it could have nothing to do with inequality as it acts more like a ledger than anything else. On the other hand, cryptocurrencies have typically been 'trust and invest in us and get rich quick' schemes (not all of them) and this has been the turnaround that has been guaranteeing close to an equal wealth distribution through sales and airdrops.

[Golftech]

Sad to say since the beginning till now and the future theres no solution of inequality.Theres always at the top and theres always at the bottom.Even in crypto world theres a successful one and theres loss one.So everything is what we called balance.

We can't change the fact even we do have equal chances there's still someone that will go above us, this is life and even blockchain won't change that facts, still those who are capable to sustain good project will go and rise high while those who can also deal with it will still not gain any support and
stay at the it's level, this Blockachain system will give us equality in terms of chance to prove project, things will still depend on how things will be developed.

[Harrisonimo]

As much as part of the plans of the block chain/cryptocurrency is to solve the problem of inequality; giving even wealth power to all. There are a lot of factors that are naturally set in place to defeat/frustrate this aim. I see that from inception the cryptocurrency world was gradually achieving this; making some unexpected persons millionaires but the rich have equal access to this and before long, they have now started controlling the markets sort of, to favour themselves. At the moment, it will take some real extra effort to break even in the cryptocurrency markets now. So, the aim of solving inequality has been really eroded.

[billbear]

This article looks like the main part of rubbish, because we all only believe in Bitcoin, but the reality is not the same

[speedy963]

Sad to say since the beginning till now and the future theres no solution of inequality.Theres always at the top and theres always at the bottom.Even in crypto world theres a successful one and theres loss one.So everything is what we called balance.

We can't change the fact even we do have equal chances there's still someone that will go above us, this is life and even blockchain won't change that facts, still those who are capable to sustain good project will go and rise high while those who can also deal with it will still not gain any support and
stay at the it's level, this Blockachain system will give us equality in terms of chance to prove project, things will still depend on how things will be developed.

Sad to say but i agree. Even the application of blockchain itself cannot change what's reality, but there are still chances and hopes that someones life might change because of this, and it doesn't literally mean it is the solution to poverty and inequality among wealth. The world is certainly vast and at the same time cruel.

[nelsledma]

Lmao… this is a funny article😂😂 I don’t think Bitcoin can stop inequality among people. First of all, this is a currency/asset with an unstable price tag that can be manipulated by the whales. Let’s assume that I have a lot of money and happens to invest hundreds of million dollars in Bitcoin, it will drive up the price and will also go further up as poor investors puts in their money due to price going up, as the price is going up, I can. Choose. To withdraw the huge profit which will make the price drop to a lower and poor investors losing their money in it. So no inequality.

[andrei56]

https://medium.com/@poolofstake/blockchain-as-a-solution-to-inequality-385cd08b9f03

Nice article to read. What do you think?

Didn't go  through the whole article (lost interest half way as the article sounded quite typical) but the upper half of the article got my attention where they stated that new technology has bought more inequality. To be honest, for the universe to be balanced, we will need inequality. There are rich people because poor people exist. If everyone was rich, then the term rich would actually mean nothing. And think about it this way, if everyone was actually equally rich, then who would be working on the field to produce crops? Eventually there must and will be class difference as long as the earth exists. Without inequality, the society would cease to run at all.

It is true that the technology has created a greater divide between the rich and the poor but at the same time technology has allowed to a person without too many resources to live better than kings of the past, our medical technology is better than at any point in the past, you have superior entertainment thanks to the TV and you have at your fingertips most of the knowledge of humanity thanks to the internet, so technology has been a great equalizer as well.