2 ms·
This isn't unfortunate, this is deliberate. Bitcoin was birthed dripping in the amniotic fluid of right-libertarian ideology. Capital-breeds-capital isn't so mu
by kmeisthax 4y ago
This isn't unfortunate, this is deliberate. Bitcoin was birthed dripping in the amniotic fluid of right-libertarian ideology. Capital-breeds-capital isn't so much a side effect as much as it is the deliberate goal of capitalism: use money to make more money. And the core of right-libertarian ideology is to more or less let the capitalists do what they want.
This isn't exclusive to capitalism; there are other ideologies that work this way. However, they are ever more intolerably authoritarian than capitalism. Capitalists at least offer the promise of growing the economic universe alongside themselves - you can get 10x richer by taking 50% less profit in some businesses. But fascists, criminals, and dictators also play this game - not to create wealth and grow the size of the pie, but to shrink it so their share gets bigger. And without a government to enforce rules, capitalists will be out-moded, out-gunned, and out-played by thieves of various stripes every time.
Making this worse is the fact that Bitcoin mining is inherently and deliberately zero-sum. It has to be, because it pays in inflation (block subsidy) and confiscation (transaction fees). So capitalists can offer no wealth creation here.
In other words, Bitcoin is how authoritarians trolled right-libertarians into building and buying into a system that creates the thing they hate.