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To: Errant
The wealthiest man currently in the world rode to that position on the back of exactly the same thing that bitcoin is made of: computer code consisting of 0's and 1's.

First, let's be clear that the accumulation of wealth is not always the same as the creation of wealth. Ralph Wilson is a fabulously wealthy man [to use a Buffalo-area example], but the Buffalo Bills don't create a red cent of wealth -- they just accumulate it from those who did.

And second, that wealthy man who made his fortune from software, did so because his products made the production of tangible goods more efficient and, therefore, more profitable. Wealth-creation is, always has been, and always will be dependent on the production of tangible goods.

The services that aid that are economically valuable but wouldn't exist without it. We'd be too poor to buy them.

62 posted on 11/18/2013 2:31:51 PM PST by BfloGuy (The final outcome of the credit expansion is general impoverishment. [Ludwig Von Mises])
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To: BfloGuy

Wealth is an excess of capital; Money is capital; Bitcoin is money. Someone who has a million Bitcoins is wealthy indeed!


65 posted on 11/18/2013 3:23:53 PM PST by Errant
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