Web2 product guy since 2011. Bitcoin holder since 2017. Node runner since 2020. Recovering NFT degenerate since 2022. Relayer since 2023.
The Fockin’ Fury @TheFockinFury - 47m
Threads is so wack. I’ve had my account for two days and I’ve had my account suspended twice. Not even saying hateful shit or anything. Maybe trolling a few MAGA types but whatever. Damn those guys are tightwads.
The Fockin’ Fury @TheFockinFury - 8h
Also, if you run Umbrel there’s a Tor Snowflake Proxy app in their App Store. Literally one click and you’re running a proxy. Hardly uses any resources. Everyone with an Umbrel should install that app.
The Fockin’ Fury @TheFockinFury - 12h
https://youtu.be/p46AXCtue9c?si=KtY7xUYb3y0iY7A5
The Fockin’ Fury @TheFockinFury - 14h
🤝 Btw I’m not dismissing your argument at all. After all, I, too am a bitcoiner, so at the very least I take interest in commodity-backed currency. It’s just hard for me to accept Austrian economics and anarcho-capitalism at face value without a healthy dose of skepticism, since we haven’t really seen those things work in modern history. Still, I’ll read the paper you shared
Nah, inflation does erode un-invested wealth over the years, but it doesn’t evaporate the $30 in a poor person’s pocket faster than they can spend it. Poor people don’t earn enough to accumulate any wealth therefore inflation doesn’t make them poor. The issue is that too many jobs don’t pay living wages or provide adequate benefits. Yes, inflation does increase the cost of living over time so in that way it’s part of the problem. But imo the real problem is a distorted labor market.
Never said you should trust me, just saying I’m not surprised you cited a controversial fringe economist with little empirical data to support his theories 😉
I think the issue is that not enough people can provide enough for themselves to live. We see this today with the number of people living below the poverty line. The wealth gap is too high and, without government intervention, the jobs that people have access to don’t pay well enough for these people to be able to provide food for their families, let alone medical care, let alone a secure retirement. If free market capitalism was working so well, why are we seeing this?
The Fockin’ Fury @TheFockinFury - 15h
Figured you would cite Rothbard! I’ll have a look at this. As a guy who majored in this stuff, though, what I’ll say is that there is little evidence that the principles of Austrian economics can work (at least better than the status quo) in a large, late-stage capitalist society like the US, but it is fun to think about how it might look.
Alright but like… on one side, poverty and death, and on the other, inflation and bureaucracy. I know what I’m choosing.
I don’t know what you mean. Can you try to be more specific?
I know it’s going to become insolvent and it will need to be cut. I’m planning my retirement assuming I only get 50% of what I’m entitled to. But there’s a big leap from that to “we should abolish all welfare programs”
It literally did. Laissez faire government, stock market speculation, unregulated financial industry and income inequality and over-production all contributed to the collapse of the economy. That’s why programs like these exist, and it’s why we haven’t seen anything nearly as severe ever since.
Bureaucracy is inherently inefficient. But the alternative to some of these more critical welfare programs is people dying poor, sick and hungry. The trade off is that stark. What gets me about this argument is that those that advocate against these programs seem ok with those consequences because it would prevent abuse by a minority of bad actors (which every society has)
You mean like the America that created the Great Depression?
I think one of the inherent truths about capitalism is that people can’t provide for themselves. That’s why every functioning capitalist society has social welfare programs. Name one that doesn’t.
That gets a big yikes from me 😬
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.
I take this to mean you would support cutting social security (your retirement), Medicare (your insurance before you die), veterans benefits (so we can make it worth it for you to put your life on the line for your country)?
The Fockin’ Fury @TheFockinFury - 1d
But Trump is a shitcoiner, right? He literally launched a shitcoin.
Is your point that Bitcoin itself is done? And what are these consequences you speak of?
