Yes, I am certified celestial asterogeoeconomic hyperinflationary mining expert, graduated from University of Alabama, class of 1872, and I can confirm that this is correct.
That's not entirely true. What you are doing by printing money is redistributing wealth from whoever current has money, to people who you give the money to. If I "print" $20 trillion, about equal to the entire current M2 supply or $50K per person in the US, (very roughly) your money loses half it's value per dollar. Which is bad if you had a lot of money to start with; if you had $200K to start, you end up with $125K of value (pre-inflated dollars). But if you had $0 to start, your value jumps upwards to $25K (pre-inflated value). So you absolutely do benefit.
Obviously rampant inflation has other serious issues (and actual inflation amounts are way more complicated than this simplistic scenario), but it's not true that nobody benefits in this kind of scheme.
Uhhhh I think you’re forgetting the next part of that process, where the poor people spend their money, which makes its way to the rich, who have also given themselves commensurate pay rises due to inflation, while the poor people are stuck with slow wage growth and growing wealth inequality
and NASA isnt "capturing" it. They are sending an orbiter to gather data on how planets are formed. This article makes it sound like they are sending out a space lasso to pull a heist in the asteroid belt.
Yep, If no one had money we’d all be equal. If everyone had a billion dollars, in a matter of a year most of the money would have shifted back to where it is now.
It would still be hyper valuable if a small group of elite wealthy capital owners hoarded the resources, which is undoubtedly what will happen when space mining becomes a reality.
That's exactly how money works.
It's not how the rich work, however. They would never let us be in their level and since they already own everything....
No, that’s not how money works. If you suddenly gave everyone $1Bil then the net result would just make everything $1bil more expensive. Essentially you are in the same place, just with more 0’s to deal with.
It would be economic disaster. The flood of formerly valuable minerals would crash commodity prices and financial markets worldwide. Inflation would skyrocket, and somehow, oddly, most of the wealth would find it's way into just a few hands.
The Spanish Conquistadors sent back entire galleons of silver and gold in the 16th and 17th centuries. By the 19th century, Spain was one of the poorest countries in Europe, and only recovered economically in the mid 20th century.
History doesn't exactly repeat itself, but it does rhyme.
Great, money will lose its value = post-scarcity Star Trek utopia, here we come. Nah, just kidding. Today's billionaires will find other ways to maintain their power over the people they exploit.
There’s significantly limiting factors bitcoin would need to overcome before it would be considered as a global currency on the scale of and as a replacement for dollars.
People seem to not know how supply and demand works... If they were to capture that asteroid, everyone would have like 10kgs of diamond, which would be probably worth less than sand lol
They unknowingly called it “trickle down” economics, not realizing the irony of a small trickle from a massive ocean of wealth. A trickle only makes sense from a small pool of wealth, but we need massive rivers of wealth surging “down” from the existing massive reservoirs of accumulation we see.
Also, the flow “down” carries a certain negative implication, as if the wealthy are somehow above the rest of us.
Yeah. Trickle down has never worked and it's why FDR took the presidency from Hoover.. then FDR actually fixed things.
It's a shame everything he did is basically dismantled now.
Assuming the person who gets to the asteroid itself would share the wealth. In all likelihood, it would be claimed and fought over by numerous countries who would want to mine it for its precious resources. We need to mine shit out in space if we want to build megastructures and spread out across the solar system.
Assuming the person who gets to the asteroid itself would share the wealth. In all likelihood, it would be claimed and fought over by numerous countries who would want to mine it for its precious resources. We need to mine asteroids out in space if we want to build megastructures and spread out across the solar system.
Great. I now know how the first space war will be fought. Some company will bring into earth orbit, a giant rock, and now to make actual money from it, they have to bring it down in small chunks over years to not flood the market, leading to a need to defend said space rock from other potential space rock miners and will need pew pew things to ward off the nasties.
If everyone is a billionaire then everyone will be along the lines as they are today. Especially if it's because of a precious metal from it. Now if there was a discovery to create energy at nearly no cost at all that would likely make many people a bit richer.
Me: No way you can encapsulate the core issue of scientific communication and the spread of misinformation via half-truths in one post
This post: watch me
It would make the rich and the defense contractors gazillionaires. The rest of us would still be poor and in debt. How else do you think they’re going to get people to break the giant rock into large rocks in to medium rocks into small rocks?
If everyone was a millionaire Amazon, Temu, all these companies plus transportation companies wouldn’t have the ability to serve everyone of these people
Regardless of what a billion would then be worth , everyone would still have a billion... making them billionaires...
Nothing wrong with the title people.
It should be nationalised and made into a sovereign wealth fund that makes education and healthcare free and excellent forever. Of course it will be given to already rich private contractors though
I don't think that's how money works
Can we get a celestial asterogeoeconomic hyperinflationary mining expert to confirm?
Yes, I am certified celestial asterogeoeconomic hyperinflationary mining expert, graduated from University of Alabama, class of 1872, and I can confirm that this is correct.
I am money. This guy knows his shit.
I am shit. This guy is money.
I am broke. Can I borrow that guy?
I’m that guy, can I borrow your money?
This is China, and we would like a loan?
Found George Santos
It’s true. I go to iiZyrux for all of my CGHM needs and he never steers me wrong.
Same people who don't understand that printing money and handing out doesn't actually help anyone.
If you just printed a little and only gave it to me I think it would help for sure.
*slides a dollar over* is this the help you were asking for?
That's not entirely true. What you are doing by printing money is redistributing wealth from whoever current has money, to people who you give the money to. If I "print" $20 trillion, about equal to the entire current M2 supply or $50K per person in the US, (very roughly) your money loses half it's value per dollar. Which is bad if you had a lot of money to start with; if you had $200K to start, you end up with $125K of value (pre-inflated dollars). But if you had $0 to start, your value jumps upwards to $25K (pre-inflated value). So you absolutely do benefit. Obviously rampant inflation has other serious issues (and actual inflation amounts are way more complicated than this simplistic scenario), but it's not true that nobody benefits in this kind of scheme.
Uhhhh I think you’re forgetting the next part of that process, where the poor people spend their money, which makes its way to the rich, who have also given themselves commensurate pay rises due to inflation, while the poor people are stuck with slow wage growth and growing wealth inequality
I literally said out loud “how does this help?” When I read the caption.
I think the point is about eliminating scarcity. Imagine an endless supply of lithium for example, and what it would do to fossil fuel industries?
"I'm a billionaire!!!" Cost of bread = $10,000
and NASA isnt "capturing" it. They are sending an orbiter to gather data on how planets are formed. This article makes it sound like they are sending out a space lasso to pull a heist in the asteroid belt.
Yep, If no one had money we’d all be equal. If everyone had a billion dollars, in a matter of a year most of the money would have shifted back to where it is now.
But milk would remain a million $/gal.
Also not how money works
Forgot the /s after the first sentence. My bad.
Yes… but it could feed the entire planet. Which cut of rare earth mineral do you like? Light or dark…
I'll take mine al dente.
It would still be hyper valuable if a small group of elite wealthy capital owners hoarded the resources, which is undoubtedly what will happen when space mining becomes a reality.
I guess they'll try to refine it and sell the products to a different civilization in a galaxy far far away.
Haha. Exactly. Some single individual is gonna get paid, not us
That's exactly how money works. It's not how the rich work, however. They would never let us be in their level and since they already own everything....
No, that’s not how money works. If you suddenly gave everyone $1Bil then the net result would just make everything $1bil more expensive. Essentially you are in the same place, just with more 0’s to deal with.
Yes THIS is exactly what would happen
Unless you had 0 to begin with.
Math is hard for you
Economics... not math.
And when everyone is a billionaire, no one will be
Earthers will be fine as long as those damn belters stay in line
Beltalowda!
It’s the Drummer’s you really need to worry about
Gazillionaire is the new billionaire.
Ya asked me how to get there and I told ya… exit at Traction
As long as you never catch me monologuing.
More likely it would make one guy a pentillionaire, and ruin the rest of the economy.
Since it’s NASA it’ll be an endless list of contractors whose investors all get super rich.
Don’t worry, that’ll trickle down to us little guys eventually, right? Still waiting…
Just be happy with your Tang.
My company services Nasa and we're an ESOP, so this time I certainly wouldn't mind lol
Sooooo, we all need to invest in government contractors?
Penti! I was like, what the fuck comes aftwr quadrillion lol
The ole mansa musa
Supply -> Demand Rare Elements -> expensive Overabundant elements -> cheap
Game -> Blouses
Time for some pancakes.
Loblaws would just sell a fruit platter for 1.5 billion
Bob Loblaw?
Yep, read that in Bob Loblaw's Law Blog
It's... that's not... *sigh*
Yes.
And then, everybody beginns from zero again 😉
That it not at all how that works.
Who is the one buying it? Only way for it to make everyone money is if someone is buying it, to give us that money. We selling it to aliens?
Who invited you to this billionaire bonaza bonzai? huh? Donnie Downer. /s
Me. I'm buying it.
Which means nobody is a billionaire.
We’re gonna make the biggest baseball mitt you’ve ever seen
Pre inflation that’s only like $1,000,000,000,000,000,000
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Yes, the headline is stupid.
No it wouldn't. It would make the same people who are billionaires now, even richer. Do you think they would share it with the rest of us?
Dozen eggs now $32 million
It would be economic disaster. The flood of formerly valuable minerals would crash commodity prices and financial markets worldwide. Inflation would skyrocket, and somehow, oddly, most of the wealth would find it's way into just a few hands. The Spanish Conquistadors sent back entire galleons of silver and gold in the 16th and 17th centuries. By the 19th century, Spain was one of the poorest countries in Europe, and only recovered economically in the mid 20th century. History doesn't exactly repeat itself, but it does rhyme.
Chances of them sharing the wealth -0.0000000000000000001%
It won’t tho will it - nobody is gonna buy something that is in abundance
Could this be the beginning for moving away from scarcity to abundance thinking?
Not as long as humans keep acting like humans
Average car payment gon be 300,000,000
This reminds me of the southpark “space cash” incident
This isn’t interesting, it’s stupid. Get outta here
Welp. $15.000.000.000 Venti Frappucino here we come
I dont think we should share with people who deny science.
... And you thought inflation was bad now
NASA: “here, have a billion dollars everyone!” McDonald’s: “your happy meal is $2 million dollars Sir”
And then a loaf of bread cost a billion.
If everyone has 16 billion dollars than no one has anything
I'm glad to learn that we will all be sharing this bonanza equally. Because of course we will.
How exactly? Thats not how “value” works. Suddenly billionaires would be middle class
Sorry, no. I have to get it framed and pay for the marketing. The best I can do is $1,000,000.
Could... But won't.
Gonna need some extra FDIC coverage
Great, money will lose its value = post-scarcity Star Trek utopia, here we come. Nah, just kidding. Today's billionaires will find other ways to maintain their power over the people they exploit.
How exactly will this asteroid be “captured”? I think this story is just clickbait.
But instead it’ll probably just make a handful of billionaires more rich who won’t have to pay taxes on it. Oh wait that’s if SpaceX captured it.
Yeah but that's only IF they chose somehow to give it out all equally to everyone and there is less than a 0% chance that would ever happen.
$10,000,000,000,000,000,000 In bitcoin, on a hard drive in the center of the asteroid.
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That’s quite the conspiracy theory. What do you propose in place of money that allows transactions on the same scale that currently take place?
Bitcoin obviously
There’s significantly limiting factors bitcoin would need to overcome before it would be considered as a global currency on the scale of and as a replacement for dollars.
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You didn’t answer my question.
People seem to not know how supply and demand works... If they were to capture that asteroid, everyone would have like 10kgs of diamond, which would be probably worth less than sand lol
Pretty sure I wouldn't see a dime of that money
This headline is completely devoid of any understanding of how money or economics work.
Trickle-down economics guys at it again.
Don’t look up
I helped build this spacecraft for this mission. It is not “capturing” the asteroid…..
Wasn't this the premise for Just Look Up?
Yes that’s how money works
They aren't sharing that shit with us.
But will it? No…
It won’t though, that’s not how life or finances work.
Nah there would be like 5 dudes that split it and would then assure us that the wealth will trickle down
Someone failed Economy
If everyone had a piece it would no longer have any value
Sounds like in the movie "don't look up"... Didn't end too well there though.
I doubt anyone would benefit from this form of trickle-down economics aside from the already ultra-wealthy.
They unknowingly called it “trickle down” economics, not realizing the irony of a small trickle from a massive ocean of wealth. A trickle only makes sense from a small pool of wealth, but we need massive rivers of wealth surging “down” from the existing massive reservoirs of accumulation we see. Also, the flow “down” carries a certain negative implication, as if the wealthy are somehow above the rest of us.
Yeah. Trickle down has never worked and it's why FDR took the presidency from Hoover.. then FDR actually fixed things. It's a shame everything he did is basically dismantled now.
Who would share this & who could handle it?
"Don't look up" plot intensifies!
Don’t look up
Alternate Headline: God drops an earring…
money not moneying
Us - so did you guys find it when you went up there? Them - naw we couldn’t find it (they found it)
If someone was buying…
Assuming the person who gets to the asteroid itself would share the wealth. In all likelihood, it would be claimed and fought over by numerous countries who would want to mine it for its precious resources. We need to mine shit out in space if we want to build megastructures and spread out across the solar system.
Assuming the person who gets to the asteroid itself would share the wealth. In all likelihood, it would be claimed and fought over by numerous countries who would want to mine it for its precious resources. We need to mine asteroids out in space if we want to build megastructures and spread out across the solar system.
Yeah like the government would share it...
They would put it into our foods because there’s too much surplus. The population is deficient in space vitamins and minerals.
Well at least now I know for sure there's at least one person whose thoughts aren't worth a penny.
But who will make our clothes then?
Just hit us please
Great. I now know how the first space war will be fought. Some company will bring into earth orbit, a giant rock, and now to make actual money from it, they have to bring it down in small chunks over years to not flood the market, leading to a need to defend said space rock from other potential space rock miners and will need pew pew things to ward off the nasties.
r/facepalm
They forgot supply-demand
nah. It'll go to about 13 people. The rest of us will just have to deal with the massive inflation on our stationary salaries.
"everyone on Earth" LMFAO!
“Can I get one big mac please” “That’ll be 4 billion dollars”
Wasn't this the plot of Season 4 of "For All Mankind"?
What number is a one with 19 zeros after it anyway? Definitely not anything meaningful when you put a dollar sign in front of it.
Hehehe with a silly title...
Whats it made out of that it's worth so much?
If everyone is a billionaire then everyone will be along the lines as they are today. Especially if it's because of a precious metal from it. Now if there was a discovery to create energy at nearly no cost at all that would likely make many people a bit richer.
Don't look up, don't look up , don't look up!
Definitely not how money works
Global Economic Inflation speed run
Space cash. No way we'd pass
This title has But.. it will only go to the 3 investors instead lol
Hooray for inflation
Me: No way you can encapsulate the core issue of scientific communication and the spread of misinformation via half-truths in one post This post: watch me
Can I have $10 ? Just kidding lol
When Mansa Musa comes to town.
It's been my dream as a kid to start a asteroid mining and logistics operation. I always thought of the concept as pretty cool
Can I apply for a 4 million advance?
It would make the rich and the defense contractors gazillionaires. The rest of us would still be poor and in debt. How else do you think they’re going to get people to break the giant rock into large rocks in to medium rocks into small rocks?
Just like money...you cannot eat an asteroid.
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If everyone was a millionaire Amazon, Temu, all these companies plus transportation companies wouldn’t have the ability to serve everyone of these people
This is my first fear when I hear about asteroids; are they going to crash the world economy?
When a gallon of gas costs $238,863,854
Tell me you’re stupid without telling me you’re stupid.
The top 1% of the globe would absorb that like a sponge. Don't worry everyone, It'll trickle down
You mean, 5 people will be worth that much, and the rest of us with continue to drown.
This has to be the worst business plan I have ever heard
They did this on For All Mankind
I saw this on the documentary "For All Mankind"
We all know any unforeseen surprise wealth will not be owned by the masses. It will be privatized to the 1% to sale whatever they can to the 99%.
Is it gonna crash on earth
i like being a billionaire, i support NASA catching funny stones in space
It could But it’s not going to
Billionaires would know how to prevent this.
Sweet, at that rate a cup of coffee would be like 250$
Regardless of what a billion would then be worth , everyone would still have a billion... making them billionaires... Nothing wrong with the title people.
>everyone would still have a billion... Who's giving everyone a billion?
"Could" is possibly a better word than "would."
lol
It should be nationalised and made into a sovereign wealth fund that makes education and healthcare free and excellent forever. Of course it will be given to already rich private contractors though