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I’m pretty sure the quoted piece is ‘jumping to conclusions’ by labelling all profit making activities as useful to society. Basically the logic is very straigh
by meheleventyone 9y ago
I’m pretty sure the quoted piece is ‘jumping to conclusions’ by labelling all profit making activities as useful to society. Basically the logic is very straightforward but the premise is faulty due to bias.
- cornholio 9y agoI would also point out the circular logic: - distributed payment systems are valuable to society (true for our discussion) - POW is the only way to implement them (his overarching conclusion, that may or not be true) => Therefore, POW is not wasted, but a legitimate cost of such systems.
- viraptor 9y agoIt's the first time I think this description of extreme capitalism really fits: "See where this line meets that line? That's why these people have to starve." It's value for value's sake. It's the numbers that matter. It's the pure, isolated economy. Anything external doesn't matter and we can write a long analysis that ignores everything outside of this supposedly closed system.