By Larry Chiang
Money. Money has a compression algorithm that’s complicated. Wealth can get wiped out when the government starts printing a lot of money.
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Crypto Millionaire App (@eagletwitt3r) |
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@NickSzabo4 #Socialism in #Venezuela has been super efficient at destroying wealth. As usual, the most vulnerable: elderly pensioners, teachers, children have been hit the hardest. Think your fiat currency of choice is safe and you will retire comfortably with your savings? Think again… pic.twitter.com/xrVfajHldH
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Treasure. How are you storing treasure
#ch2: When everyone is a millionaire, no one is rich except for the person running the socialist system who’s a billionaire in {semi} hard (fiat)currency
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Nick Szabo 🔑 (@NickSzabo4) |
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The Cantillon effect: “the first ones to receive the newly created money see their incomes rise, whereas the last ones to receive the newly created money see their purchasing power decline as consumer price inflation comes about.”
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