Do we REALLY want Crypto to Surge?

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With the global banking system under some stress at the moment, only just being held in place by the co-ordinated backstopping (not bailout.... yet) by central banks... there has been some pretty crazy talk about assets like crypto, specifically Bitcoin having a huge surge in value and demand. There was even this crazy bet that Bitcoin would hit 1 million USD with a few month... which seems more like an attention grabbing stunt than a real prediction!

Still, lets take that at face value... do we even WANT Bitcoin (and the attendant surge in all digital assets) to really surge that high and that fast? Do we even want that to happen in a year-long time-frame?

Of course, there are going to be many people who think that they were savvy enough to "invest" (aka, bet...) on Bitcoin and other digital assets. And of course, if hyperinflation took hold, and Bitcoin and other hard assets (like real estate and precious metals...) really took off in a short time frame... then these people will be suddenly VERY VERY wealthy in a very short period of time. Never a really great combination... fast wealth tends to be quite corrupting, but those issues aside... it really ignores the real effects of such a horrendous devaluing of fiat money.

Sure, I'm not really a huge fan of the current system... one that rewards owners that exact rent over those who create. That said, I'm a touch biased... I tend to "create" for a living, even if it is a bit of an ephemeral type of creation! But the real gripe that I have with wealth creation via "ownership" is the fact that this sort of wealth tends to accumulate and clump over time.... and I think that is a really bad system, as it start to entrench inequality over generations.

Anyway, the chief problem with hyperinflation or even rampant inflation... or even a collapse of the fiat/banking system... well, even if YOU were "savvy" enough to make a long shot gambling investment (sorry, principled stand...) ... well, most of the people nearest and dearest to you probably didn't. And we can say that MOST of society didn't... and are you okay wiht being massively rich in real terms at the expense of the complete collapse of the wealth of pretty much everyone else? Sure, I hate the current system that we are in... and sure, I don't think that most of the current 1 percenters give a crap about anyone else... but lets not kid ourselves... if the system goes belly up, they will not be the ones that will hurt the most. The ones that will fell the worst of the economic pain will be the rest of society FIRST.

... and if that doesn't bother you. Well, then you "deserve" to be part of the 1 percent.

However, I DO want crypto to do well over the long term... in a long sustained takeover and replacement of existing structures. I'm still idealistic in that way... but there is a vast difference between that, and short sharp change that cripples most of the people I care about.

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5 comments
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fast wealth tends to be quite corrupting, but those issues aside... it really ignores the real effects of such a horrendous devaluing of fiat money.

Apt

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I think it’s quite scary, just imagine that, somebody invests a fairly ordinary sum of Fiat money into a crypto currency that goes through the roof in value in just one instant. Boom! Super rich, until a few days later it plummets again but if they were quick and cash in. My word, that would be difficult, if it were me and I could imagine everyone else trying to replicate what I did, probably failing perhaps and I’d make a lot of enemies.

You’re totally right to find this so troubling.

Money is the driver for so many people and I feel that is wrong. The system is to blame, we’ve all been born and bred into capitalism, very few people know any better. I reckon we’re on the brink of a total collapse which can’t hold out for much longer.

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Whilst we are well placed if things collapse.. well, better than most I guess... I really don't want a collapse! But I don't want the current system to continue either... torn.

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I hate bloody revolutions. Long slow inevitable takeover any day.

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Agreed... but sometimes, those slow ones get corrupted and taken over by the things they were supposed to disrupt. Yay for marketing over substance.

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