This is why payday lending is a huge scam, and a terrible idea.
But buying at the top is the name of the game.
Post by twetch#7355
By the time that money trickles all the way down to that person who’s ‘buying’ it, it’s changed hands too many times.
What the chain says
- Block
- 633 870
- Time
- 2020-05-07T19:01:15Z
- Signer
- 1J6h7Bex83EVCGvamT5LMVm9MECX4bSquW
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#7355
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1J6h7Bex83EVCGvamT5LMVm9MECX4bSquW VerifiedReplies (12)
ie: There is not enough margin left for the ‘leaf user’ to create any ‘real value’ - it’s all been ‘exited’ by the vampiric ‘value = velocity + future product’ machine.
This is why the rich stay rich despite producing practically no value through labor.
So, to see ‘value in velocity’ requires decomposing the scenario and isolating the ‘environment’ in which the commerce happens; errantly attributing the lion’s share of value creation to ‘the system’, not the individuals transacting.
ie: ‘exit mentality’
In a way, this is part of what’s wrong with the speculation-seeking forks of Bitcoin 🐍
While I’m long on BitCoin as a tool, I’m less certain about the ultimate intrinsic viability of pay-to-play systems of equitability. First-mover advantages, etc.
People can transfer money back and forth to one another (that is, increase velocity) without increasing any motivation for savings. That means that the value doesn't go up and you shouldn't buy more. Value is what makes people want to save.
- Exactly.
- I still think the idea of buying money is a problem.
- Exactly.
So, if Savings are low while Velocity is high, isn’t the inference that the Value is Inflated?
How can Velocity fix a problem it created without a market-wide Correction?
But saving isn't necessarily hoarding cash, right? Usually it is not.
If it doesn't increase GDP it doesn't increase velocity.