Posts

Do we REALLY want Crypto to Surge?

avatar of @bengy
25
@bengy
·
·
0 views
·
3 min read

Unsplash

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.

I can also be found cross-posting at: Hive Steem Publish0x

Handy Crypto Tools

Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
WooX: The centralised version of WooFi. Stake WOO for fee-free trades and free withdrawals! GMX.io: Decentralised perpetual futures trading on Arbitrum! Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers! Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful! CoinList: Access to early investor and crowdsale of vetted and reserached projects. Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.

<img src=https://images.hive.blog/0x0/https://steemitimages.com/0x0/https://images.hive.blog/0x0/https://files.peakd.com/file/peakd-hive/bengy/IxCcXN5m-upgoats-bengy-gen-1.png>

<img src=https://steemitimages.com/DQmeoERDzqJXs2uwJ3BQjuKvTEQf4jjhCxuAr6pt87qkGr5/Classical_Music_smaller.png>

Posted Using LeoFinance Beta