Bitcoin is north of $50K today, which is extremely impressive considering it has no fundamental value in itself.
I never even imagined that it's price would go that high. Does that mean that I'm totally wrong about Bitcoin? No. It means I was totally wrong about the people who buy bitcoin.
Have you wondered why the stock market has gone crazy, while the real economy slumps? Why the rich are getting so much richer, while the poor are getting so much poorer?
Oh, sure. There's plenty of fraud in this rigged economy, but how is it rigged?
This last question I can answer (from a bird's eye view).
There was an article in "The Week" about how the government fiscal policies worked. I kind of suck at this kind of thing, but I understood this article:
"The basic economic misunderstanding that's screwing up the coronavirus response"
I want to ask you a question. Deep down, don't you really want Money to win this election?
Because if Money wins this election, there's a chance that Money might come your way. Money might change your life! Think about all of those problems in your life. Money can make them go away. People say that there are things that are impossible, but with Money, anything is possible. And if they aren't possible, Money can find the people who will make them possible.
We all should have and still should, raise a fuss and a holler, as it were. Hell my family didn't even have a car to borrow for a chunk of my youth and I couldn't have borrowed it to go a riding on Sunday
Cross-posted from Real Economics.
I suspect that most people do not understand bitcoin and cryptocurrencies because they also do not understand how money is "created." The reality that money can be created out of nothing is so ludicrously simple that most people simply cannot believe it. John Kenneth Galbraith observed that "The process by which banks create money is so simple that the mind is repelled."
Folks, I'm not seeing a lot of point to all this discussion unless we can get some real answers. I mean, why bother?