One thing I worry about is if Bitcoin completely takes over as a store of value it would work rather too well to transfer wealth across generations, to the point where it starts to lead to very long lived dynasties.
Let's assume hyperbitcoinization already happened - I can just hodl, and get a safe, boring 3% real return by my Bitcoin appreciating. As long as you can live on less than 3% of your net worth a year, you are now financially independent. Not only that, but so are your children, and their grandchildren.
In the current systems fortunes have to be invested to keep their purchasing power, so you face *some* risk of loss. But if you hodl, as long as you use a good vault for the storage, there's very little reason any value will be lost to the family stack almost at all.
Not only that, but a relatively small amount of people mostly in the western world have cornered 70% of the supply of Bitcoin. What about if we're correct and this hodler controlled supply is the future capital stock of humanity? Now you have less than 1m people globally who control 70% of the liquid wealth of the world, that's horribly in-egalitarian.
Now maybe we as early adopters of Bitcoin deserve to get filthy rich for launching a new monetary system. But what about your heirs 3 generations down, should they control 70% of all liquid capital in the world?
Fast forward a few generations and you could have a new neoreactionary "noded nobility" class, hoarding most of the wealth, unironically telling the rest of society to have fun staying poor.
DireMunchkin
npub1mxr…kyq5
2023-08-04 12:46:27
in reply to nevent1q…8vzs
Author Public Key
npub1mxrt3fyvaay4plrz7lwzurf80jjs2atmt2nn7z2ekgr9necl0jkqekkyq5Published at
2023-08-04 12:46:27Event JSON
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"content": "One thing I worry about is if Bitcoin completely takes over as a store of value it would work rather too well to transfer wealth across generations, to the point where it starts to lead to very long lived dynasties.\n\nLet's assume hyperbitcoinization already happened - I can just hodl, and get a safe, boring 3% real return by my Bitcoin appreciating. As long as you can live on less than 3% of your net worth a year, you are now financially independent. Not only that, but so are your children, and their grandchildren.\n\nIn the current systems fortunes have to be invested to keep their purchasing power, so you face *some* risk of loss. But if you hodl, as long as you use a good vault for the storage, there's very little reason any value will be lost to the family stack almost at all.\n\nNot only that, but a relatively small amount of people mostly in the western world have cornered 70% of the supply of Bitcoin. What about if we're correct and this hodler controlled supply is the future capital stock of humanity? Now you have less than 1m people globally who control 70% of the liquid wealth of the world, that's horribly in-egalitarian.\n\nNow maybe we as early adopters of Bitcoin deserve to get filthy rich for launching a new monetary system. But what about your heirs 3 generations down, should they control 70% of all liquid capital in the world?\n\nFast forward a few generations and you could have a new neoreactionary \"noded nobility\" class, hoarding most of the wealth, unironically telling the rest of society to have fun staying poor.\n\n",
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