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Why would prices rise if everyone had a billion dollars?
Because what gives money it's value is it's scarcity.
If everyone had a billion dollars, each individual dollar would be worth less.
This is basic economics.
It's supply and demand. If you have a fixed number of widgets which the market is willing to pay $10 a piece for and then suddenly everyone is a billionaire but they still want one of those finite number of widgets, the competitive pricing to secure one is going to skyrocket because of the spike in market cash available.
It's why printing money indiscriminately, like in Venezuela for example, causes it to be worth less than the paper it's printed on, ie hyper-inflation.
This is the closest to a reasonable answer, thank you for that. My counter to a few people have been that right now most Americans don't have 1000$ for an emergency payment, yet prices are still rising. So distribution of money is not the reason there is inflation.
I'm too lazy to explain, so just google financial inflation or let someone else explain
Thank you boss, I will try to explain.
You're too stupid to explain. Right now most Americans don't have 1000$ if an emergency happpened but prices are rising so it doesn't have anything to do with how much people have.
You don't understand simple economics and you're simultaneously calling someone stupid.
Bold move Cotton.
I understand economics enough to know that the original statement is wrong. Possession does not equal production. If all bitcoins were evenly distributed among society, would the price of things relative to sats increase, decrease, or stay the same?
If you had a billion, would you go to your current job tomorrow?
Of course. I love my job.
This also applies to raising minimum wage. If the increase is absolute then it is defacto inflation.
I don't think that, I think that everyone should have enough money to be able to have decent housing and a quality of life if they work full time
I don't think most people will think that will be good. I think most people will think it is a bad idea.
Nobody thinks this dude, we all know what inflation is
🤦🏻♂️
Austin Powers scene with the 1 MILLION DOLLARS ransom sums it up.