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> "that crypto would be a boon for the lower classes seems to me to be extremely dubious" Why? The lower classes are the most vulnerable to inflation. And eve

> "that crypto would be a boon for the lower classes seems to me to be extremely dubious" Why? The lower classes are the most vulnerable to inflation. And even the poorest have cell phones these days. See TXT-banking in Africa. Or this example with Bitcoin: https://www.forbes.com/sites/tatianakoffman/2020/07/14/this-el-salvador-village-adopts-bitcoin-as-money https://www.forbes.com/sites/tatianakoffman/2020/07/14/this-... > "it would shift [power] away from governments and into the hands of the wealthy" You repeat yourself. ;) There are certainly risks - 51% attacks, etc. I don't know if crypto is the whole answer or maybe part of it, but when you consider how much the current financial systems are controlled and rigged, it's hard for me to see crypto as not an improvement for the common people.

imtringued 5y ago
>The lower classes are the most vulnerable to inflation. The lower classes spend most of their income and accumulate very little savings and even if they do, those savings will not generate enough returns to replace their job, if the latter were possible they would not be lower classes by definition. Really there is only one benefit that Bitcoin brings and that is the ability to "strike" and force central banks to set interest rates properly e.g. the threat of competition keeps everyone honest. Also, Bitcoin is going down very quickly. Considering the recent rise in inflation I wouldn't want to hold onto Bitcoin if my goal was to get ahead of inflation. The volatility completely drowns out inflation. You may have to hold onto your Bitcoin for years and hope for a recovery.