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> No, there are two insurmountable flaws that make bitcoin a highly problematic currency: First, the bitcoin social economy is bound to be typified by chronic d
by hiatus 3y ago
> No, there are two insurmountable flaws that make bitcoin a highly problematic currency: First, the bitcoin social economy is bound to be typified by chronic deflation. Secondly, we have already seen the rise of a bitcoin aristocracy
These two issues are surmountable by other cryptos and unrelated to the idea of an apolitical currency.
He goes on to describe the circumvention of the natural constraint of the gold standard with the rise in derivatives of those assets but that too does not seem to be a nail in the coffin for an apolitical form of money.
Although maybe the existence of the "bitcoin aristocracy" at all points to the core of the problem with any form of currency we might create.
- TheOtherHobbes 3y agoAny competitive culture has to force redistribution to avoid self-harming extremes of concentration and monopolisation. It's the only way to make a participative progressive culture rather than a cynically exploitative, regressive, and oppressive one.