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> Yes, and it’s vastly less than Bitcoin. Ponder, for a moment, the way in which governments use the "printing" of fiat money to fund wars (for private sector
by ypcx 5y ago
> Yes, and it’s vastly less than Bitcoin.
Ponder, for a moment, the way in which governments use the "printing" of fiat money to fund wars (for private sector profit, revolving back into that private sector's lobbying those governments for even more war and military spending).
Ponder, for a moment, the amount of energy and Earth's resources expended to materialize these wars and military spending.
Bitcoin (or, the proof-of-work cryptocurrency concept as such) by its design prevents (or at least very severely inhibits) this type of governmental hijacking for a mere fraction of the resources spent.
This applies to other heavily-subsidized sectors/areas/industries with a powerful lobbying influence/revolving doors/etc.
Imagine if we could vote by paying our taxes in Bitcoin (in a Bitcoin full-blown, mainstream Bitcoin economy) in proportion to specific Bitcoin addresses/accounts allocated for specific policy issues or target governmental groups, and thus have an actual, real and direct democracy instead of a 4-year theatre of false puppets and promises.
- UncleMeat 5y agoGiving more votes to the rich is bad. Very bad.
- ineedasername 5y agore: wars This seems like a novel claim: that bitcoin would reduce world conflict.
- tsimionescu 5y agoAgain and again this claim... I fail to imagine how anyonr believes that the US or China could be stopped from going to war by not having enough BTC of all things... In a BTC world they would simply borrow BTC (if they wluldnt control 50% of hashpower anyway) and that would be it. If you imagine that people wouldn't lend BTC to the US, remember that, when Standard&Poor's reduced America's credit rating, US bonds shot up in price (even though technically they were the one asset that S&P's rating was about the most).
- ypcx 5y ago> "Counterfeiting and inflation are the same thing. Counterfeiting is criminalized inflation, and inflation is legalized counterfeiting."
- tsimionescu 5y agoNot really though, are they? Inflation is the loss of value of a currency over time, while counterfeiting is a basic form of fraud where someone claims they have more money than they have. You could say that money printing and counterfeiting are similar things on opposite sides of the law. But that is still a shallow, high-school level understanding. When a con artist pays for things with counterfeit money they don't typically invest this back into the economy and produce more value, so counterfeiting is virtually guaranteed to produce inflation if it is not curtailed. But governments print money in huge quantities all the time with minimal inflation.