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Bitcoiner Yuan Wei: Bitcoin Is a Great Investment, But Not a Global Currency
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Who is Yuan Wei?
- One of the seven writers of the book Bitcoin;
- Computer major at college;
- Stock enthusiast for years;
- A tech-savvy;
- Never sell one bitcoin in the past 4 years.
How has my Attitude to bitcoin changed as I’ve learnt more about it?
I always believe that we should hold bitcoin for long, but my understanding about bitcoin has changed.
On May 2013, this is how I told people what bitcoin is.
“Bitcoin is a revolutionary technology and it is the money of future. “
However, in 2016, I realized that bitcoin is actually anti-human. It will never and must not be a mainstream currency.
Bitcoin belongs to digital or virtual precious metal. In the long term (10 to 50 years), bitcoin price will be going up stably. It can also be understood as a global development index fund, representing the average level of global development, which is also going up. It is undoubtedly worth holding, but if you take it as a world currency, it would be nonsense.
Here I’m not going to talk more about the greatness of bitcoin. You can just google it.
I will focus on why bitcoin is anti-human.
History has repeatedly showed us a clear link between inequality and social instability. We are not asking for absolute equality, but it would be catastrophic if you reach a breaking point. And what is most likely to cause inequality? The answer would be when means of production (with a fixed amount) are owned privately by a small class. This is what we learned from the history of class struggles.
Fixed amount
Anything that is fixed will lead to the 80/20 rule and thus widens the gap between rich and poor. For example, everyone in the world has 100 acres of land to be self-sufficient. Let’s just say one day A gets sick and must lie in bed for two weeks. So he sells 20 acres of land to B for food. As a result, the new ratio becomes 80: 120.
What does this mean? A gets more vulnerable to risks and B enhances his anti-risk capacity. With 120 acres of land, B can not only feed himself, but begins to store surplus grain. A, however, has only 80 acres of land, he can hardly feed himself and is getting weaker.
5 years later, both A and B get sick. B has surplus food and he doesn’t have to sell his land, but A can do nothing but sell land again. This time he sells 20 acres and now the new ratio is 60: 140 …… This goes on and on. As we can see, once the balance is broken, as the total amount remains the same, the result is bound to B has more land than A.
This is a zero-sum game. If A suffers a loss, he will become less competitive and thus become more vulnerable to losses. On the contrary, B will become more competitive.
Means of production
Means of production such as labor forces, land and capital are indispensable for any mode of production. They are basic needs for human survival. We should make clear the difference between “means of production” and “personal property”. Many people confuse the two and demonize public ownership.
Private property
As the land now belongs to B’s personal property, you cannot reallocate the land or do some adjustments about it. You could only expect that trickle-down effect and charity will narrow the gap between A and B. But history tells us that neither of them is effective enough to remedy the widening wealth gap.
Put simply, because of fixed amount, the 80/20 rule is a must-be. Because it is the means of production, so no one can live without them. Because of private ownership, the rich do not have to be responsible for the poor. Therefore, everyone will be enslaved by private capital in a world where the total number of currency is fixed, which will worsen inequalities.
Therefore, if Bitcoin becomes the world currency, it will inevitably lead to the polarization of wealth and cause social unrest. This is exactly why gold, silver and other commodities are no longer used as currency and we are now in the age of credit money.
I assume that some people would say gold and silver are real money, and credit currency is nothing but a means by which the government enslaves the people and deprive them of their wealth. It only indicates that these people know nothing about finance. Hypothetically, A has 10 dollars and B has 10,000 dollars and the total wealth of society are 10010 dollars. Then the government slowly issues another 10010 dollars and ideally A gets 5015 dollars and B gets 15005. Now can you tell the gap between A and B gets smaller or bigger?
It may be said that the modern banking system is the very scourge behind the gap between rich and poor. Bank loans causes an increase of inflation. That’s true, but don’t forget that when inflation is caused by loans, banks tend to lend money to the rich first and when the poor get the money, its value has depreciated. This indeed has caused the polarization between rich and poor. However, inflation can also be caused by infrastructure improvement. For instance, making water, electricity, communications, the Internet, healthcare and education available to the poor in remote areas, which is common in welfare states in Northern Europe and socialist country like China, but is rare in Anglo-American capitalist countries.
Summary
- Bitcoin in its very nature is anti-human society, it must not be a world currency.
- Bitcoin is the world’s first decentralized digital currency, which has made it historic and unique. This is extremely important to long-term investment in bitcoin.
- The total number of bitcoin is fixed. Anyone anywhere in the world can buy it and plus its uniqueness, it will keep creating an upward trend.
PS: Don’t invest in Bitcoin now as the price is skyrocketing. Buy bitcoin when it slumps and regularly invest in it once every quarter. In other words, the best timing is when you see such negative media coverage as:
“Those miserable bitcoin investors.”
” I pity those bankrupted bitcoiners.”
” Bitcoin: worst investment of the year. “
Bitcoin is worth holding for a long time, but it will not disrupt world economy or the current monetary system. Don’t even think about it.
I have been living two lives. In one life, I am a news editor of 8btc. I translate news, interview bitcoiners and miners. In the other life, I am an AI bot programmed to .......Forget it! Who is gonna buy this BS! I'm just me, Cindy, nobody else.
COMMENTS(27)
Bitcoiner Yuanwei: #Bitcoin Is a Good Investment, But Not a Global Currency | http://NEWS.8BTC.COM http://news.8btc.com/bitcoiner-yuanwei-bitcoin-is-a-good-investment-but-not-a-global-currency …
Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom
Yuanwei: One of the seven writers of the book Bitcoin, has been holding btc for 4 years and never sell one bitcoin. He started to think bitcoin is actually anti-human and a zero-sum in 2016. Fixed amount will cause the 80/20 rule and the rich have no responsibility for the poor. So if Bitcoin becomes the world currency, it will inevitably lead to the polarization of wealth and cause social unrest.http://news.8btc.com/bitcoiner-yuanwei-bitcoin-is-a-good-investment-but-not-a-global-currency
Quote from: Yuhee on Today at 08:59:56 AM
Quote from: Doofus on Today at 07:51:52 AM
Yuanwei: One of the seven writers of the book Bitcoin, has been holding btc for 4 years and never sell one bitcoin. He started to think bitcoin is actually anti-human and a zero-sum in 2016. Fixed amount will cause the 80/20 rule and the rich have no responsibility for the poor. So if Bitcoin becomes the world currency, it will inevitably lead to the polarization of wealth and cause social unrest.http://news.8btc.com/bitcoiner-yuanwei-bitcoin-is-a-good-investment-but-not-a-global-currency
In my perspective first it will lower the worlds economy because most of the money returns and come in the web. And businesses would run out of workers because opportunity in btc is more easier. Bit by bit more and more businesses are investing in in btc and i think most money would go in the web and most oppurtunities now underlies in btc. And local goods wont have any rich business men to invest in them or fund them.
Then when do you assume all these will come true?
So what? 80/20 rule and the rich have no responsibility for the poor also happens now and nothing much bitcoin can do about it.
i keep seeing articles from 8btc repeating the same thing for some time now. it is like the 10th article that i see in which they quote some people we have never heard of who are calling bitcoin a pure investment and nothing more.and each time i will repeat: “Bullshit”!bitcoin is a currency and if anyone wants it to thrive, they must accept it as a currency. otherwise we are just wasting our time speculating to no end.and price can not go higher than a certain level unless it is for real adoption of bitcoin as a currency.people seem to have forgotten why this rally started and why we are $1000 above the previous price! in which case it is because of Japan and their adoption of bitcoin as a legal method of payment aka as a currency.
Quote from: ETFbitcoin on Today at 09:14:53 AM
So what? 80/20 rule and the rich have no responsibility for the poor also happens now and nothing much bitcoin can do about it.
Pareto principle will only work for marketplace but bitcoin is the good investment for whales or poor. They need to plan the spending according to their economic status and plan the savings accordingly. It will soon agree as a global currency in future for sure. There is first step by Japan adopted bitcoin as a legal money and implementing btc ATM in their airports and large amount bitcoin exchanges.
Franky, you take joy out of a nasty situation created mainly by miners choking the network with rubbish transactions to boost their income through fees?
Quote from: Doofus on Today at 07:51:52 AM
Yuanwei: One of the seven writers of the book Bitcoin, has been holding btc for 4 years and never sell one bitcoin. He started to think bitcoin is actually anti-human and a zero-sum in 2016. Fixed amount will cause the 80/20 rule and the rich have no responsibility for the poor. So if Bitcoin becomes the world currency, it will inevitably lead to the polarization of wealth and cause social unrest.http://news.8btc.com/bitcoiner-yuanwei-bitcoin-is-a-good-investment-but-not-a-global-currency
In my perspective first it will lower the worlds economy because most of the money returns and come in the web. And businesses would run out of workers because opportunity in btc is more easier. Bit by bit more and more businesses are investing in in btc and i think most money would go in the web and most oppurtunities now underlies in btc. And local goods wont have any rich business men to invest in them or fund them.
The author has described bitcoin with a comparison with some other assets making people realize bitcoin to be the good investment and not gonna get the state of an mainstream currency. In the article finally he had concluded suggesting users to buy when the price drop happens due to some media impact and hold for a better profiting.
Quote from: Vaskiy on Today at 09:10:56 AM
The author has described bitcoin with a comparison with some other assets making people realize bitcoin to be the good investment and not gonna get the state of an mainstream currency. In the article finally he had concluded suggesting users to buy when the price drop happens due to some media impact and hold for a better profiting.
Well bitcoin can never become your main currency because to become mainstream currency it has to be accepted all around the world and btc is not being approved by few countries and also its digital currency.Many people do not have electricity to access and still unaware how to even deal with such currency.
bitcoin has value due to the utility of being a currency. take away the utility. then all your left with is a clump of data with no function bar being a clump of data.its like turning bank notes into bearer bonds.. but.. removing the ability to exchange the owner of the bearer bond easily.bitcoins utility was that it was easier to move than bank notes. by making it harder to move than bank notes AND harder than bearer bonds especially with the value of the bearer bonds value was based on how easy to transact those bonds were… will make the value of the bonds deminish. thus same situation occurs for bitcoinits like gold. although it does not have good transfer utility it has industrial utility. remove its utility and watch gold drop. gold wont hold its value. nor would bearer bonds if you take away its utilityif you think that scarcity will keep bitcoin value.. check out 42coin… deadif you think that scarcity will keep bitcoin value.. bitcoin at code level is 2.1quadrillion units. LN proposes to make that multiply by 1000… = scarcity=deadsome may argue bitcoins price is going up.. yet if you look at stats.. thats fake speclulative prices based on very very few trades..in some cases i have seen REPEATEDLY the price moves using just $90 or less.. yep shift the market cap by $32million by spending just $90.. screw it i checked the price movements while typing this
Quote from: Wipro on Today at 09:36:22 AM
Quote from: ETFbitcoin on Today at 09:14:53 AM
So what? 80/20 rule and the rich have no responsibility for the poor also happens now and nothing much bitcoin can do about it.
Pareto principle will only work for marketplace but bitcoin is the good investment for whales or poor. They need to plan the spending according to their economic status and plan the savings accordingly.
$1 fee with no guarantee of confirm in 48 hours (facepalm)$1 fee = 20 minimum wage labour hours in many countries.. so forgt bitcoin being good for the poor. wake up to 201 reality not the old 2009 ethos/hope.. as thats long goneQuote from: Wipro on Today at 09:36:22 AM
It will soon agree as a global currency in future for sure. There is first step by Japan adopted bitcoin as a legal money and implementing btc ATM in their airports and large amount bitcoin exchanges.
ATMs, yea, hope you brought your sleeping bag and a tent while you wait for confirms
Bitcoin is a good GREAT investment, but never a global currency.FTFY
I think it really depends on the personal opinions of each person we can also base it in facts. Right now we all know that some developed countries are identifying Bitcoin as some kind of currency Japan and Russia are looking into the case in which they will accept Bitcoin as an official mode of payment in there country. Also is Bitcoin counted as a global currency now? Because it exist virtually and all transactions needs to be aided by the internet, which means everything you buy in the internet can be both globally and locally existing depending on where you order.
Quote from: Doofus on Today at 07:51:52 AM
Yuanwei: One of the seven writers of the book Bitcoin, has been holding btc for 4 years and never sell one bitcoin. He started to think bitcoin is actually anti-human and a zero-sum in 2016. Fixed amount will cause the 80/20 rule and the rich have no responsibility for the poor. So if Bitcoin becomes the world currency, it will inevitably lead to the polarization of wealth and cause social unrest.http://news.8btc.com/bitcoiner-yuanwei-bitcoin-is-a-good-investment-but-not-a-global-currency
What “responsibility for the poor”?Bitcoin is just a currency,not a charity project.The main reason for the polarization of wealth are fiat money.Ignorant socialists that don`t understand cryptocurrencies……
Quote from: Doofus on Today at 07:51:52 AM
Yuanwei: One of the seven writers of the book Bitcoin, has been holding btc for 4 years and never sell one bitcoin. He started to think bitcoin is actually anti-human and a zero-sum in 2016. Fixed amount will cause the 80/20 rule and the rich have no responsibility for the poor. So if Bitcoin becomes the world currency, it will inevitably lead to the polarization of wealth and cause social unrest.http://news.8btc.com/bitcoiner-yuanwei-bitcoin-is-a-good-investment-but-not-a-global-currency
This is just some crazy socialist bullshit, in their mind “fair” means everyone get equal share and shut their mouths or get sent to concentration camp. And today all the socialists are free to launch their own shitcoin and distribute it however they like, yet we don’t see it happening because it simply doesn’t work.Bitcoin’s was publicly announced from the start, everyone could mine or buy any amount, there were no barriers for the poor. And as for technology itself, it’s extremely beneficial for the poor, because they can work globally. Nowdays it’s impossible to transfer money between some countries without giant fees up to 20-30% or higher, but with BTC everyone will become equal in terms of acess to financial system.
To become the common currency of the world, bitcoin must be recognized by all countries. but in the current situation, many countries yet have accepted bitcoin although many people knew bitcoin and earned money from it. Bitcoin transactions are secure and very quickly but do not bring profit to the Government so becoming the currency of the world is still a long story.
Quote from: talkbitcoin on May 24, 2017, 09:25:16 AM
i keep seeing articles from 8btc repeating the same thing for some time now. it is like the 10th article that i see in which they quote some people we have never heard of who are calling bitcoin a pure investment and nothing more.and each time i will repeat: “Bullshit”!bitcoin is a currency and if anyone wants it to thrive, they must accept it as a currency. otherwise we are just wasting our time speculating to no end.and price can not go higher than a certain level unless it is for real adoption of bitcoin as a currency.people seem to have forgotten why this rally started and why we are $1000 above the previous price! in which case it is because of Japan and their adoption of bitcoin as a legal method of payment aka as a currency.
how do you define people you have never heard of? the point is only a few people like Jiang zhuoer, jihan wu, charlie lee that you have heard of. The rest group of chinese investors, miners that you never heard of are actually very popular in china. as you mentioned real adoption of btc, that’s exactly why people are arguing eth would surpass btc.
Quote from: JimmieA on May 24, 2017, 10:44:25 AM
To become the common currency of the world, bitcoin must be recognized by all countries. but in the current situation, many countries yet have accepted bitcoin although many people knew bitcoin and earned money from it. Bitcoin transactions are secure and very quickly but do not bring profit to the Government so becoming the currency of the world is still a long story.
the reason behind that bitcoin cannot be the international or global currency because the bitcoin need gadget and internet to use and not all of the people have that, It’s not just like the fiat because the fiat don’t need anything to use and because bitcoin need that many poor peoples who are cannot afford that cannot use bitcoin and because of that bitcoin can ever be a global currency.
I am not surprised that this is coming from a Chinese. they don’t care about anything apart from fiat. you give them literary anything that they can trade or better say gamble with, and they do it. they are known as traders and gamblers in the world. and that leads to this mindset of seeing only the investment part of bitcoin.but it is idiotic to think that bitcoin rise is only because it is an investment. if bitcoin never had the currency part or loses that part someday it is the end of it. the rise so far from 0 to current price and all the future rises is only because bitcoin is a decentralized peer to peer digital cash.
Well bitcoin is good investment especially today because as of now its price is still growing and you could get a high profit from that.On my own opinion bitcoin is already a global currency in terms of digital currency. Everywhere and anytime you could use bitcoin as mode of payment. However, there are local shop aren’t accept bitcoin as payment so you should convert it on fiat first.
Bitcoin will never become a 100% global currency, so just forget that. This pipe dream of Bitcoin becoming a global currency, is impossible. People and countries cannot even come together on things like climate change and cultural differences, so why would they accept Bitcoin as a reserve currency? 80/20 will be with us, as long as there are capitalist systems in this world. ^hmmmmm^
I agree to the title of this topic, bitcoin is a good investment but not a global currency because a lot of countries in the world is still not using bitcoin or using it as a currency and some of them banned bitcoin already so it is nearly impossible for bitcoin to be legit global currency unless all of the countries will accept bitcoin.
Quote from: Kakmakr on Today at 05:32:14 AM
Bitcoin will never become a 100% global currency, so just forget that. This pipe dream of Bitcoin becoming a global currency, is impossible. People and countries cannot even come together on things like climate change and cultural differences, so why would they accept Bitcoin as a reserve currency? 80/20 will be with us, as long as there are capitalist systems in this world. ^hmmmmm^
now you are telling the truth. Some enthusiasts are just too optimistic . BTC is mostly negative on media coverage and it is lack of regulation. will it be the world currency? doubt it.
Quote from: Doofus on May 24, 2017, 07:51:52 AM
Yuanwei: One of the seven writers of the book Bitcoin, has been holding btc for 4 years and never sell one bitcoin. He started to think bitcoin is actually anti-human and a zero-sum in 2016. Fixed amount will cause the 80/20 rule and the rich have no responsibility for the poor. So if Bitcoin becomes the world currency, it will inevitably lead to the polarization of wealth and cause social unrest.http://news.8btc.com/bitcoiner-yuanwei-bitcoin-is-a-good-investment-but-not-a-global-currency
The writer is a grade A idiot.Ignore the plonker.
Bitcoin is an asset but its failing as a currency. He is right though regardless of it being an asset or a currency it leads to the polarization of wealth. This is the same with any kind of investment for the simple reason being the rich can invest whereas the poor only have the basic needs to survive so the rich get richer while the poor stay poor.
Quote from: Doofus on Today at 06:30:50 AM
Quote from: Kakmakr on Today at 05:32:14 AM
Bitcoin will never become a 100% global currency, so just forget that. This pipe dream of Bitcoin becoming a global currency, is impossible. People and countries cannot even come together on things like climate change and cultural differences, so why would they accept Bitcoin as a reserve currency? 80/20 will be with us, as long as there are capitalist systems in this world. ^hmmmmm^
now you are telling the truth. Some enthusiasts are just too optimistic . BTC is mostly negative on media coverage and it is lack of regulation. will it be the world currency? doubt it.
The main reason why this happens is that the idea of bitcoin creation goes against capitalism, the world wants to centralize so that the state can control the economy of their respective peoples, I don’t say they will not accept bitcoin, but it does need global regulatory processes and regulation. Currently bitcoin to be the best investment in online business, in the future nothing can stop bitcoin, the best way is to adopt it.
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