Rigged System or Bitcoin: Who Comes Out on Top?

I'm watching this unfold and just jotting down my thoughts... you could totally stream it too. Honestly, I haven’t seen an economy that feels solid since 2008. We’ve had constant shocks, inequality is now totally embedded, and most people are just getting by. With productivity forecasts getting worse, bailout spending under scrutiny, and unemployment stuck at around 4.7%, the UK is really starting to show some serious problems. Real wages are lagging behind inflation, even with wage increases of 4 to 5%. Meanwhile, Google is throwing £5 billion into data centers and AI. Net-zero industries are growing by about 10%, which is roughly £83 billion in gross value added. But if we can’t get climate issues under control, costs could hit 3.3% of GDP by 2050. We keep hearing about growth, but let’s be real it’s totally uneven. Everything seems rigged in favor of the rich. The middle and lower classes are seeing their incomes stagnate while the top 1% is reaping most of the income and wealth increases. The whole system feels like it’s been built for just a handful of people, leaving the rest of us struggling. But that’s where Bitcoin comes in. While wages are falling behind inflation, housing is out of reach, and inequality grows, Bitcoin presents a solution where the rules are set by code, not lobbyists. Sure, I get that there’s volatility, but at least it’s not designed to favor the already privileged through sneaky methods.

The video was about Cardano's Midnight, so basically not about Bitcoin. Did you watch the video? Anyway, blockchain has many features like transparency and security, but there are many solutions to the rigged systems. The question is, do they want to make the whole system equal? They don't want that; those who make more money are making even more because they have capital. Speaking about AI, Google, and other companies, I don't know why you mentioned the climate costs. The main point is clear, these companies are made by people who have billions. You don't have money, you can't make such a company, that's it. They are not controlling your food or your source of income (to some extent they do), or the efforts you make. They are providing opportunities to those who have skills and are hardworking. Bitcoin is for everyone, like jobs are, but this is not a fair comparison. Bitcoin should be used for daily expenses, although we are now using it as a reserve, and there’s nothing wrong with that too. Although blockchain has the potential to solve some problems, as I said, they could have solved them already.

Yeah you are right it is nothing but a rigged game. when the house writes its own rules then the house will always win, lol. The situation is the same in all countries of the world, wages are falling, prices are skyrocketing, I would say nowadays the gap between the rich & the poor is much wider than the Grand Canyon, lol If it comes to Bitcoin, it is the whole bet on Bitcoin, right? I would say it is Satoshi's ultimate protest against the broken system. Satoshi's rules are the same whatever you rich or poor, his creation is like picking up your chips from a crooked table & start your own game where everyone plays using same verifiable rules. There are no backroom deals nor hidden fees everything transparent with verifiable code volatility ?? it is the ultimate hilarious thing to me what they use to scare people. tell me which one more Volatile to you? a 2x dump after having 2485818x pump? Or the system that could wipe out your all savings overnight with a financial crisis ? they will never let you know that, LOL Sure, it is a volatile ride, you have to go through some crazy swings in this ride, that is the same for everyone. But when our alternative is a slow bleed in a system designed for a select few, that volatility is far less scary, isn't it?

I haven't watched the video but I understand where you're pulling this over. And it's a fact that the system is made by the victors and the rich and that's why it always favor them. But we don't have to lean on that system anymore thanks to Bitcoin where the distribution and transfer of wealth is happening because of it. We're the prospects and based on what we have experienced, it's really breaking the typical system that we used to live on. And volatility isn't actually an issue. It is an opportunity that's made for us. If it's not for bitcoin's volatility, I doubt it that many are going to invest on it.

There is always a reason why the wealthy have become wealthy; it may be because they have been in power, and that's where corruption happens, and they would be able to do what they want. Blockchain, however, would make it transparent and would prevent possible corruptions. I just do hope that there would be talks and application about this. Bitcoin truth will win.

The video spoke some truth about using the blockchain to promote transparency and accountability in government. When projects and financial transactions are visible for all to see, it will definitely reduce the rate of corruption in most nations. But the blockchain cannot end bribery and corruption. Corrupt politicians and corporations will always seek means to steal from the system. Volatility also has its benefits. El Salvador has maximized the opportunity that Bitcoin offers and is gaining revenue from buying and holding Bitcoin. But it seems the video is promoting a particular project unrelated to Bitcoin.

Not only are there volatility issues but also are "wages lag behind inflation, housing is unattainable & inequality is on the rise" addressed by Bitcoin? If you're dependent on a low wage that increases slower than inflation, how would Bitcoin help you? It seems to me, at least as far as economic inequality, poverty, and the like are concerned, Bitcoin isn't really a great equalizer. As a matter of fact, it's still the rich and privileged few in society that can take advantage of Bitcoin more than the poor. Blockchain isn't synonymous to transparency. Blockchain doesn't prevent corruption.

Bitcoin is a currency and asset. It can be bought by the mega rich and has been added to their portfolios for a long time already - unlike others they don't have a reason to ever sell it though. Just being an open and transparent ledger doesn't mean that the rich cannot abuse it or dominate it in the economic model you described - so it's not some wonder cure as you state. It's simply a tool that doesn't scale well enough to cover even a tiny fraction of the transactions that a large country will process each day, in a fast and cheap way. You need to detach these two disparate thoughts because yes the rich are taking an unfair piece of the economy, but it needs other solutions to actually fix the problem.

I watched the video and it's very expository, we are becoming much more aware now about how the governments and the super rich controls every systems to their selfish advantage while the ordinary citizens struggle to survive. No wonder governments and those that controls our economies didn't like Bitcoin initially but now they don't have much choice but to be accepting it. Bitcoin creation has opened our eyes to the existence of decentralization and transparency, we now have a better alternative to bypass these controls and manipulations. Bitcoin gives the holders privacy and freedom from the manipulations of central banks currencies which are prone to inflation, it is also a store of value that can make you rich on the long term. Bitcoin is classless, anybody can hold it and be profitable according to their stash

Isn't this yet another "Bitcoin will save us from wealth inequality!" type of forum thread? Bitcoin exists for more than 15 years. Does it reduce inequality around the world. NO. The early adopters and some investors became extremely wealthy, while the "average Joe" is still in the middle class or the working class. Thinking that the financial markets would solve inequality is simply stupid(the crypto market is a financial market). Most western countries have progressive taxes, which are supposed to tax the rich with a higher tax rate. I find it weird that progressive taxes aren't helping for the reduction of inequality anymore.

It is natural that early adopters will be quite wealthy now but they were not very wealthy at the time, but remember that the average Joe did not revolutionize overnight. Similarly, Bitcoin will not magically eliminate our inequality unless we want it to. Bitcoin is not a charity program that will take everyone and make them wealthy, it is just a protocol designed to be fair under the code. Inflation, bailouts and privileged access can destabilize the game, whereas Bitcoin offers a fixed supply, an open system and resistance to state capture. Whereas inflation, bailouts and privileged access openly put us all at risk, Satoshi was the only person who gave us the Bitcoin system by strongly condemning fixed supply, open system and state capture, unlike fiat. Yeah, progressive taxes could help however they are a very weak tool when money printing & lobying continue to violate the rules. And only Bitcoin has the power to reverse that, giving individuals power they never had before. So while it won't instantly level everything, it's a real lever in a corrupt system.

This has been going on since ages. Rich have all the benefits and poor or middle class struggle with their day to day expenses. Society has always been in fair to those with lower wages but who's to blame here? The governments or the society? I'll say both, government favours the rich as they are the ones paying hefty taxes while the society favours rich because they streamline majority of earning sources. Rich or middle class struggle to overcome their daily expenses. Bitcoins have been fair to everyone due to their decentralized nature and hence providing stability and freedom. Bitcoins will never judge anyone by being rich or poor. This is what makes them special and worth considering as a financial stream to stabilize the economy.

If rich people who own a lot resources are rigged, Bitcoin system is also rigged if we look from economy perspective. People become rich from starting a small thing like selling fried banana or clean shoes, as it's get bigger and they own many shops, now you're complaining if rich people control the resources. Maybe, just maybe, if you dare at that time to start a business, you might become a successful businessman now. Same as Bitcoin, anyone have the opportunity to buy, but early adopters get the most benefit. Yes we could be the early adopter, but at that device and internet package is still expensive, not to mention many people are still not able to understand technology because they're uneducated. Early adopters are rich people because they can afford device and learn technology, in the end, it's still a rigged system.

The idea that the world financial system is designed to be of benefit to a selected few is a narrative that has led to an increasing relaxation on the part of the supposed average folks that think that they can not do so much since the system is not in their favor. As long as the worlds economy is concerned, there is nothing like a rigged economy. everyone that finds himself at the top got their because he is able to study the economic system and found a way of placing himself at a better position that is favorable to him. it is the same kind of narrative that some people holds when they assume that bitcoin is designed to favor just a selected people in the world that are of the high class, the question then becomes, is that narrative true? life is mostly looked at to be unfair but in reality, life is relatively fair. as much as possible, if you have the knowledge of bitcoin you can benefit from it, in the same way, if you also have the right knowledge on how to effectively tap into the worlds financial system, regardless of your class in the society, you can always tap into it.

A friend of mine told me that it is easier to win the lottery than to be more wealthy than the family you were born into and it really has me thinking, I asked were he got it from or if it’s from a book so I can read up but he did not recollect. Bitcoin was like an equalizer for people who weren’t born into a rich family but it was the early adopters that hit the jackpot. Many peoples live turn around buying bitcoin early and holding it for a very long time. Is the system rigged? Some people may believe so but the system is making wealthy families to scale up and the poor families to have stalled progress. If you aren’t from a rich family you must collect all opportunities that comes your way to break out of your families financial box.

My brain understands this but my heart doesn't want to agree. Bitcoin surely can be a great equalizer because it will never restrict you from anticipating just because you are poor. There are no financial boundaries when it comes to bitcoins. Bitcoins are meant to be people's money where there is no financial inequality. Yes, the rich will surely fill their pockets with larger chunks but even the poor or middle class can get their hands on bitcoins maybe in smaller chunks. There's no battle between the rich and the poor. It's just the matter of accessibility and I can totally agree that bitcoin are accessible to almost everyone. Blockchain is definable transparent. I don't know why you think it isn't? Every single data published on blockchain is public and anyone can verify those data based on the factual. This brings in transparency up to certain level. Corruption occurs when there is no transparency and when it comes to blockchain, I've hardly heard any corruption stories.

I wont call them selfish. Do you know how hard it took each of them to get to that level? The sacrifice they made, including giving up everything at some point? When you are rich, you will understand that, you must take advantage of every opportunity if you want to remain rich. Even if it will restrain the poor from breaking through. They are not selfish, the only time you can call them selfish is when they take what was giving to the poor. The fact that they are using what they have (money) to get what they want (more money) isnt selfish.

The rigged system that we already have is in power, so bitcoin could be a better way but that doesn't mean we are going to get a bitcoin world. This is why it is so important to keep getting more and more bitcoins, not just to get rich or anything, but to have a share of something real. Obviously, many people buy crypto, with the hopes that they make more profit, and then sell it and be rich. But that selling part is the part that you are wrong, you shouldn't be selling it, you should be spending it after becoming rich. That way, bitcoin would gain more adoption and would cover most of your life. In my nation, you could almost exclusively live off bitcoin, aside from bills, if that is included one day too, then we can live off bitcoin only. I don't because it's harder, but I am sure I will have that life one day.

They would have become wealthy even if Bitcoin would be the only currency. To become wealthy you need to work on yourself, know the right people, teach yourself to learn from other people mistakes and be so wise that you don't fall victim to crime. Work on yourself in regards to retain trust, be disciplined, know how to save up, know when to invest and so on.  Way to go...

No, you're restricted in more ways than one simply because you're poor. Just like food in many poor nations, Bitcoin is there available for everybody to buy. That is, if you can afford. Apart from that, Bitcoin needs technologies, infrastructures, without which you can't take advantage of it even if you have the money. There are certainly boundaries, not just financial. There's always a battle between the rich and the poor when it comes to a coveted asset that's expensive. More than accessibility, there's the problem of affordability. Do you think the hundreds of millions of people around the world who are living with less than $2.15 a day can afford to stack Sats? Not all blockchains are transparent. Definitely not all blockchains are decentralized. Not all blockchains are immutable. Not all blockchains are public. My country is probably one of the most corrupt in the world, but national and local budgets and expenditures are all public information. That's never a hindrance.