Oddbean new post about login | logout The consequences are that bitcoin doesn't fix shit for people that think the solution is state coercion mandated by democracy. Majority holders will act as a immobile political blockade to "progress" as it is popularly defined. We will see a more voluntary society out of necessity for collective problem solving.
None of this requires widespread bitcoin adoption or some sort of equitable distribution. It simply requires bitcoin be valuable and immutable.
Lol wut? This party is just getting started
How much do you think is left to acquire? What is the ratio of that to what is already owned by ideological holdouts?
the old guard will sell to the new guard it happens every day. we only have so much time on the crazy world. everyday there are new shrimp going down the rabbit hole and the OG's are just getting older. the saturation of the market is just beginning.
The space between what the old guard has and what can satisfy shrimp is an unfathomably wide chasm. I bought a house recently with proceeds from bitcoin. Initial investment according to my 8949 statement? Not even a month of rent. And as debt products become more sophisticated, the buy-borrow-die strategy ensures that only a trickle of those riches will ever see widespread distribution.
None of this means that the whales won't be in firm control of what is left of what can be bought in the meantime, and that includes politics. Holy shit, I have a target price where I start gumming up the works of my blue state with an army of pro-gun lawyers.
i think i hear what your saying and i cant say your wrong but it sounds to me like you are looking at this through a fiat biased lens where everything is a zero sum game and some win and others lose at the winners expense. i think bitcoin will change this dynamic. in other words when we as a society wake up to the idea that all scarcity is fake(except time) then everything changes.
I dunno about that. It’s mathematically true that if Bitcoin ever does become immensely valuable, the wealth disparity between old and new holders will be remarkable. If Bitcoin becomes the global reserve currency and the value 100X’s, there will absolutely be a new ruling class that’s minted, and I don’t know if we’ll all like what that ruling class does.