If I was smart I might ask if this paper is relevant within the next 100 year given how Bitcoin works currently, but I'm not :(
I know that you think you're being performatively stupid, but in a system where the benefits are captured almost entirely by a few techbros, and the pollution from the coal power plants powering it is felt mostly by ethnic minority rural poor (1) ... yes?
I suggest that the burden of poof is on the other side: attempt to make a coherent case why this technology is somehow egalitarian and not going to drastically worsen inequality. Good luck.
1) https://qz.com/1978807/bitcoin-has-a-xinjiang-problem/
https://twitter.com/ericholthaus/status/1362279679630204929
https://diginomica.com/bitcoins-damage-planet-coal-powered-c...
Who do you think gets the benefit of the freshly printed fiat?
In the central bank cantiollionaire system, there are three classes of citizens:
1) jamie dimons, warren buffets and the like who get access to practically 0 cost lending rates 2) the ~60% of citizens with assets (e.g. stonks, real estate) that get pumped along with the money printer 3) everyone else
What do you think happens to "third class" citizens?
The rules are NOT the same for everyone under the central banking system.
The rules ARE the same for EVERYONE with BTC.
https://www.newyorkfed.org/medialibrary/media/research/staff...
No, This is a very smug take from the "must be good because I got mine" BTC crowd. "Smug" practically defines them.
Anyway congrats on some smug "whatabout fiat"
I provided evidence (from NY fed) to your burden of proof request.
All one can ask is to have the same rules for everyone. Equal access. No special privileges.No cantillionaires.
If you are a cantiollionaire - good for you.
If you are not a cantiollionaire, then wtf are you defending a clearly corrupt system that further drives inequality and perpetuates cronyism? Is it because you want to be the person distributing freshly printed fiat?
Assuming your well founded intentions are to make the world less inequal via the money printer, the money printer has been proven to do the exact opposite.
If you want to properly critique btc, you can argue that there is a one time cantillon effect until hyperbitcoinization. Then you can get into the discussion of what happens to the people who don't have any. You could discuss UBI or other social systems.