Bitcoin vs inequality

For the longest time bitcoin was supposed to give the “unbanked” a bank account for the first time but that is like saying it will give them a email address and a password for the first time but if they lose their password there is not a customer support department or an IT admin capable of recovering their password.

Bitcoin is not for the poor but for the person who want to transfer a billion dollars for $690 and have it confirmed every 10 mins depending on how confident they want to be their transaction went through.

Plenty of people want to push forward business ideas based on ideals like whatever is trendy at the time, climate change, millenium bug resistance, virtual reality or renewable energy. Some even suggest a “global tax” on transaction, no surprise a lot of this shenanigans comes from the European Union where because they dictate 28 countries they feel like they can dictate all 195 countries in the world.

But like any parent knows just because you can dictate your 4 children, the moment you start spreading your way of running a family to your community with zeal, the power that came so easily as co-creator of a family does not translate to anyone else’s family simply because they also feel just as entitled to the same power that you inadvertently are attempting to steal from them.

Rich people consider wealth like the rest consider sugar or water. It is what it is and you can do with it what you like. Contrary to popular belief if you were to redistribute all the world’s wealth to everyone evenly it is just a fact that those who had it before will have it again because they their brains, education and discipline dictates long term thinking, while those who just received a giant, undeserved boost will be preyed upon by those who already squandered their new found fortunes with all the excuses in the book “I have a new baby”, “the family buffalo is sick”, “I gambled and if I don’t pay they will hurt me”. Rich people have zero tolerance for such nonsense.

This is where gold is comparable as it has a 5,000 year history. Poor people have never owned gold unless it was gifted to them and how they lost it is exactly the same way they lost any bitcoin that was gifted to them.

If you are hoping that bitcoin is the solution to inequality I would suggest you give up now. At best it will allow value to be unlocked through transfer of labor from a country with talent but no way of monetizing it such as a programmer in Venezuela who finished a world class computer science degree but on returning to their country to take care of their aging parents who sacrificed everything to give them the opportunity refuses to leave and happily accepts bitcoin for services rendered, but those are world class services, not turing banana leaves into plastic bag replacements.

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