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RE: The Moral Case for Investing in Cryptocurrencies
Nice article, but I believe the moral obligation would to put the world currencies back on the gold and silver standard. Cryptocurrencies are no safer to price fluctuations than any other fiat currency. These last two months prove that point.
Gold and silver as backing to currency is the only way, because they are tangible. There is value in them, beyond just holding wealth.
For now, ride the cryptowave and see where it goes. Yes, it will help many, but I'm not sure if it will be the savior to societal ills.
Well the problem with the gold standard as of today would be that there simply isn't enough gold. You'd have a very deflationary environment. This is fine for cryptos as an isolated ecosystem. But it would likely be very bad for the world economy in it's current state. In a deflationary environment, incentives to spend are dampened (up to the point of being removed). Thus, spending decreases? Not bad you might say, but keep in mind this also means that corporations will not invest, or hire new workers, because sales plummet. Also, see here: https://en.wikipedia.org/wiki/Gold_standard#Disadvantages
In short: In a gold standard the rich become richer, while the poor (debtors) become poorer faster.
So, it encourages savings, like it did when putting away savings actually earned you money.
Plenty of gold in the asteroid belt.