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Fiat Billionaire Chamath is spreading misinformation about inflation and wealth inequality. Really good thread debunking his bullshit:

Fiat Billionaire Chamath is spreading misinformation about inflation and wealth inequality. Really good thread debunking his bullshit:



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5 Comments

  1. ” Cantillon Effect in a nutshell: when new money is created, it doesn’t affect all parts of the economic spectrum equally. Increasing the money supply doesn’t benefit the average person the same way it benefits wealthy people. ”

    You have convinced me it is best to stop creating more bitcoins as it would increase the supply and wouldn’t benefit the average person the same way it benefits wealthy people.

  2. I have no idea who’s correct or incorrect, because I didn’t read it all and because there is too much history that occurred for me to really know as I wasn’t alive.

  3. Money goes into banks. Banks lend on social networks and relationships. They make us fill out forms and disclosures but at the end of the day, did you make the right impression on the right person. This is bad for a lot of reasons, most of which boils down to people aren’t as smart as they think they are. And often lend money to the wrong people. Think Trump. – DeFi and Btc etc will eliminate this bias.

  4. Chamath IS correct, stop spreading this libertarian bullshit.

    Money printing is good if you can get the money to the poorest people.

    Bitcoin protects your wealth from money printing.

    These two things work in harmony.

    1. People who aren’t wealthy can’t protect their wealth if they don’t have money.
    2. People who has some money want to protect their wealth from being debased.

    These two things works in tandem. This is not about some ideological bullshit about how money should work.

    EDIT. YES PRINTING MONEY IS BAD IF IT GOES TO PEOPLE WITH MONEY DIRECTLY WITHOUT BEING TRICKLED UP. This is why you print money and give people the stimulus instead. These generic post about money printing needs to stop. There is a nuance to this not just money printing = bad.

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