RE: What if crypto made us ALL RICH?๐Ÿ’ก by automaton

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ยท@bobthebuilder2ยท
0.000 HBD
I believe there are several things you're forgetting when it comes to economics. People like to point to the wealthy politicians and bankers as evil. I do agree that politicians who get wealthy while working "for the people" is wrong, I have no problem with people earning money honestly. Of which, I believe most bankers are earning an honest living. I lend money to people. When I do, I charge an interest rate that I think is fair. The person borrowing does the same, or they'd go elsewhere. 

Blockchain by itself will not make anyone wealthy. The adoption of blockchain by late comers will enrich the early adopters, but this is true of anything that goes from unknown to very popular. Scarcity is part of the picture. If you accumulated 1M coins for $1 and the coin becomes popular to the point that it is now worth $1M each, you are now a millionaire...if you sold all your coins, the value per coin would drop because the scarcity would be addressed by more supply on the market. Case in point-POB was nearly 2 Hive per POB not very long ago. Last I checked, you could get 1 POB for 0.75 Hive. That means there were a lot more people selling POB than buying it. Will crypto get some people rich? Yes, but it will not be a way for everyone to get wealthy. 

> Instead of gambling the kids college fund people can blog and earn crypto. And since there are so many ways to earn and compound its a recipe to create positive wealth loops.

Also, your point about poverty loops or positive wealth loops...if everyone in the world blogs to their hearts' content and they all got 1 POB every day, and they tried to sell it every day, the value of POB would remain super low because supply would be high and demand would be low. 

Crypto has already made many rich, but not wealthy. It's much like winning the lottery. Those who win big may not know how to use their riches in a way that they can remain rich. That's where wealth takes place-when those who are rich are able to know how to invest what they have to remain rich. Most lottery winners go bankrupt.



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