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Bitcoin at least was a deliberate response to what I would paraphrase as the "socialism for the rich, capitalism for the rest" policies of the last global finan
by trts 5y ago
Bitcoin at least was a deliberate response to what I would paraphrase as the "socialism for the rich, capitalism for the rest" policies of the last global financial crisis.
I'm not going to say it will be successful in that aim, but the idea that governments can simply create currency by fiat, donate it to their powerful, insolvent friends, pass the cost along to your grandchildren and/or degrade the value of your savings is not what I consider to be a democratic system.
- amznthrwaway 5y agoInstead, you wish to create your own currency, own it with your friends, and try to degrade the purchasing power of others.
- xadhominemx 5y ago> Bitcoin at least was a deliberate response to what I would paraphrase as the "socialism for the rich, capitalism for the rest" policies of the last global financial crisis. Was it actually, though?
- pshc 5y agoOstensibly, yes, with the genesis block containing the string "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
- xadhominemx 5y agoOstensibly, ya. But really, I don’t think so.
- deleted 5y ago[deleted]
- paulmd 5y ago> Bitcoin at least was a deliberate response to what I would paraphrase as the "socialism for the rich, capitalism for the rest" policies of the last global financial crisis. And ironically it works the same way in crypto. I bet the traditional financial markets wish they could "roll back" financial calamities like the Ethereum DAO hack - the founder of ethereum lost money so oops, hit the undo button, roll back every transaction on the whole network. That's the exact same sort of "socialism for the elites, capitalism for the rest" as crypto boosters complain about with USD.