(no title)
sqrt17
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4 years ago
The difference being that BTC has no utility that people depend on. They can refuse to buy the BTC from the now-GenZer or even the Winklevoss twins if they'd rather have food or shelter or a chanel bag rather than BTC. The real world phenomenon that this corresponds to is consumer price inflation or asset price inflation (assuming your asset is production capacity and the medium of exchange is BTC)
Being a landlord, or being an oil baron in an economy that is dependent on petrol, is different because people actually need those things. So antidemocratic aristocrats who inherited a land with substantial oil reserves can now buy lots of startups via softbank or build artificial cities because our cheapest way to acquire petrol is still to dig it out of the ground in those countries where reserves accumulated in the last millions of years, and pay local rulers for the permission to do it.
imtringued|4 years ago