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it's a descriptive take on capitalism. profit is the motivating force for businesses, and in the crypto economy the profit is primarily derived from speculation
by beaconstudios 4y ago
it's a descriptive take on capitalism. profit is the motivating force for businesses, and in the crypto economy the profit is primarily derived from speculation and scamming. in the real world, at least capitalism is driven by demand that often comes from actual utility. crypto is like if the entire economy was wall street, including boiler rooms and market manipulation.
- I_DRINK_KOOLAID 4y agoProfit might be #1 , but immediately after profit there is a huge moat to protect profits. When you don't build anything of value the only moat you have is your political ability to convince people that you are. I mean banks and insurance companies don't have to justify their existence, whereas the massive campaign that crypto enthusiasts mounted on the interwebz is telling that they are not even sure that their movement can survive.
- smitty1e 4y agoCapitalism and Marxism are ideas. The historical acts, good or bad, due to these ideas are owned by the actors.
- beaconstudios 4y agoCapitalism isn't an idea, it's a system that we live within. Yes, if you care about blame then you can just blame people for bad actions and call it a day. But if you care about actually preventing bad actions then you need to look at incentives, and that's where the study of political economy comes in.
- smitty1e 4y agoIndeed, to quote myself within this very thread: > Incentives matter in the buyer/maketplace/seller realm of economics.
- beaconstudios 4y agothen what was your objection? Capitalism incentivises profiteering, the crypto industry is an example of practically pure profiteering.
- smitty1e 4y agoCapitalism is an intellectual concept, like Socialism. Materialism is the driver of the mischief in either the capitalist or Socialist case.