12: Bitcoin, For Rich Or For Poor?
Guns N' Bitcoin
English - November 06, 2019 19:22 - 30 minutes - 72 MB - ★★★★★ - 33 ratingsSociety & Culture Sports Wilderness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The poorest people can’t invest in bitcoin. They don't have enough money to pay rent or buy food. How are they going to sit on $50 for four years? And this isn't just in 3rd world countries. This is in Western countries. In fact, a lot of people in Western countries.
Staying alive is more important than owning bitcoin
Bitcoin has made many people rich, but has bitcoin helped any poor people? Should it? Can it? In this special episode, Ragnar and Chanel sit down to discuss the surprising responses to the following tweet from Ragnar, “The poorest people can’t invest in bitcoin. They don’t have enough money to pay rent or buy food. How are they going to sit on $50 for four years? And this isn’t just in 3rd world countries. This is in Western countries. In fact, a lot of people in Western countries.” The replies varied, from callous to inspiring, from condescending to insightful.
HIGHLIGHTS
Being poor falls on a spectrum, defined by cash flow and living conditionsStories of bitcoiners who became poor through bad luckThe five characteristics of bitcoin that make it a bad investment for the poorApplying sound investment principles to bitcoin: Time horizon, risk tolerance, liquidity, and maintenance burdenWhy poor people can’t and shouldn’t save money to buy bitcoinCan earning bitcoin help the poor? Usually notHow bitcoin CAN help the poorBitcoin and the poor in Venezuela, Argentina, and LebanonWhy the middle class have the most to gain from bitcoin
RESOURCES
Ragnar’s October 27th tweet that spurred this episodeRagnar’s October 28th tweet that led to further debate