
Introducing Bloom: The Future of Credit - sbenitoj
https://blog.hellobloom.io/introducing-bloom-the-future-of-credit-3b0d6ee04f24
======
sbenitoj
I applaud what these guys are doing, there are definitely serious flaws with
the current credit markets driven by government regulation, but I’d like to
draw attention to one aspect of the post:

“In countries rich and poor, access to credit is a fundamental cornerstone of
social mobility. No matter your age, gender, language or nation, credit is the
key driving force to boosting prosperity.”

To be clear, this is simply untrue. Access to stable SAVINGS is a cornerstone
of social mobility. Look at the industrial revolution, which drove the largest
increase in standard of living for the largest number of people in human
history, and it wasn’t due to increased access to credit — it was due to
having a relatively stable currency and increased SAVINGS (without savings
there can’t even be credit as there’s nothing to lend).

The path to increased freedom and equality in society isn’t more people being
in permanent debt on their house — it’s having a stable currency that allows
people to save their money and pay mostly cash for assets like their house
(ceasing to rely on credit to purchase a house will lower the average price of
a house).

Bloom could do much more to promote equality and freedom in society by
facilitating access to and promoting stable currencies (e.g. by dismantling
central banks and letting the market return to more stable currencies such as
precious metals or by making it easier to buy and store Bitcoin, which could
potentially replace all fiat currencies used worldwide even if governments
refuse to dismantle central banks, which is likely).

